DIF Capital, EDF Invest to buy Fjord1

• Vision Ridge and Havila invested in Fjord1 since 2019 and 2011, respectively
• DIF will invest in Fjord1 via its Infrastructure VII fund
• DIF is an infrastructure fund manager

DIF Capital Partners and EDF Invest have agreed to acquire Fjord1, a floating bridge operator in Norway, from Vision Ridge Partners and Havila Holding.

Florø-based Fjord1 provides ferry and express boat services with a large fleet of modern and electric ferries.

DIF will invest in Fjord1 via its DIF Infrastructure VII fund.

“We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway,” said Gijs Voskuyl, partner at DIF. The firm, along with EDF Invest and Fjord1’s management team, will “continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry.”

Vision Ridge and Havila have been investors in Fjord1 since 2019 and 2011, respectively.

The proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50 percent under Vision Ridge’s and Havila’s ownership. Its operating fleet is around 60 percent electric and comprises around half of all electric ferries currently operating in Norway, according to a release.

Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team.

The transaction is expected to be completed in early 2024.

No financial terms of the transaction were disclosed.

DIF is an infrastructure fund manager with around €16 billion of assets under management. It is based in Amsterdam.

Paris-based EDF Invest is the investment arm of EDF for non-listed dedicated assets and manages around €9 billion of equity.

Havila is a family-owned, industrial investment company owned by the Sævik-family. It is based in Fosnavåg, Norway.

Vision Ridge is a sustainable real assets investor with offices in Colorado, New York and California. It managed around $3.25 billion as of 30 September.

Rothschild & Co served as financial advisor and Ropes & Gray and Schjødt served as legal advisors to Vision Ridge and Havila.

DIF and EDF are advised by Deutsche Bank and Cantor Fitzgerald (financial advisors), Jefferies and Cantor Fitzgerald (debt advisors), Wikborg Rein (legal advisor), Allen & Overy (legal advisor – financing), Roland Berger (commercial advisor), Arup (technical advisor) and PWC (financial and tax advisor).