Bain Capital has acquired an 80% stake in AQ Compute, the data center division of Aquila Group, as part of a multi-billion-euro investment aimed at transforming sustainable data center infrastructure across Europe. This strategic acquisition would underscore Bain Capital’s commitment to the European data center market and its potential for growth driven by cloud demand, high-performance computing, and AI.
Founded in 2020, AQ Compute focuses on colocation and AI-ready data center services primarily powered by renewable energy, making it a prime candidate for Bain Capital’s expansion into environmentally sustainable infrastructure.
With Bain Capital’s substantial share and global data center expertise, AQ Compute would gain critical support to rapidly expand its data centers in key European hubs, including locations in Oslo, Barcelona, and Milan. Bain Capital brings significant experience from projects such as Bridge Data Centers in Asia and DC BLOX in the U.S., which positions it to lead AQ Compute’s scale-up within a sustainable framework.
While Bain Capital now holds the majority stake, Aquila Group retains a 20% share and is committed to co-investing several hundred million euros to ensure AQ Compute’s alignment with its goals for green infrastructure. Roman Rosslenbroich, CEO of Aquila Group, emphasized the necessity for sustainable solutions to meet Europe’s escalating digital demands, viewing Bain Capital’s 80% stake as a vital move in scaling up without compromising on sustainability. This acquisition reflects a shared vision to create a premier data center platform in Europe, combining Bain Capital’s financial strength and Aquila Group’s renewable energy expertise to set new standards in sustainable data center operations.
European Data Center Industry
Ali Haroon, a partner at Bain Capital, described Europe’s data center sector as a fertile ground for investment, driven by a surge in demand for cloud services, high-performance computing, and AI deployments, alongside regional data sovereignty requirements. “The European data center industry offers a compelling market opportunity, propelled by strong cloud demand, a need for high-performance computing and AI deployments, and data sovereignty throughout the region,” said Mr. Haroon. Bain Capital’s collaboration with Aquila Group, he emphasized, brings a sustainable energy approach that directly addresses the growing power demands within Europe’s critical infrastructure sector.
Bain Capital would bring to the table a depth of expertise in scaling companies within complex infrastructure fields, including data centers. Rafael Coste Campos, Managing Director at Bain Capital, highlighted the firm’s advantage in navigating Europe’s real estate landscape, paired with its experience in cultivating strong tenant relationships and attracting top talent. Coste Campos emphasized that Bain’s global data center expertise enables the partnership to meet Europe’s rapidly increasing demand for sustainable, AI-ready infrastructure. “We are in a strong position to meet the demands of this rapidly expanding and vital industry and establish a market-leading data center operation in Europe by utilizing our worldwide data center knowledge,” he said.
This new venture marks Bain Capital’s first European investment in data centers, an expansion that follows the firm’s substantial investments in data center projects in other global markets. Over the past three years, Bain Capital has invested more than $1 billion in real estate. This move into Europe is part of Bain’s broader strategy to create a truly global data center portfolio, leveraging experience from previous investments such as Bridge Data Centers in Asia and DC BLOX in the United States. “This investment will leverage and enhance our prior expertise supporting DC BLOX in the US and investing in and developing Bridge Data Centers, one of the biggest data center platforms in Asia,” said Michael Huber, a principal at Bain Capital.