I Squared Capital Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, I Squared Capital has acquired 15 companies. It has also invested in 4 others.

I Squared Capital’s most common sectors for investment areutilities (24%) and renewable energy (14%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and growth capital (18%). In total, I Squared Capital has invested in 9 US states and 19 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 (84%). 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 Activity57
    • M&A Buy Activity51
    • M&A Sell Activity6
  • Total Sectors Invested 14
  • Total Countries Invested 19
  • M&A Buy/Sell Connections 16
  • M&A Advisors 15

I Squared Capital

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: Business Services, Communications, Energy Services and Equipment, Environmental, Information Technology, Infrastructure, Oil/Gas Exploration, Renewable Energy, Software, Transportation, Utilities

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (6.0/yr) # 21 11 4 9 5 1 51
vol $6.8B $4.7B $1.9B $13.4B
Sell (0.0/yr) # 6 - - - - - 6
vol $969M $969M
  57

Most Recent M&A

Company Date Value Type
Royale Cold Storage, Inc. 2025-06-03 - Secondary Buyout
Rizal, Philippines · www.royalecoldstorage.com.ph
Priority Power Management LLC 2024-07-30 - Secondary Buyout
Arlington, Texas · www.prioritypower.net
Aurora Utilities Ltd. 2024-07-30 - Buyout (LBO, MBO, MBI)
London, United Kingdom · www.aurora-utilities.co.uk
Applus Services, S.A. 2024-06-14 1.9B EUR Going Private
Madrid, Spain · www.applus.com
WOW Logistics 2024-03-15 - Buyout (LBO, MBO, MBI)
Neenah, Wisconsin · www.wowlogistics.com
CheckSammy 2024-01-24 - Growth Capital
Addison, Texas · www.checksammy.com
Arriva Group 2023-10-19 - Divestiture
Sunderland, United Kingdom · www.arrivagroup.com
Absolute Energy 2023-10-04 - Buyout (LBO, MBO, MBI)
Rome, Italy · www.ae-capital.com
Rentco Transport Equipment Rentals Pty Ltd. 2023-05-02 - Buyout (LBO, MBO, MBI)
High Wycombe, Australia · www.rentco.com.au
RPower LLC 2023-04-25 - Growth Capital
The Woodlands, Texas · www.rpower1.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Ezee Fiber 2021-07-29 Conterra Networks' Fiber Optic Assets 2024-12-11 2
Houston, Texas · www.ezeefiber.com , New Mexico
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 5
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.tip-group.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.tip-group.com Birmingham, United Kingdom
Flexi-Van Leasing LLC 2020-01-27 American Intermodal Management 2020-01-27 1
Scottsdale, Arizona · www.flexivan.com Scottsdale, Arizona · www.aimchassis.com

M&A by Sector

Sector Current # Value All-time # Value
Utilities 11 (24%) 2.1B (18%) 12 (24%) 3.3B (25%)
Renewable Energy 5 (11%) - 7 (14%) -
Business Services 5 (11%) 1.9B (15%) 5 (10%) 1.9B (14%)
Transportation 5 (11%) 220M (2%) 5 (10%) 220M (2%)
Environmental 4 (9%) - 4 (8%) -
Communications 3 (7%) 1.9B (15%) 3 (6%) 1.9B (14%)
Energy Services and Equipment 3 (7%) 418M (3%) 3 (6%) 418M (3%)
Information Technology 3 (7%) - 3 (6%) -
Oil/Gas Exploration 2 (4%) - 3 (6%) -
Infrastructure 1 (2%) 2.2B (18%) 2 (4%) 2.2B (16%)
Test/Measurement Equipment 1 (2%) 3.5B (29%) 1 (2%) 3.5B (26%)
Consumer Services 1 (2%) - 1 (2%) -
Electrical Equipment 1 (2%) - 1 (2%) -
Real Estate 1 (2%) - 1 (2%) -
Total 46 $12.2B 51 $13.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (26%) 961M (8%) 14 (27%) 961M (7%)
  Texas 6 (13%) - 6 (12%) -
  Massachusetts 1 (2%) 961M (8%) 1 (2%) 961M (7%)
  Wisconsin 1 (2%) - 1 (2%) -
  Ohio 1 (2%) - 1 (2%) -
  North Carolina 1 (2%) - 1 (2%) -
  Arizona 1 (2%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Illinois - - 1 (2%) -
United Kingdom 6 (13%) 5.7B (47%) 6 (12%) 5.7B (43%)
India 3 (7%) - 5 (10%) -
Australia 3 (7%) - 3 (6%) -
Netherlands 3 (7%) - 3 (6%) -
Peru 2 (4%) 1.2B (10%) 3 (6%) 2.4B (18%)
Colombia 2 (4%) 638M (5%) 2 (4%) 638M (5%)
France 2 (4%) - 2 (4%) -
Ireland 2 (4%) - 2 (4%) -
Philippines 2 (4%) - 2 (4%) -
China 1 (2%) 1.9B (15%) 1 (2%) 1.9B (14%)
Spain 1 (2%) 1.9B (15%) 1 (2%) 1.9B (14%)
Canada 1 (2%) - 1 (2%) -
  British Columbia 1 (2%) - 1 (2%) -
Germany 1 (2%) - 1 (2%) -
Italy 1 (2%) - 1 (2%) -
Brazil 1 (2%) - 1 (2%) -
Mexico 1 (2%) - 1 (2%) -
Singapore 1 (2%) - 1 (2%) -
Taiwan 1 (2%) - 1 (2%) -
Total 46 $12.2B 51 $13.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 20 (43%) 2.1B (17%) 20 (39%) 2.1B (16%)
Growth Capital 6 (13%) - 9 (18%) -
Secondary Buyout 8 (17%) - 8 (16%) -
Divestiture 5 (11%) 3.7B (31%) 7 (14%) 4.9B (37%)
Going Private 3 (7%) 6.4B (52%) 3 (6%) 6.4B (48%)
Consolidation 2 (4%) - 2 (4%) -
Stake Purchase 2 (4%) - 2 (4%) -
Total 46 $12.2B 51 $13.4B

Exits by Deal Type

Type Total # Value
Trade Sale 5 (83%) 969M (100%)
Merger 1 (17%) -
Total 6 $969M

Top M&A Advisors

Financial Deals
Evercore Group
2
Rothschild Global Advisory
1
Morgan Stanley
1
Legal Deals
White & Case
6
Kirkland & Ellis
4
Latham & Watkins
2

Deal Values

buy # Total
> $1B 6 $11.8B
$100M to $1B 3 $1.6B
TOTAL $13.4B
Largest Aggreko Ltd.
$3.5B (2021-08-16)
sell # Total
$100M to $1B 2 $969M
TOTAL $969M
Largest Lincoln Clean Energy LLC
$580M (2018-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
16%
8 (16%)
Strategic(s)
16%
8 (16%)
Exited to
Strategic(s)
100%
6 (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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