Albany SPC Services Limited has reportedly purchased Interserve’s Private Finance Initiative (PFI) asset management business.
Interserve manages one of the largest portfolios of PFI projects in the UK, having invested over GBP100 million (US$128.5 million) in equity and sub-debt in 43 projects since 1997, which represent a whole life value in excess of GBP3 billion (US$3.85 billion).
However, in November the company announced that it expects year-end net debt to be in the range of GBP625-650 million (~US$800-835 million) and thus is working with advisers to deleverage its balance sheet. This process includes options to bring new capital into the business and progress the disposal of non-core businesses.
Thus, it seems likely that this divestment forms part of the deleveraging plan, which is due to be announced in early 2019.
Albany is a UK-based independent supplier of management services to PFI and similar infrastructure projects. It is owned by PGGM and the Pensions Infrastructure Platform, and managed by Dalmore Capital.