Vauban Infrastructure Partners (“Vauban”), an affiliate of Natixis Investment Managers, is delighted to announce the closing of the long-term refinancing of Altiservice (the “Company”), consisting of the global refinancing of its banking debt facilities.

Founded in 1990 as a subsidiary of Engie and acquired in 2019 by Vauban, Altiservice is a French company dedicated to the operation of ski resort concessions and cable car public transportation service. It holds concession contracts for the two largest ski resorts in the French Pyreneans, Font-Romeu Pyrénées 2000 and Saint-Lary, where it is responsible for the operation of all equipment in both the winter and summer seasons; for the design, financing, construction, operation, and maintenance of the ski lifts; for the preparation and safety of the ski areas (including snow production), and for ticketing, communication, and marketing around the ski resorts.

The Company also operates and maintains industrial & public transportation assets. In particular, Altiservice holds both long-term operation and maintenance contracts for Toulouse’s Téléo, the largest cable transportation infrastructure in France. Altiservice helped to lead the testing phase of Téléo, working continuously from early 2021 until its grand opening in May 2022. Altiservice is pursuing several potential similar projects, which could ideally contribute to transport decarbonation initiatives. Finally, Altiservice maintains several industrial cable car assets, notably for the Société Hydro-Electrique du Midi (SHEM).

During the COVID-19 period, Altiservice finalized the extension of the Saint-Lary concession until 2039 as part of a multi-year investment plan to reduce the resort’s carbon and environmental footprint, optimize its operation, maintain the highest standard of safety, and increase its appeal (especially during the summer season). Altiservice held an inauguration ceremony for its newly built lifts in Saint-Lary on January 28th, 2023.

Altiservice has then been off to a dynamic start of 2022 thanks to the renewal of its Font-Romeu Pyrénées 2000 concession until 2047. Altiservice will similarly commit substantial investments to upgrading the resort lifts and areas over the next few years to optimize facilities from environmental, comfort, and performance standpoints. A specific emphasis has been placed on four seasons investments, geared at increasing the resort attractiveness for the general public year-round.

Overall, both capital expenditure plans are set to run until 2026 and amount to a cumulated €51m. These investment programs are key to the Pyrenean Mountain economy, securing local employment over several decades, as well as funneling people and business flows towards rural areas of the region. Through its positioning and the local partnerships, it creates in the valleys, Altiservice is a cornerstone of rural employment in the Pyreneans.

To fund these investments alongside equity committed by Vauban and to refinance Altiservice’s existing indebtedness, the Company raised a long-term, amortizing financing facility with the support of Vauban. This will secure liquidity for the Company, while allowing it to remain agile and able to tap its growth potential in the cable car sector, among other adjacenct opportunities.

Altiservice’s senior financing, was successfully signed on November 30th, 2022, with a lending pool including Caisse d’Epargne Midi Pyrénées and Crédit Agricole Pyrénées Gascogne as co-arrangers, as well as Crédit Agricole Sud Méditérranée, Banque Populaire Sud, Banque Palatine and BPI France. The bank financings include €38.8m of Senior Facilities, a €5.15m Debt Service Reserve Facility, and a €1.3m VAT Facility. In addition, a €4.0m Junior Facility was provided by Fond Tourisme Occitanie, managed by MCapital.

Guillaume Faroux, Partner at Vauban Infrastructure Partners: “Altiservice has successively and successfully reached several key milestones over the last two years in an environment made challenging by COVID-19. The completion of this long-term infrastructure-based refinancing, after the successful inauguration of Téléo and the renewal of both Saint-Lary and Font-Romeu Pyrénées 2000 concessions, is an achievement in itself and stands as testimony to the quality of Altiservice’s infrastructure assets portfolio, and the commitment and excellence of the company staff and management who operate them under the highest standards.”

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About Vauban Infrastructure Partners
Vauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on core infrastructure investments. Headquartered in Paris, the Company employs over 65 professionals, the majority of whom have been working together for over a decade.

Vauban targets predominantly European brownfield mid-market assets, and pursues a long-term, yield-driven strategy that matches the underlying nature of the assets & the long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised c.€7.2 billion in core infrastructure from over c.100 investors from 17 different countries and has invested in over 70 assets in the mobility, energy transition, social infrastructure, and digital infrastructure sectors across 13 different geographies.

Vauban Infrastructure Partners
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
115 Rue Montmartre 75002 Paris

Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris

This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

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