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Driving growth within the infrastructure mid-market

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Boreal is one of the largest players in the Norwegian public transport market.

boreal logo
Fund: Cube I
Sector: Transport & Mobility
Location: Norway
Investment Date: May, 2011
Divestment Date: October, 2018
Status: Divested

The company operates contracts granted by local Norwegian Public Transport Authorities in 4 segments: bus, car ferry, fast ferry and light rail. The group enjoys strong infrastructure characteristics operating attractive, index-linked, mid to long-term contracts with public authorities across Norway.

Cube acquired Boreal in 2011, in partnership with its management team, and supported the company’s growth through new contract wins, strategic add-on acquisitions and the strengthening of the existing concession contract portfolio. The result was an increase in Boreal’s revenues by nearly 50% while its EBITDA grew by approximately 285% between 2010 and 2017 under Cube’s ownership.

Cube successfully sold Boreal group to Everbright Overseas Infrastructure Investment Fund in 2018.

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