eStruxture raises $490m to fund acquisition and go for more
04 May 2021 | Antony Savvas
Canada's eStruxture has secured around US$490 million in funding to pay for the just-completed acquisition of Aptum's Canadian data centre business and to back future buys.
The new money has come from Caisse de dépôt et placement du Québec (CDPQ) and Fengate Asset Management (Fengate), as well as credit facilities from a variety of banks.
eStruxture began operations in 2017 and it completed the Aptum deal last Friday (30 April), following other recent expansion moves in Canada.
A chunk of the extra cash raised will be used to “execute on additional capital expansion projects across the Canadian market”, it said.
The Aptum data centres bring eStruxture's total group footprint to over 600,000 sq ft of data centre space, with an IT capacity of around 100MW - the acquisition added about 40MW of that.
Todd Coleman, president and CEO of eStruxture, said: “This financing will be essential to the growth of eStruxture as we continue to expand our customer base throughout Canada and beyond.
“It will also help us further strengthen the company's pan-Canadian platform, adding key industry verticals to eStruxture's portfolio.”
“This acquisition - eStruxture's fifth deal since its creation in 2017 - consolidates its presence on a national scale,” said Kim Thomassin, executive vice president of investments in Québec and stewardship investing at CDPQ.
“The investment is in line with our focus on the expansion of Québec companies into new markets,” said Thomassin.
This January, eStruxture appointed M&A specialist Marie-Josée Lapierre as its new senior vice president, general counsel and corporate secretary.
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