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 renewable energy (25%) and utilities (25%). The Firm’s most common investment types include divestiture (50%) and growth capital (25%). In total, I Squared Capital has invested in 3 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 Activity14
    • M&A Buy Activity12
    • M&A Sell Activity2
  • Total Sectors Invested 6
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 9
  • M&A Advisors 8

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 (2.0/yr) # 2 3 3 1 1 2 12
vol $1.2B $1.2B $2.2B $4.5B
Sell (0.4/yr) # - - - 1 1 - 2
vol $580M $580M
  14

Most Recent M&A

Company Date Value Type
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
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
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 (27%) 1.2B (26%) 3 (25%) 1.2B (26%)
Renewable Energy 2 (18%) - 3 (25%) -
Infrastructure 2 (18%) 2.2B (47%) 2 (17%) 2.2B (47%)
Energy Services and Equipment 2 (18%) 1.2B (27%) 2 (17%) 1.2B (27%)
Business Services 1 (9%) - 1 (8%) -
Oil/Gas Exploration 1 (9%) - 1 (8%) -
Total 11 $4.5B 12 $4.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (27%) 2.2B (47%) 4 (33%) 2.2B (47%)
  Virginia 2 (18%) 2.2B (47%) 2 (17%) 2.2B (47%)
  Texas 1 (9%) - 1 (8%) -
  Illinois - - 1 (8%) -
Peru 2 (18%) 2.4B (53%) 2 (17%) 2.4B (53%)
India 2 (18%) - 2 (17%) -
United Kingdom 1 (9%) - 1 (8%) -
France 1 (9%) - 1 (8%) -
Netherlands 1 (9%) - 1 (8%) -
Singapore 1 (9%) - 1 (8%) -
Total 11 $4.5B 12 $4.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 6 (55%) 4.5B (100%) 6 (50%) 4.5B (100%)
Growth Capital 2 (18%) - 3 (25%) -
Secondary Buyout 2 (18%) - 2 (17%) -
Stake Purchase 1 (9%) - 1 (8%) -
Total 11 $4.5B 12 $4.5B

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
UBS Investment Bank
1
Morgan Stanley
1
Legal Deals
Latham & Watkins
1
Linklaters LLP
1
Kirkland & Ellis LLP
1

Deal Values

buy # Total
> $1B 3 $4.5B
TOTAL $4.5B
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
PE Firm(s)
22%
2 22%
Strategic(s)
78%
7 78%
Exited to
Strategic(s)
100%
2 100%

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