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

50 Martin Place,
Sydney, 2000
Australia
+61 2 8232 3333
www.macquarie.com/us/about/company/macquarie-capital/

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Consumer Products, Distribution, Energy Services and Equipment, Financial Services, Information Services, Machinery, Manufacturing, Oil/Gas Exploration

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, Australia/New Zealand

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 (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

Most Recent M&A

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 >>

Portfolio M&A

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

M&A by Sector

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

Acquisitions By Geo

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

Acquisitions by Deal Type

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

Exits by Deal Type

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

Top M&A Advisors

Financial Deals
Macquarie Capital
 1
RBC Capital Markets
 1
Legal Deals
Kirkland & Ellis
 1
Allen & Overy
 1

Deal Values

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

M&A Connections

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%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

Specialist/Generalist

Generalist

Subsidiary of

Macquarie Bank

Leadership

Dan Wong

Global Co-Head

Michael Silverton

Global Co-Head

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.

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