Macquarie Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Macquarie Capital has acquired 7 companies. It has also invested in 2 others.

Macquarie Capital’s most common sectors for investment areenergy services and equipment (18%) and financial services (14%) . The Firm’s most common investment types include secondary buyout (28%) and buyout (lbo, mbo, mbi) (25%). In total, Macquarie Capital has invested in 6 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired National Grid - Gas Transmission & Metering Business for $14.8B.

In the last 3 years, Macquarie Capital has exited 4 companies. The Firm’s most common exit type is secondary buyout (67%). Macquarie Capital’s largest (disclosed) exit occurred in 2024 when it sold AirTrunk Operating Pty for $17.1B.

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M&A Summary

M&A Total Activity38
- M&A Buy Activity29
- M&A Sell Activity9
Total Sectors Invested 17
Total Countries Invested 10
M&A Buy/Sell Connections 19
M&A Advisors 4

Macquarie Capital

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (2.2/yr)	#	18	2	3	4	1	1	29
vol	$3.2B	$1.7B		$17.6B			$22.4B
Sell (0.8/yr)	#	5	-	2	-	1	1	9
vol	$6.9B					$17.1B	$24.0B
	38

Year

≤ '19

'20

'21

'22

'23

'24

Buy (2.2/yr)

vol

$3.2B

$1.7B

$17.6B

$22.4B

Sell (0.8/yr)

vol

$6.9B

$17.1B

$24.0B

Company	Date	Value	Type
AirTrunk Operating Pty Ltd.	2024-09-04	17.1B AUD	Secondary Sale
North Sydney, Australia · www.airtrunk.com
Kalkomey Enterprises LLC	2024-06-24	-	Secondary Buyout
Richardson, Texas · www.kalkomey.com
Camin Cargo Control, Inc.	2023-11-08	-	Secondary Buyout
Pasadena, Texas · www.camincargo.com
Ceres Terminals, Inc.	2023-09-12	-	Trade Sale
Brentwood, Tennessee · www.ceresglobal.com
National Grid - Gas Transmission & Metering Business	2022-03-27	14.8B GBP	Divestiture
London, United Kingdom
Reden Solar	2022-03-07	2.8B EUR	Secondary Buyout
Roquefort-sur-Soulzon, France · www.reden.solar
Roadchef Motorways Ltd.	2022-03-03	-	Secondary Buyout
Cannock, United Kingdom · www.roadchef.com
Puget Holdings	2022-02-22	-	Stake Purchase
New York, New York
AirMap, Inc.	2021-12-07	-	Trade Sale
Santa Monica, California · www.airmap.com
Dovel Technologies	2021-09-08	-	Trade Sale
McLean, Virginia · www.doveltech.com
View All >>

Company

Date

Value

Type

AirTrunk Operating Pty Ltd.

2024-09-04

17.1B AUD

Secondary Sale

North Sydney, Australia · www.airtrunk.com

Kalkomey Enterprises LLC

2024-06-24

Secondary Buyout

Richardson, Texas · www.kalkomey.com

Camin Cargo Control, Inc.

2023-11-08

Secondary Buyout

Pasadena, Texas · www.camincargo.com

Ceres Terminals, Inc.

2023-09-12

Trade Sale

Brentwood, Tennessee · www.ceresglobal.com

National Grid - Gas Transmission & Metering Business

2022-03-27

14.8B GBP

Divestiture

London, United Kingdom

Reden Solar

2022-03-07

2.8B EUR

Secondary Buyout

Roquefort-sur-Soulzon, France · www.reden.solar

Roadchef Motorways Ltd.

2022-03-03

Secondary Buyout

Cannock, United Kingdom · www.roadchef.com

Puget Holdings

2022-02-22

Stake Purchase

New York, New York

AirMap, Inc.

2021-12-07

Trade Sale

Santa Monica, California · www.airmap.com

Dovel Technologies

2021-09-08

Trade Sale

McLean, Virginia · www.doveltech.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Penn Foster	2018-05-01	Career Step LLC	2021-10-13	3
Scranton, Pennsylvania · www.pennfoster.edu	Lehi, Utah · www.careerstep.com
Penn Foster	2018-05-01	Ashworth College	2019-02-06	2
Scranton, Pennsylvania · www.pennfoster.edu	Norcross, Georgia · www.ashworthcollege.edu

Company

Acquired

Add-On/Sale

Date

Penn Foster

2018-05-01

Career Step LLC

2021-10-13

Scranton, Pennsylvania · www.pennfoster.edu

Lehi, Utah · www.careerstep.com

Penn Foster

2018-05-01

Ashworth College

2019-02-06

Scranton, Pennsylvania · www.pennfoster.edu

Norcross, Georgia · www.ashworthcollege.edu

Sector	Current #	Value	All-time #	Value
Energy Services and Equipment	4 (18%)	14.8B (67%)	5 (17%)	14.8B (66%)
Financial Services	2 (9%)	1.7B (8%)	4 (14%)	1.7B (8%)
Renewable Energy	2 (9%)	2.8B (13%)	2 (7%)	2.8B (13%)
Aerospace	1 (5%)	650M (3%)	2 (7%)	650M (3%)
Retail	-	-	2 (7%)	403M (2%)
Business Services	2 (9%)	-	2 (7%)	-
Communications	2 (9%)	-	2 (7%)	-
Oil/Gas Exploration	1 (5%)	2.1B (10%)	1 (3%)	2.1B (9%)
Automotive	1 (5%)	-	1 (3%)	-
Education	1 (5%)	-	1 (3%)	-
Information Technology	-	-	1 (3%)	-
Infrastructure	1 (5%)	-	1 (3%)	-
Internet Software and Services	1 (5%)	-	1 (3%)	-
Media	1 (5%)	-	1 (3%)	-
Restaurants	1 (5%)	-	1 (3%)	-
Technology Hardware	1 (5%)	-	1 (3%)	-
Utilities	1 (5%)	-	1 (3%)	-
Total	22	$22.0B	29	$22.4B

Sector

Current #

Value

All-time #

Value

Energy Services and Equipment

4 (18%)

14.8B (67%)

5 (17%)

14.8B (66%)

Financial Services

2 (9%)

1.7B (8%)

4 (14%)

1.7B (8%)

Renewable Energy

2 (9%)

2.8B (13%)

2 (7%)

2.8B (13%)

Aerospace

1 (5%)

650M (3%)

2 (7%)

650M (3%)

Retail

2 (7%)

403M (2%)

Business Services

2 (9%)

2 (7%)

Communications

2 (9%)

2 (7%)

Oil/Gas Exploration

1 (5%)

2.1B (10%)

1 (3%)

2.1B (9%)

Automotive

1 (5%)

1 (3%)

Education

1 (5%)

1 (3%)

Information Technology

1 (3%)

Infrastructure

1 (5%)

1 (3%)

Internet Software and Services

1 (5%)

1 (3%)

Media

1 (5%)

1 (3%)

Restaurants

1 (5%)

1 (3%)

Technology Hardware

1 (5%)

1 (3%)

Utilities

1 (5%)

1 (3%)

Total

$22.0B

$22.4B

State/Country	Current #	Value	All-time #	Value
United States	8 (36%)	1.7B (8%)	11 (38%)	1.7B (8%)
	Texas	3 (14%)	-	3 (10%)	-
	California	1 (5%)	-	3 (10%)	-
	New York	2 (9%)	-	2 (7%)	-
	Kansas	1 (5%)	1.7B (8%)	1 (3%)	1.7B (8%)
	Pennsylvania	1 (5%)	-	1 (3%)	-
	Virginia	-	-	1 (3%)	-
United Kingdom	6 (27%)	14.8B (67%)	7 (24%)	14.8B (66%)
Australia	2 (9%)	2.1B (10%)	4 (14%)	2.5B (11%)
France	1 (5%)	2.8B (13%)	1 (3%)	2.8B (13%)
Ireland	1 (5%)	650M (3%)	1 (3%)	650M (3%)
Canada	1 (5%)	-	1 (3%)	-
	Ontario	1 (5%)	-	1 (3%)	-
Italy	1 (5%)	-	1 (3%)	-
South Korea	1 (5%)	-	1 (3%)	-
Poland	1 (5%)	-	1 (3%)	-
Germany	-	-	1 (3%)	-
Total	22	$22.0B	29	$22.4B

State/Country

Current #

Value

All-time #

Value

United States

8 (36%)

1.7B (8%)

11 (38%)

1.7B (8%)

Texas

3 (14%)

3 (10%)

California

1 (5%)

3 (10%)

New York

2 (9%)

2 (7%)

Kansas

1 (5%)

1.7B (8%)

1 (3%)

1.7B (8%)

Pennsylvania

1 (5%)

1 (3%)

Virginia

1 (3%)

United Kingdom

6 (27%)

14.8B (67%)

7 (24%)

14.8B (66%)

Australia

2 (9%)

2.1B (10%)

4 (14%)

2.5B (11%)

France

1 (5%)

2.8B (13%)

1 (3%)

2.8B (13%)

Ireland

1 (5%)

650M (3%)

1 (3%)

650M (3%)

Canada

1 (5%)

1 (3%)

Ontario

1 (5%)

1 (3%)

Italy

1 (5%)

1 (3%)

South Korea

1 (5%)

1 (3%)

Poland

1 (5%)

1 (3%)

Germany

1 (3%)

Total

$22.0B

$22.4B

Type	Current #	Value	All-time #	Value
Secondary Buyout	8 (36%)	2.8B (13%)	8 (28%)	2.8B (13%)
Buyout (LBO, MBO, MBI)	2 (9%)	-	7 (24%)	403M (2%)
Divestiture	4 (18%)	16.9B (77%)	4 (14%)	16.9B (75%)
Growth Capital	3 (14%)	-	4 (14%)	-
Stake Purchase	3 (14%)	-	3 (10%)	-
Going Private	1 (5%)	1.7B (8%)	1 (3%)	1.7B (8%)
Special Situations/Distressed	1 (5%)	650M (3%)	1 (3%)	650M (3%)
Venture	-	-	1 (3%)	-
Total	22	$22.0B	29	$22.4B

Type

Current #

Value

All-time #

Value

Secondary Buyout

8 (36%)

2.8B (13%)

8 (28%)

2.8B (13%)

Buyout (LBO, MBO, MBI)

2 (9%)

7 (24%)

403M (2%)

Divestiture

4 (18%)

16.9B (77%)

4 (14%)

16.9B (75%)

Growth Capital

3 (14%)

4 (14%)

Stake Purchase

3 (14%)

3 (10%)

Going Private

1 (5%)

1.7B (8%)

1 (3%)

1.7B (8%)

Special Situations/Distressed

1 (5%)

650M (3%)

1 (3%)

650M (3%)

Venture

1 (3%)

Total

$22.0B

$22.4B

Type	Total #	Value
Secondary Sale	6 (67%)	24.0B (100%)
Trade Sale	3 (33%)	-
Total	9	$24.0B

Type

Total #

Value

Secondary Sale

6 (67%)

24.0B (100%)

Trade Sale

3 (33%)

Total

$24.0B

Financial	Deals
Macquarie Capital	1
RBC Capital Markets	1

Financial

Deals

Macquarie Capital

RBC Capital Markets

Legal	Deals
Allen Overy Shearman Sterling (A&O Shearman)	1
Kirkland & Ellis	1

Legal

Deals

Allen Overy Shearman Sterling (A&O Shearman)

Kirkland & Ellis

buy	#	Total
> $1B	4	$21.4B
$100M to $1B	2	$990M
< $100M	1	$63M
TOTAL	$22.4B
Largest	National Grid - Gas Transmission & Metering Business $14.8B (2022-03-27)

buy

Total

> $1B

$21.4B

$100M to $1B

$990M

< $100M

$63M

TOTAL

$22.4B

Largest

National Grid - Gas Transmission & Metering Business
$14.8B (2022-03-27)

sell	#	Total
> $1B	3	$24.0B
TOTAL	$24.0B
Largest	AirTrunk Operating Pty Ltd. $17.1B (2024-09-04)

sell

Total

> $1B

$24.0B

TOTAL

$24.0B

Largest

AirTrunk Operating Pty Ltd.
$17.1B (2024-09-04)

		Deals
Acquired from
Investor(s)	28%	8 (28%)
Strategic(s)	14%	4 (14%)
Exited to
Investor(s)	67%	6 (67%)
Strategic(s)	44%	4 (44%)

Deals

Acquired from

Investor(s)

8 (28%)

Strategic(s)

4 (14%)

Exited to

Investor(s)

6 (67%)

Strategic(s)

4 (44%)

FAQ

What type of investor is Macquarie Capital?

Macquarie Capital is a private equity firm.

Where is Macquarie Capital headquartered?

Macquarie Capital is headquartered in Sydney, Australia.

Macquarie Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary