Good evening,

Here’s a brand-new kind of deal.

Less than two years after Stilmark’s founder Steven Butler and chairman Graham Bradley sold the mobile towers business to Canadian pension fund OMERS, they are back raising for their new venture – a one-stop shop for renewable energy generators requiring network connections to the grid.

Street Talk can reveal Symphony Infrastructure Partners has retained Lazard Australia to secure an equity injection of up to $200 million, which would fund acquisitions in infrastructure services as well as working capital.

The forecast is for pro forma EBITDA to cross $40 million this financial year, including the acquisitions.

Symphony will develop, own and operate network connection infrastructure assets. Think towers, high-voltage conductors, sub-stations, met masts and switch rooms – any infrastructure that wind farms, data centres, batteries and the like will need to plug into the electricity grid.

It competes with Transgrid’s unregulated business Lumea – a valuable unit in itself – that dominates connections but outsources the engineering and construction.

Potential backers have been told to expect an information memorandum and financial model in mid-March.

Read the full story tomorrow and more on the Street Talk page.

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Last year, Iress slashed costs and made 15 per cent of its staff redundant. That has done little to revive its languishing share price, which sat at $7.94 on Tuesday – less than half the $15.91 per share takeover bid that got Swedish private equity group EQT a look in the data room in 2021, before it walked away.

Click here for the latest equity market wrap.