FRANCE: CVC DIF mandates financial advisor to support on Bump capital raise
CVC DIF-backed French EV charging infrastructure business Bump is looking to raise up to EUR 300m in fresh equity to accelerate company growth, it is understood.
DIF via its DIF Core-plus Infrastructure Fund III completed the acquisition of a 55% stake in Bump in September 2022, with the deal anticipated to allow for the provision of EUR 180m in equity over the coming years to support the company’s ambitions to take EV charging points installed from an anticipated 1,700 as of the end of 2022 to 25,000 by the end of 2030.
In addition, Bump in April this year formed a EUR 100m EV charging infra partnership with Banque des Territoires - believed to be at the assetco level - targeting the deployment of around 10,000 charging points across France over the coming years.
However, CVC DIF is over the summer understood to have also mandated Macquarie Capital to advise on a minority stake sale at Bump topco level through which it intends to raise EUR 300m in additional capital.
The process is believed to be in its earliest stages and is forecast to run through to at least the end of 2024.
Bump differentiates itself in the French EV charging market through its focus on securing mid to long-term contracts primarily with EV fleet operators, both in fleet depots and in third-party car parks mostly in Paris and Lyon.
Founding Bump shareholders include the management team, as well as Otoqi, a mobility services platform, and Firalp, a building contractor specialized in electrical & digital networks, which have all retained stakes in the business.
CVC DIF and Macquarie Capital declined to comment. Bump did not respond to a request for comment.
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