EQT Infrastructure set to acquire InstaVolt

EQT Infrastructure has agreed a deal to acquire InstaVolt Limited, one of the UK’s leading charging network operators, from Zouk Capital.

The news comes as InstaVolt recently set out its ambition to reach 1,000 charging points by the summer, with the network currently sitting at approximately 700 units.

However, following the announcement of the takeover, EQT Infrastructure has cemented its committment to invest significantly in InstaVolt’s accelerated roll-out of charge points to reach a nationwide network of 10,000 rapid electric vehicle chargers by 2032.

The investment sees founding investor Zouk Capital exit after establishing the Company with the InstaVolt management team in 2016. Zouk is the manager of the Charging Infrastructure Investment Fund (“CIIF”) and has a central objective of scaling open-access, public EV charging networks for the UK’s EV drivers.

Adrian Keen, InstaVolt’s chief executive officer, said: “InstaVolt has set a standard in the UK for driver experience and infrastructure, and now with support from EQT, we are in a unique position to accelerate that target and replicate our model in other geographies, transitioning the business into the next phase of growth.

“We want to thank our partners and customers who have supported us on our journey so far and want our customers to be reassured that what has made InstaVolt so successful, including our focus on reliability and ease of use, remains unchanged.”

Anna Sundell, partner and head of EQT Infrastructure’s UK Advisory Team, added: “The future is electric and InstaVolt is essential to the roll-out of EV charging infrastructure across the UK, a prerequisite for enabling mass adoption of EVs. We are excited about supporting InstaVolt in the next phase of growth and for EQT to play its part in decarbonizing the transportation sector and driving the transition towards net zero in the UK and beyond.”

RBC Capital Markets acted as exclusive financial advisor and Simpson Thacher & Bartlett acted as legal advisor to EQT Infrastructure. UBS acted as exclusive financial advisor to Zouk and InstaVolt, with Travers Smith acting for the company and management on the sale and Fladgate acting for the institutional seller.

Massimo Resta, Partner at Zouk Capital, commented: “The InstaVolt team and Zouk identified the opportunity in 2016 and built one of the leading rapid EV charging infrastructure companies in the UK. We believe the management team are in great hands with EQT and wish InstaVolt the very best for the next stage of their journey.”

With this transaction, EQT Infrastructure V is expected to be 65-70 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

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