I Squared Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, I Squared Capital has acquired 5 companies. It has also invested in 2 others.

I Squared Capital’s most common sectors for investment are utilities (27%) and renewable energy (20%). The Firm’s most common investment types include divestiture (40%) and growth capital (20%). In total, I Squared Capital has invested in 4 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired GTT Communications - Infrastructure Division for $2.2B.

In the last 3 years, I Squared Capital has exited 2 companies. The Firm’s most common exit type is trade sale (100%). I Squared Capital’s largest (disclosed) exit occurred in 2018 when it sold Lincoln Clean Energy for $580M.

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M&A Summary

  • M&A Total Activity17
    • M&A Buy Activity15
    • M&A Sell Activity2
  • Total Sectors Invested 7
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 9
  • M&A Advisors 9

I Squared Capital

410 Park Avenue, Suite 830,
New York, New York 10022
United States
www.isquaredcapital.com

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


Investment Criteria

Sectors of Interest: Infrastructure

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 5 3 1 1 4 1 15
vol $1.2B $1.2B $2.2B $961M $5.5B
Sell (0.4/yr) # - - 1 1 - - 2
vol $580M $580M
  17

Most Recent M&A

Company Date Value Type
Atlantic Power Corp. 2021-01-14 961M USD Going Private
Dedham, Massachusetts · www.atlanticpower.com
Cloud Kinetics Tech Pte Ltd. 2020-12-09 - Buyout (LBO, MBO, MBI)
Singapore, Singapore · www.cloud-kinetics.com
Infofabrica Holdings Pte Ltd. 2020-12-09 - Buyout (LBO, MBO, MBI)
Singapore, Singapore · www.infofabrica.com
GTT Communications, Inc. - Infrastructure Division 2020-10-16 2.2B USD Divestiture
McLean, Virginia
Rubis Terminal SA 2020-04-30 - Stake Purchase
Paris, France · www.rubis-terminal.com
Venture Global LNG 2019-07-12 - Growth Capital
Arlington, Virginia · www.venturegloballng.com
Cube Hydro Partners LLC 2019-06-25 - Add-on Acquisition
Bethesda, Maryland · www.cubehydropartners.com
Lincoln Clean Energy LLC 2018-08-09 580M USD Add-on Acquisition
Chicago, Illinois · www.lincoln-clean-energy.com
TIP Trailer Services Management B.V. 2018-08-07 - Divestiture
Amsterdam, Netherlands · www.tipeurope.com
IC Power Ltd. - LatAm Businesse 2017-11-27 - Divestiture
Singapore, Singapore
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Utilities 4 (29%) 2.1B (39%) 4 (27%) 2.1B (39%)
Renewable Energy 2 (14%) - 3 (20%) -
Infrastructure 2 (14%) 2.2B (39%) 2 (13%) 2.2B (39%)
Energy Services and Equipment 2 (14%) 1.2B (22%) 2 (13%) 1.2B (22%)
Information Technology 2 (14%) - 2 (13%) -
Business Services 1 (7%) - 1 (7%) -
Oil/Gas Exploration 1 (7%) - 1 (7%) -
Total 14 $5.5B 15 $5.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (29%) 3.1B (57%) 5 (33%) 3.1B (57%)
  Virginia 2 (14%) 2.2B (39%) 2 (13%) 2.2B (39%)
  Massachusetts 1 (7%) 961M (18%) 1 (7%) 961M (18%)
  Texas 1 (7%) - 1 (7%) -
  Illinois - - 1 (7%) -
Singapore 3 (21%) - 3 (20%) -
Peru 2 (14%) 2.4B (43%) 2 (13%) 2.4B (43%)
India 2 (14%) - 2 (13%) -
United Kingdom 1 (7%) - 1 (7%) -
France 1 (7%) - 1 (7%) -
Netherlands 1 (7%) - 1 (7%) -
Total 14 $5.5B 15 $5.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 6 (43%) 4.5B (82%) 6 (40%) 4.5B (82%)
Growth Capital 2 (14%) - 3 (20%) -
Buyout (LBO, MBO, MBI) 2 (14%) - 2 (13%) -
Secondary Buyout 2 (14%) - 2 (13%) -
Going Private 1 (7%) 961M (18%) 1 (7%) 961M (18%)
Stake Purchase 1 (7%) - 1 (7%) -
Total 14 $5.5B 15 $5.5B

Exits by Deal Type

Type Total # Value
Trade Sale 2 (100%) 580M (100%)
Total 2 $580M

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
1
Morgan Stanley
1
UBS Investment Bank
1
Legal Deals
Sidley Austin LLP
2
Latham & Watkins
1
Linklaters LLP
1

Deal Values

buy # Total
> $1B 3 $4.5B
$100M to $1B 1 $961M
TOTAL $5.5B
Largest GTT Communications, Inc. - Infrastructure Division
$2.2B (2020-10-16)
sell # Total
$100M to $1B 1 $580M
TOTAL $580M
Largest Lincoln Clean Energy LLC
$580M (2018-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
13%
2 (13%)
Strategic(s)
47%
7 (47%)
Exited to
Strategic(s)
100%
2 (100%)

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