I Squared Capital Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, I Squared Capital has acquired 11 companies.

I Squared Capital’s most common sectors for investment areutilities (16%) and environmental (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (28%) and divestiture (28%). In total, I Squared Capital has invested in 7 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Aggreko for $3.5B.

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 Activity27
    • M&A Buy Activity25
    • M&A Sell Activity2
  • Total Sectors Invested 11
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 11
  • M&A Advisors 12

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, Nordic, Asia/Pacific

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

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.0/yr) # 10 4 6 1 3 1 25
vol $2.4B $2.2B $4.5B $9.0B
Sell (0.0/yr) # 2 - - - - - 2
vol $580M $580M
  27

Most Recent M&A

Company Date Value Type
WOW Logistics 2024-03-15 - Buyout (LBO, MBO, MBI)
Neenah, Wisconsin · www.wowlogistics.com
Arriva plc 2023-10-19 - Divestiture
Sunderland, United Kingdom · www.arriva.co.uk
Enva Group 2023-04-21 - Secondary Buyout
, Ireland · www.enva.com
Whistler Pipeline LLC 2023-02-16 - Secondary Buyout
, United States
VLS Recovery Services, Inc. 2022-08-18 - Secondary Buyout
Houston, Texas · www.vlses.com
SOILCO 2021-10-06 - Buyout (LBO, MBO, MBI)
Kembla Grange, Australia · www.soilco.com.au
Aggreko Ltd. 2021-08-16 3.5B GBP Going Private
Dumbarton, United Kingdom · www.aggreko.com
KIO Networks 2021-08-02 - Buyout (LBO, MBO, MBI)
, Mexico · www.kionetworks.com
Ezee Fiber 2021-07-29 - Buyout (LBO, MBO, MBI)
, United States
Star Leasing 2021-03-24 - Buyout (LBO, MBO, MBI)
Columbus, Ohio · www.starleasing.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aggreko Ltd. 2021-08-16 Infiniti Energy 2024-07-08 2
Dumbarton, United Kingdom · www.aggreko.com Howell, New Jersey · www.infinitienergy.com
Atlantic Power Corp. 2021-01-14 Morris Cogeneration LLC 2023-12-19 1
Dedham, Massachusetts · www.atlanticpower.com Morris, Illinois
VLS Recovery Services, Inc. 2022-08-18 Salt River Extraction LLC 2023-02-08 3
Houston, Texas · www.vlses.com Phoenix, Arizona · www.sretransport.com
Aggreko Ltd. 2021-08-16 Resolute Industrial LLC 2022-12-28 1
Dumbarton, United Kingdom · www.aggreko.com Indianapolis, Indiana · www.resolute-industrial.com
TIP Trailer Services Management B.V. 2018-08-07 Ryder System - Trailer Leasing & Maintenance Business 2022-04-13 3
Amsterdam, Netherlands · www.tipeurope.com Miami, Florida
TIP Trailer Services Management B.V. 2018-08-07 Ryder Ltd. - Trailer Leasing and Servicing Business 2022-04-12 2
Amsterdam, Netherlands · www.tipeurope.com Birmingham, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Utilities 4 (17%) 2.1B (24%) 4 (16%) 2.1B (24%)
Environmental 3 (13%) - 3 (12%) -
Information Technology 3 (13%) - 3 (12%) -
Renewable Energy 2 (8%) - 3 (12%) -
Transportation 3 (13%) - 3 (12%) -
Infrastructure 2 (8%) 2.2B (24%) 2 (8%) 2.2B (24%)
Energy Services and Equipment 2 (8%) 1.2B (13%) 2 (8%) 1.2B (13%)
Oil/Gas Exploration 2 (8%) - 2 (8%) -
Test/Measurement Equipment 1 (4%) 3.5B (39%) 1 (4%) 3.5B (39%)
Business Services 1 (4%) - 1 (4%) -
Communications 1 (4%) - 1 (4%) -
Total 24 $9.0B 25 $9.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (38%) 3.1B (34%) 10 (40%) 3.1B (34%)
  Virginia 2 (8%) 2.2B (24%) 2 (8%) 2.2B (24%)
  Texas 2 (8%) - 2 (8%) -
  Massachusetts 1 (4%) 961M (11%) 1 (4%) 961M (11%)
  Wisconsin 1 (4%) - 1 (4%) -
  Ohio 1 (4%) - 1 (4%) -
  Illinois - - 1 (4%) -
United Kingdom 3 (13%) 3.5B (39%) 3 (12%) 3.5B (39%)
Singapore 3 (13%) - 3 (12%) -
Peru 2 (8%) 2.4B (26%) 2 (8%) 2.4B (26%)
India 2 (8%) - 2 (8%) -
France 1 (4%) - 1 (4%) -
Australia 1 (4%) - 1 (4%) -
Ireland 1 (4%) - 1 (4%) -
Mexico 1 (4%) - 1 (4%) -
Netherlands 1 (4%) - 1 (4%) -
Total 24 $9.0B 25 $9.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 7 (29%) 4.5B (50%) 7 (28%) 4.5B (50%)
Buyout (LBO, MBO, MBI) 7 (29%) - 7 (28%) -
Secondary Buyout 5 (21%) - 5 (20%) -
Growth Capital 2 (8%) - 3 (12%) -
Going Private 2 (8%) 4.5B (50%) 2 (8%) 4.5B (50%)
Stake Purchase 1 (4%) - 1 (4%) -
Total 24 $9.0B 25 $9.0B

Exits by Deal Type

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

Top M&A Advisors

Financial Deals
Morgan Stanley
1
Credit Suisse Investment Banking
1
UBS Investment Bank
1
Legal Deals
Kirkland & Ellis
4
Latham & Watkins
2
Sidley
2

Deal Values

buy # Total
> $1B 4 $8.1B
$100M to $1B 1 $961M
TOTAL $9.0B
Largest Aggreko Ltd.
$3.5B (2021-08-16)
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)
16%
4 (16%)
Strategic(s)
32%
8 (32%)
Exited to
Strategic(s)
100%
2 (100%)

FAQ

When was I Squared Capital founded?

I Squared Capital was founded in 2012.

What type of investor is I Squared Capital?

I Squared Capital is an infrastructure investor.

Where is I Squared Capital headquartered?

I Squared Capital is headquartered in New York, New York.

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