The iCON group of funds, which are advised by iCON Infrastructure,
have invested in high quality infrastructure businesses
Airports 
Contracted and/or Regulated Facilities 
Electricity Networks 
Oil and Gas Networks 
Ports 
Rail 
Renewables 
Social Infrastructure 
Water and Waste Networks
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Headquartered in Lisbon, Portugal and with presence in Spain, Mercurius focuses on the provision of radiotherapy related services such as equipment operations, procurement, installation, commissioning and training to private and public hospitals and cancer centres.
iCON acquired an 82.7% interest in Mercurius in January 2023.
Sonorgás is one of 11 regulated gas distribution network operators in Portugal and is headquartered in Vila Real. The company operates 23 licence areas in northern Portugal.
The company operates autonomous distribution networks with natural gas being transported as LNG to storage stations, where it is gasified and subsequently distributed to residential and industrial customers.
iCON acquired a 100% interest in Sonorgás in December 2022.
Dobson Fiber is an established enterprise and residential telecommunications provider that has been operating in Oklahoma, USA for over 85 years. The company offers a full suite of connectivity, internet and voice solutions via its c.5,000 route middle mile fibre network that spans Oklahoma, Western Arkansas and Northern Texas.
iCON advised funds acquired a 57% interest in Dobson Fiber in October 2022.
GMP is the leading container terminal operator in France. The company operates two terminals under long-term concessions in the port of Le Havre, the largest container port in France. Strategically located on the North-West coast of France, GMP is a key gateway terminal for French local cargo with a substantial catchment area, including the greater Paris region.
iCON advised funds acquired a 49.8% interest in GMP in August 2022.
Sestrieres is the operator of the largest ski area in Italy and one of the largest ski areas in the European Alps. Established in 1931, the company operates 47 ski lifts, serving 305km of ski slopes spanning six connected valleys within the Piedmont region of Northwest Italy. 30 of the 47 ski lifts are owned by the company, while the remaining 17 are managed under long-term concession agreements with local municipalities.
iCON acquired a 100% interest in Sestrieres in February 2022.
Strategic Fiber Networks is the holding company of NGN Telecom, Wisotel and ropa, which together form an independent vertically integrated fiber and telecoms business based in Germany.
The group’s networks cover c.28,700 households and serve c.16,000 customers primarily in the regions of Baden Wuerttemberg and Lower Saxony.
iCON acquired 98% of Strategic Fiber Networks in October 2021.
Wind Estate is a leading Danish wind power operator and developer owning approximately 300MW of operating onshore and offshore generation capacity in Denmark and Scotland.
The company has a proven track record of successful operation, development and acquisition of wind turbines. In addition to the operating portfolio, Wind Estate owns a 1.3GW pipeline of development assets across Denmark, Scotland and Greece.
iCON acquired a 95% interest in Wind Estate in April 2021.
Bornfiber is a telecoms network owner and operator on the Danish island of Bornholm in the Baltic Sea.
Bornfiber’s fibre and fixed wireless network covers 9 out of 10 homes on Bornholm and the company provides its customers with broadband, TV and telephony services.
iCON acquired 85% of Bornfiber in January 2021 and has partnered with Zibra A/S which founded the company in 2015.
Vanguard Healthcare Solutions is the market leading provider of flexible clinical infrastructure in the UK.
The company owns a fleet of sophisticated mobile and modular units which provide a range of specialised solutions including laminar flow operating theatres, endoscopy suites, and decontamination and sterilisation units. Vanguard’s units are mainly leased to the NHS in the UK and to hospital groups in Europe and Australia which are seeking to manage their capacity in a flexible way during periods of increased demand or planned downtime for refurbishment.
iCON acquired the business in January 2021.
Iowa Interstate Railroad (“IAIS”) is a Class II regional freight railroad headquartered in Cedar Rapids, IA.
IAIS operates approximately 572 miles of track between Chicago, IL and Omaha, NE. IAIS connects with each of North America’s seven Class I railroads.
iCON acquired 40% of IAIS in December 2020 as part of a strategic partnership with Railroad Development Corporation, who remain a 60% shareholder.
Green Recovery Projects (“GRP”) owns five energy-from-waste facilities across the UK. GRP processes c.1.4 million tonnes of waste and exports c.615 GWh of electricity to the grid each year with almost all of the waste being sourced from local authorities and FCC, one of the leading players in the UK waste market, under long-term supply agreements.
Funds advised by iCON acquired 49% of GRP in November 2020 and have formed a growth-oriented partnership with FCC who remains a 51% shareholder in GRP.
Nua is the largest private specialist residential care provider in Ireland, with a portfolio of over 50 residential homes.
iCON acquired Nua Healthcare in January 2020.
Arcadia is the owner of three development-stage PV projects in Spain with anticipated capacity of 150MWp.
The projects are located in Carmona, near Seville, an area with excellent solar resources.
In October 2019, iCON partnered with the existing project developers.
TruVista is a telecommunications provider headquartered in South Carolina (USA) and has operated in the local community since 1897.
iCON acquired the business in October 2019.
USG is the fourth largest oil storage facility in Germany, operating eight salt caverns in Nordenham (Lower Saxony) with a combined total capacity of c.2.2 million m3.
USG has acted as a dedicated facility for the German government´s national petroleum stockpiling agency (“EBV”) since its construction in the 1970’s and is a key pillar of the country’s strategic oil reserves.
iCON acquired the business in June 2019.
Choice Care Group is a leading UK specialist care provider offering essential residential and supported living services to high acuity adults with learning disabilities and mental health conditions.
The company has a strong reputation for providing high quality care services at over 60 homes located in the South East of England.
iCON acquired the business in October 2018.
Hannover Airport served 5.9 million passengers in 2017, making it the ninth largest airport in Germany.
The airport serves scheduled and charter passenger and cargo flights and is one of only five partially privatized airports in Germany.
iCON acquired 30% in October 2018.
UK EfW Portfolio
The portfolio comprises interests in South East London Combined Heat and Power (“SELCHP”) and 3 further operational EfW plants.
SELCHP, a south-east London based facility, processes c. 450,000 tonnes per annum of municipal waste, with a 35 MWe gross electrical capacity. The plant also provides district heating to buildings in the local area.
The three Midlands based assets are operated under PFI contracts with local authorities. Together the facilities have capacity to process c. 400,000 tonnes of waste and a total gross electrical capacity of 29MW.
iCON invested in the UK EfW Portfolio in August 2018.
Vista Services is a residential equipment leasing business which focuses on water heater, heating, ventilation and air conditioning, water treatment and alarm security systems.
Vista is based in Ottawa, Ontario, Canada and its business activities span seven provinces across Canada.
iCON partnered alongside the founders and management team in July 2018.
Eco Eridania is an Italian integrated waste collection, transportation, treatment and disposal business.
It is the market leader in the specialist sanitary waste sector in Italy.
With operations focused on Northern Italy, the company serves over 20,000 clients with an extensive asset base comprising 6 incinerators and 2 sterilisation plants and 14 treatment and storage facilities with capacity to handle over 220,000 tonnes of waste per annum.
iCON invested into Eco Eridania in May 2018.
EGEA is a leading multi-utility company located in Alba, northwest Italy.
The company’s gas distribution business was established in 1956 and operates a network spanning 1,240km with over 72,000 delivery points. EGEA’s district heating business was established in 1983. It has eight networks distributing heat and supplying electricity to their concession areas.
iCON entered into a strategic partnership with EGEA in October 2017 to focus on gas distribution and district heating opportunities in Italy.
Värmevärden is a district heating company based in central Sweden.
Headquartered in Örebro, Värmevärden owns and operates heating plants across 10 municipalities. Its plants have total heat generation capacity of 639 MW and annual heat and steam sales of approximately 1.2 TWh. Värmevärden’s production facilities primarily use biofuel, waste and waste heat and the business serves both residential and industrial customers via c.4,800 supply points on its 350km district heating network.
iCON acquired 33.3% of Värmevärden in 2016 through its acquisition of Capstone Infrastructure and realised its interest in 2017.
Grup Maritim TCB, based in Spain, is a leading operator of container facilities. It owns a global portfolio of terminals, including in the ports of Barcelona and Valencia, that move over 3 million twenty-foot equivalent units per annum.
The iCON Team acquired a 37% shareholding in Grup Maritim TCB in 2006, which we sold in 2007.
Manicargas has ownership interests in Terminal Contentores de Leixões, S.A. (TCL) and Terminal de Carga Geral e de Granéis de Leixões, S.A. (TCGL), the sole concessionaires of the container and solid bulk/general cargo terminals respectively in Leixões, the port of the city of Porto.
iCON led the acquisition of a 38% interest in Manicargas in March 2008, which was subsequently sold in May 2017.
Interconnector is the gas transmission pipeline from the UK to Belgium, developed in the mid-1990s by oil and gas majors.
iCON secured and underwrote the acquisition of a 25% shareholding in Interconnector from the BG Group in 2007, with the investment ultimately completed by one of our co-investment partners.
Alpha Trains is a leading owner and lessor of passenger and freight rail rolling stock in Europe. It operates principally in Germany and Denmark.
The iCON Team acquired an interest in Alpha Trains in 2008, which we sold in 2011.
CLH owns and operates the Spanish refined oil pipeline network and is the leading provider of refined oil storage in Spain. It owns a network of pipelines exceeding 4,000km in length, 38 refined oil storage facilities and 28 airport facilities in Spain.
iCON led the acquisition of 10% of CLH in 2007 by Deutsche Bank and institutional investors. We subsequently led and arranged the follow-on acquisition of a further 25% of CLH in June 2008 by a group of investors including Deutsche Bank, PGGM, AIMCo and PSP Investments. iCON realised its interests in CLH in 2014.
Sutton and East Surrey Water is a regulated water-only company located in South East England. It supplies drinking water to 650,000 consumers.
Its network comprises 3,400km of water mains, eight treatment works, 60 pumping stations and 38 service reservoirs and water towers.
iCON led the acquisition of Sutton & East Surrey Water in 2006 and realised its interest in 2013.
Porterbrook is a rolling stock owner whose primary activity is leasing passenger trains to train operating companies in Britain under long-term lease agreements.
At the time of iCON’s ownership, Porterbrook owned approximately 6,000 trains, representing one third of Britain’s passenger rolling stock fleet. The company invested over £700m in its fleet during our ownership.
The iCON Team led the acquisition of Porterbrook in 2008 and realised its interest in 2014.
GridLink is a project to develop a 1.4GW electricity transmission interconnector between the UK and France. The proposed interconnector will consist of a c.150km offshore subsea HVDC cable between Kent, UK and the Port of Dunkerque, France.
iCON owns 100% of GridLink and has partnered with Elan Energy to develop the project.
Gasnätet Stockholm was founded in 1853 and owns and operates the only gas distribution network in Stockholm. Its sister company, Stockholm Gas, is the only third-party gas supplier on the Stockholm network.
The distribution network comprises approximately 520 km of low-pressure pipelines, as well as a separate vehicle gas network of c. 46km, and has connections to over 63,000 residential, commercial and industrial customers.
iCON acquired 100% of Gasnätet Stockholm and Stockholm Gas in November 2016 and realised its interest in 2020.
CCT is a container port terminal business located in Moerdijk and Alphen aan den Rijn, in the Netherlands.
CCT handles shortsea container services to/from the UK, Norway and Portugal and operates strategically located major inland terminals that handles deep-sea containers from barge services to/from the Port of Rotterdam, Port of Antwerp and the European hinterland.
iCON acquired CCT in April 2016.
Bristol Water is one of the 8 regulated water-only companies in England and Wales. It was founded in 1846 and is the sole water supplier in the Bristol area.
The company serves an area of approximately 2,400km2. It is responsible for the abstraction, treatment, storage and distribution of approximately 266 million litres of water every day to over 1.2 million people.
iCON acquired a 50% interest in Bristol Water in April 2016 through its acquisition of Capstone Infrastructure and then acquired an additional 30% interest in the company in January 2017. iCON realised its 80% interest in Bristol Water in June 2021.
Gruppo Spinelli is a leading container terminal and logistics business headquartered in Genoa, Italy. The business consists of a 150,000m2 port terminal handling containers and RoRo in the Port of Genoa and an associated network of container depots, warehousing and logistics facilities across Northern Italy with a total area of 541,000m2.
In 2016, Gruppo Spinelli handled over 440,000 twenty-foot equivalent units at the container terminal and its container logistics business transports over 220,000 containers each year.
iCON entered into a strategic partnership with Gruppo Spinelli in August 2015 and realised its interests in January 2023.
Capstone Power is a Canadian independent power producer headquartered in Toronto.
It has over 570 MW (net) of installed capacity and develops, owns and operates renewable and conventional power generation assets. The current portfolio consists of on-shore wind, solar, hydroelectric, biomass, and combined-cycle gas cogeneration plants. Capstone Power has a pipeline of further projects.
iCON acquired 100% of Capstone Power in April 2016 through its acquisition of Capstone Infrastructure.
Verbrugge International is a leading bulk and break-bulk port terminals business consisting of four tri-modal port terminals located on the Scheldt Estuary in the Netherlands and Zeebrugge in Belgium, together with ancillary warehousing, marine and logistics businesses.
The key products handled include pulp and paper, fertilizers, minerals, steel and various metals.
iCON entered into a strategic partnership with Verbrugge International in December 2013 and realised its interests in September 2022.
Rothes CoRDe operates an environmentally friendly, 8 MWe/34 MWth combined heat and power (CHP) plant in Rothes, Scotland. The CHP plant is fuelled by a combination of whisky distillery by-product (draff) and wood chips.
The company also:
The CHP plant has been in commercial operations since July 2013. It benefits from numerous long-term contracts and the UK Renewable Obligation regime.
iCON acquired Rothes CoRDe in 2015 and realised its interest in 2019.
Service Terminal Rotterdam (STR) owns and operates a modern and state of the art bunker fuel terminal strategically located in the Port of Rotterdam, Botlek area (The Netherlands).
The terminal has 242,000m3 capacity across two tank farms and features a 280m jetty and 400 meters quay. It is ideally located to serve the Antwerp-Rotterdam-Amsterdam (ARA) market and its tank infrastructure is built specifically for the bunker fuel market, with modern blending capabilities and superior services. In addition, STR also provides board-to-board and lay-by services.
iCON acquired 100% of STR in April 2015 and realised its interest in 2020
firmus energy was established in 2005 and owns and operates a gas distribution network and energy supply business in Northern Ireland, UK.
The distribution network comprises approximately 1,100 km of low-pressure pipelines with connections to over 30,000 residential, commercial and industrial customers. It also supplies gas to over 80,000 customers across Northern Ireland.
iCON acquired 100% of firmus energy in 2014 and realised its interest in 2019.
Beckton Energy operates an environmentally friendly, 19MW combined heat and power (CHP) generation project in Beckton, London.
The company will deliver heat and electricity under long-term contracts to major infrastructure facilities owned by leading UK utilities located in the vicinity of the CHP plant.
iCON led the acquisition of Beckton Energy in 2013 and realised its interest in 2019.
Oslofjord Varme is one of the leading district energy companies in Norway providing district heating and cooling to commercial and residential customers.
The company holds three district heating concessions (Fornebu/Lysaker and Sandvika in the growing Greater Oslo region and Mosjøen in the north of Norway) as well as owning four B2B operations which provide heating and cooling to large business customers.
The business uses highly efficient heat pumps for its base production and sold c.220 GWh of district heating and c.63 GWh of district cooling in 2016.
iCON acquired 100% of Oslofjord Varme in 2014 and realised its interest in 2018.
Mountaineer Gas is an independently operating, regulated local gas distribution company. It is based in West Virginia, US where it is the market leader.
Mountaineer Gas supplies natural gas to 220,000 residential and industrial end-users in the state. Its distribution system comprises over 5,200 miles of mains and 250,000 service lines.
The iCON Team led the acquisition of interests in Mountaineer Gas in February 2011, February 2012 and April 2017 and realised its interest in 2021.