Pan-European infrastructure fund Marguerite II said it is to acquire 100% of Swedish colocation provider Conapto AB from Segulah Fund V as the Nordic data centre M&A drive continues.

Headquartered in Stockholm, Conapto is an independent data centre operator, providing colocation services since 2018. The company was founded following the acquisition of Sungard Availability Services’ Swedish operations by Segulah Fund V.

Conapto’s portfolio comprises of two data centres and a backup site in the Stockholm region.

The company has also announced the commencement of the works for the expansion of its Stockholm North data centre in Sollentuna. Once completed, the extension will add 2 MW of capacity to the data centre.

As part of this transaction, the management team, led by Håkan Björklund, CEO, will remain in place and reinvest in the company alongside Marguerite.

The transaction is expected to be completed by the end of July. Marguerite was advised by SEB (M&A), Setterwalls (legal), PMP (technical and commercial), Alvarez & Marsal (financial), Svalner (tax) and Willis Tower Watson (insurance).

Michael Dedieu, Managing Partner at Marguerite, said: “Conapto has developed into a leading colocation provider in the Swedish market, and, it has become a reference for delivering superior value to its customers.

“We are delighted to acquire Conapto and look forward to working with Håkan Björklund and the rest of the management team to continue to provide best in class service to the customers and accelerate the growth of the company.”

Also commenting, Conapto’s CEO Björklund, added: “This is truly a great day for the company, our employees and all our customers.

“With Marguerite we will be able to support our existing customers as well as new customers with future proof data centre colocation, both in existing data centres as well as new developments. And rest assured, we will continue to be the local, agile, and easy to work with partner that has granted us a world class Net Promoter Score of +52.”

Marguerite II is a €745 million/US$880 million fund that targets primarily greenfield investments in renewables, energy, transport and digital infrastructure in the 27-EU member states and pre-accession countries.

The investment vehicle aims to act as a catalyst of greenfield and expansion of brownfield projects within these countries and to ensure continued support to key infrastructure in the areas of climate change, energy security, digital agenda and trans-European networks.

The European Investment Bank has committed €200 million/$235.7 million, of which €100 million/$117.86 million are guaranteed by the European Fund for Strategic Investments (EFSI), alongside €100 million each from five National Promotional Banks. Marguerite II has the capacity to invest in projects across the EU and in the pre-accession countries and has a 10-year fund life (with up to two one-year extensions).

Marguerite also manages Marguerite Pantheon SCSp, an investment vehicle wholly owned by a pool of funds and managed accounts run by Pantheon, a global private markets fund investor.

Marguerite Pantheon SCSp was established to acquire a portfolio of renewable and concession-based assets from the Marguerite Fund.