Exterimmo Acquires Aquadié and Forme d’O Aquatic Center PPPs, Strengthening Its Position in the French PPP Market
London, Paris, 14th February 2025 – Exterimmo, the RiverRock Brownfield Infrastructure Funds (RBIF) – backed platform in France is pleased to announce the successful acquisition of Aquadié and Forme d’O, two Public-Private Partnership (PPP) entities responsible for the operation of aquatic centers in France. This transaction aligns with Exterimmo’s strategy of investing in high-quality, brownfield infrastructure projects with stable, long-term revenue streams from public counterparties.
The transaction involves the acquisition, respectively, of 60% of the shares in Aquadié and 100% of the shares of Forme d’O. The two companies hold long-term PPP contracts for the design, construction, financing, maintenance, and operation of the Aquanova America aquatic center in Saint-Dié-des-Vosges and the Forme d’O aquatic center in Châtel. Both facilities have been in operation since 2014 and welcomed over 320,000 visitors in 2023.
The acquisition further strengthens RiverRock’s footprint in the social infrastructure sector, particularly in availability-based PPP contracts that offer predictable cash flows. The projects will be managed on a day-to-day basis by Canopée, which is already undertaking the asset management of Exterimmo’s projects in France.
Key Highlights of the Assets
- Long-term Stability: Both assets operate under PPP contracts with fixed availability payments from public authorities, ensuring steady revenues.
- Strong Operational Performance: The centers have demonstrated consistent visitor numbers and financial performance, with the management of the facilities entrusted to industry leaders such as Récréa and Veolia.
- Secure Financing Structure: The projects were financed through non-recourse project finance structures, backed by contractual payments from the respective municipalities.
- Proven Commercial Success: Despite the challenges posed by the COVID-19 pandemic, attendance levels have recovered, reflecting strong local demand and the centers’ continued positioning as thriving community assets.
A Milestone in RiverRock’s Infrastructure Growth
This acquisition aligns with Exterimmo’s ongoing strategy to strengthen its presence in the PPP sector in France. With this transaction, RiverRock Brownfield Infrastructure Fund (RBIF1) now holds a diversified portfolio of infrastructure assets, including energy-efficient educational facilities, public service buildings, and aquatic centers.
Transaction Advisors
Exterimmo was advised by DS Avocats (Marie Trécan et Nathalie Sultan) for legal matters. The sellers were advised by Prisma Advisory.
About Exterimmo
Exterimmo SAS, a wholly owned French subsidiary of the Riverrock Brownfield Infrastructure Fund 1, manages a portfolio of 10 projects or stakes in France. These projects are structured as public-private partnerships or public service delegations. The portfolio includes various contracts, such as a stake in the Paris Zoo, several energy performance and renovation contracts for schools, and university buildings.
About RiverRock Brownfield Infrastructure Funds
RiverRock European Capital Partners LLP is a leading asset management firm focused on alternative investments, including infrastructure, real assets, and private markets. With offices in London, Paris and representatives in Madrid, RiverRock Brownfield Infrastructure Funds’ team manages a growing portfolio of social and transport infrastructure projects across Western Europe.