I Squared Capital Mergers and Acquisitions Summary

Private Equity Profile

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

I Squared Capital’s most common sectors for investment are renewable energy (28%) and utilities (28%). The Firm’s most common investment types include divestiture (46%) and growth capital (28%). In total, I Squared Capital has invested in 3 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Duke Energy - Peru Chile Ecuador Guatemala Business for $1.2B.

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 Activity13
    • M&A Buy Activity11
    • M&A Sell Activity2
  • Total Sectors Invested 6
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 8
  • M&A Advisors 4

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.8/yr) # 2 3 3 1 1 1 11
vol $1.2B $1.2B $2.4B
Sell (0.4/yr) # - - - 1 1 - 2
vol $580M $580M
  13

Most Recent M&A

Company Date Value Type
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
I.C. Power Ltd - Latin American and Caribbean Businesses 2017-11-26 1.2B USD Divestiture
San Isidro, Peru
Pinnacle Midstream LLC 2017-10-24 - Secondary Buyout
Houston, Texas · www.pinnaclemidstream.com
Duke Energy Corp. - Peru, Chile, Ecuador, Guatemala Business 2016-12-20 1.2B USD Divestiture
, Peru
Viridian Group Plc 2016-03-29 - Secondary Buyout
Belfast, United Kingdom · www.viridiangroup.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TIP Trailer Services Management B.V. 2018-08-07 Trailer Wizards Ltd. 2019-09-10 1
Amsterdam, Netherlands · www.tipeurope.com Mississauga, Ontario · www.trailerwizards.com

M&A by Sector

Sector Current # Value All-time # Value
Utilities 3 (30%) 1.2B (50%) 3 (27%) 1.2B (50%)
Renewable Energy 2 (20%) - 3 (27%) -
Energy Services and Equipment 2 (20%) 1.2B (50%) 2 (18%) 1.2B (50%)
Business Services 1 (10%) - 1 (9%) -
Infrastructure 1 (10%) - 1 (9%) -
Oil/Gas Exploration 1 (10%) - 1 (9%) -
Total 10 $2.4B 11 $2.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 2 (20%) - 3 (27%) -
  Virginia 1 (10%) - 1 (9%) -
  Texas 1 (10%) - 1 (9%) -
  Illinois - - 1 (9%) -
Peru 2 (20%) 2.4B (100%) 2 (18%) 2.4B (100%)
India 2 (20%) - 2 (18%) -
United Kingdom 1 (10%) - 1 (9%) -
France 1 (10%) - 1 (9%) -
Netherlands 1 (10%) - 1 (9%) -
Singapore 1 (10%) - 1 (9%) -
Total 10 $2.4B 11 $2.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 5 (50%) 2.4B (100%) 5 (45%) 2.4B (100%)
Growth Capital 2 (20%) - 3 (27%) -
Secondary Buyout 2 (20%) - 2 (18%) -
Stake Purchase 1 (10%) - 1 (9%) -
Total 10 $2.4B 11 $2.4B

Exits by Deal Type

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

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
1
UBS Investment Bank
1
Legal Deals
Kirkland & Ellis LLP
1
Sidley Austin LLP
1

Deal Values

buy # Total
> $1B 2 $2.4B
TOTAL $2.4B
Largest Duke Energy Corp. - Peru, Chile, Ecuador, Guatemala Business
$1.2B (2016-12-20)
sell # Total
$100M to $1B 1 $580M
TOTAL $580M
Largest Lincoln Clean Energy LLC
$580M (2018-08-09)

M&A Connections

Deals %
Acquired from
PE Firm(s)
25%
2 25%
Strategic(s)
75%
6 75%
Exited to
Strategic(s)
100%
2 100%

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