M&A Deal Summary

DigitalBridge Group and ADIA Acquire Landmark Dividend

On May 17, 2021, infrastructure investor DigitalBridge Group and sovereign wealth fund ADIA acquired infrastructure company Landmark Dividend from American Infrastructure Funds for 972M USD

Acquisition Highlights
  • This is DigitalBridge Group’s 2nd and ADIA’s 1st transaction in the Infrastructure sector.
  • This is DigitalBridge Group’s 2nd and ADIA’s 5th largest (disclosed) transaction.
  • This is DigitalBridge Group’s 6th and ADIA’s 2nd transaction in the United States.
  • This is DigitalBridge Group’s 3rd and ADIA’s 1st transaction in California.

M&A Deal Summary
Date 2021-05-17
Target Landmark Dividend
Sector Infrastructure
Buyer(s) DigitalBridge Group
ADIA
Sellers(s) American Infrastructure Funds
Deal Type Secondary Buyout
Deal Value 972M USD
Advisor(s) RBC Capital Markets (Financial)
Latham & Watkins (Legal)

Target

Landmark Dividend

El Segundo, California, United States
website
Landmark Dividend is an aggregator of ground leases under essential micro-infrastructure such as cell towers and billboards. Landmark’s management team pioneered the ground lease acquisition business in 2002 and has successfully closed over 4,000 transactions. Landmark offers payments to property owners in exchange for long-term ground leases and real property easements. Landmark Dividend is based in El Segundo, California.

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Buyer(S) 2

Buyer

DigitalBridge Group

Investor Investor Investor Investor Investor

website

Category Infrastructure
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
DigitalBridge's headquarters in Boca Raton, Florida.
DigitalBridge's headquarters in Boca Raton, Florida.

DigitalBridge Group is a global digital infrastructure investment firm. The Firm looks to acquire a variety of assets and operating businesses spanning cell towers, data centers, fiber, small cells, and edge infrastructure. DigitalBridge is headquartered in Boca Raton, Florida.

DEAL STATS #
Overall 10 of 12
Sector (Infrastructure) 2 of 3
Type (Secondary Buyout) 3 of 4
State (California) 3 of 3
Country (United States) 6 of 7
Year (2021) 2 of 3
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Boingo Wireless

Los Angeles, California, United States

Boingo Wireless, Inc. is a global network of wireless access points that provide high-speed, high-bandwidth wireless connectivity to smartphones, tablets, laptops, wearables, the Internet of Things, and other wireless-enabled devices. Boingo Wireless was founded in 2001 and is based in Los Angeles, California.

Buy $854M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-10 Vertical Bridge

Boca Raton, Florida, United States

Vertical Bridge is an owner and manager of wireless communications infrastructure. Vertical Bridge owns, operates and master leases over 266,000 towers, rooftop, billboard, utility attachment, and other site locations in support of wireless network deployments.

Buy -
Buyer

ADIA

website

Category Sovereign Wealth Fund
Founded 1976
PE ASSETS 875.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 7 of 12
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 3 of 3
State (California) 1 of 1
Country (United States) 2 of 5
Year (2021) 1 of 1
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 Alight Solutions

Lincolnshire, Illinois, United States

Alight Solutions is a provider of outsourced benefits administration and human capital technology. The Company helps drive better health and financial outcomes for employers, employees and plan participants by leveraging proprietary technology, deep domain expertise and global delivery capabilities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Acrisure

Caledonia, Michigan, United States

Acrisure is a retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. Acrisure was founded in 2005 and is based in Caledonia, Michigan.

Buy -

Seller(S) 1

SELLER

American Infrastructure Funds

Foster City, California, United States

Investor Investor Investor Investor Investor

website

Category Infrastructure
Founded 2006
Size Large
Type Sector Focused
DESCRIPTION

American Infrastructure MLP Fund is a specialist private equity group focused on natural resources and real property businesses. American looks for businesses with steady, recurring cash-flows. Specific areas of interest include oil/gas exploration, minerals/mining, forest products, fertilizers, private and publicly owned real estate assets, and any other businesses that generate stable, after tax cash-flows that can be distributed. American Infrastructure MLP was founded in 2006 and is based in Foster City, California.

DEAL STATS #
Overall 4 of 4
Sector (Infrastructure) 2 of 2
Type (Secondary Buyout) 2 of 2
State (California) 1 of 1
Country (United States) 4 of 4
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Empire Petroleum Partners

Dallas, Texas, United States

Empire Petroleum Partners LLC is a motor fuel distributor across the Mid-Atlantic, Southeastern, and Southwestern U.S., with more than 1,100 customers across 27 states from Delaware to California. Empire distributes every major brand, including BP, Chevron, Citgo, Exxon, Getty/Lukoil, Gulf, Marathon, Mobil, Shell, Sunoco, Texaco, and Valero. Empire Petroleum Partners is based in Dallas, Texas.

Sell -
Mergr

Product

Company

Legal