KPMG and PMP Strategy advise DIF on investment in RFNOW

DIF Capital Partners, a Dutch independent infrastructure equity fund manager, has invested in RFNow, a Prairie telecom firm. DIF was advised on the deal by KPMG and PMP Strategy.

Founded in 2000 and based in Virden, Manitoba, RFNow provides enterprise fiber, residential fiber, fixed wireless internet, and phone services to 170+ communities in Manitoba and southeastern Saskatchewan. The company has over 120 employees and 1,500+ kilometers of owned fiber and tower portfolio.

DIF says the transaction expands on its previous developed fiber investments in rural Canada. Financial terms of the investment were not disclosed.

“RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology,” said Willem Jansonius, partner and head of collective investment funds at DIF Capital Partners. “The management has done a great job in bringing the company to where it is now and we are very much looking forward to growing it further together. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada.”

KPMG provided M&A advisory support to DIF, while PMP Strategy provided commercial advisory support. PMP Strategy is a Paris-headquartered management consultancy with practices in due diligence, finance & performance, and digital, among other offerings. The firm has Canadian offices in Montreal and Toronto.

“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNow. “We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”

DIF was founded in 2005 and has more than €15 billion in assets under management, with a focus on mid-market infrastructure investments in Europe, North America, and Australia.