Stonepeak Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, Stonepeak has acquired 11 companies. It has also invested in 5 others.

Stonepeak’s most common sectors for investment arecommunications (15%) and infrastructure (15%) . The Firm’s most common investment types include stake purchase (23%) and secondary buyout (18%). In total, Stonepeak has invested in 16 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Astound Broadband for $8.1B.

In the last 3 years, Stonepeak has exited 6 companies. The Firm’s most common exit type is secondary buyout (40%). Stonepeak’s largest (disclosed) exit occurred in 2024 when it sold WTG Midstream Holdings for $3.3B.

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M&A Summary

  • M&A Total Activity50
    • M&A Buy Activity40
    • M&A Sell Activity10
  • Total Sectors Invested 16
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 23
  • M&A Advisors 15

Stonepeak

Stonepeak Partners LP

55 Hudson Yards 550 W 34th Street, 48th Floor,
New York, New York 10001
United States
(212) 907-5100
www.stonepeak.com

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.


Investment Criteria

Sectors of Interest: Communications, Information Technology, Infrastructure, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

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 (4.6/yr) # 17 7 5 4 3 4 40
vol $4.1B $13.9B $8.9B $2.4B $8.6B $4.4B $42.3B
Sell (1.2/yr) # 4 - 3 1 - 2 10
vol $225M $3.3B $3.5B
  50

Most Recent M&A

Company Date Value Type
Fleet Companies 2024-11-18 - Buyout (LBO, MBO, MBI)
Memphis, Tennessee · www.fleetequip.com
Air Transport Services Group, Inc. 2024-11-04 3.1B USD Going Private
Wilmington, Ohio · www.atsginc.com
Lineage, Inc. 2024-07-26 - IPO
Novi, Michigan · www.lineagelogistics.com
The AA Group 2024-07-26 - Growth Capital
Basingstoke , United Kingdom · www.theaacorporate.com
Arvida Group Ltd. 2024-07-21 1.3B USD Going Private
Auckland, New Zealand · www.arvida.co.nz
WTG Midstream Holdings LLC 2024-05-28 3.3B USD Trade Sale
Midland, Texas · www.wtgmidstream.com
Textainer Group Holdings Ltd. 2023-10-22 7.4B USD Going Private
Hamilton, Bermuda · www.textainer.com
Logistec Corp. 2023-10-16 1.2B USD Going Private
Montreal, Quebec · www.logistec.com
Cellnex Nordics 2023-09-29 - Stake Purchase
, Sweden
Madison Energy Infrastructure 2022-12-20 - Secondary Sale
New York, New York · www.madisonei.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Astound Broadband 2020-11-01 WideOpenWest, Inc. - Chicago, Evansville & Anne Arundel Service Areas 2021-06-30 3
Princeton, New Jersey · www.astound.com Englewood, Colorado
euNetworks Group Ltd. 2017-11-06 The Loop Manchester Ltd. 2020-12-31 2
London, United Kingdom · www.eunetworks.com Manchester, United Kingdom · www.theloopmanchester.co.uk
Astound Broadband 2020-11-01 Grande Communications Networks LLC 2020-11-01 2
Princeton, New Jersey · www.astound.com San Marcos, Texas · www.mygrande.com
Xplornet Communications, Inc. 2020-02-27 Corridor Communications, Inc. 2020-10-01 3
Woodstock, New Brunswick · www.xplornet.com Calgary, Alberta · www.cciwireless.ca
Cologix, Inc. 2017-02-02 vXchnge Operating LLC - Minneapolis Data Center 2020-08-20 3
Denver, Colorado · www.cologix.com Minneapolis, Minnesota
Oryx Midstream Services LLC 2019-04-02 Reliance Gathering LLC 2019-11-12 1
Midland, Texas · www.oryxmidstream.com Midland, Texas

M&A by Sector

Sector Current # Value All-time # Value
Communications 6 (19%) 11.3B (27%) 6 (15%) 11.3B (27%)
Infrastructure 4 (13%) - 6 (15%) -
Transportation 5 (16%) 10.5B (25%) 5 (13%) 10.5B (25%)
Information Technology 4 (13%) - 4 (10%) -
Business Services 3 (10%) 8.7B (20%) 3 (8%) 8.7B (20%)
Energy Services and Equipment - - 3 (8%) -
Renewable Energy 2 (6%) - 3 (8%) -
Real Estate 1 (3%) - 2 (5%) -
Insurance 1 (3%) 5.8B (14%) 1 (3%) 5.8B (14%)
Oil/Gas Exploration 1 (3%) 3.6B (9%) 1 (3%) 3.6B (9%)
Safety/Security 1 (3%) 2.4B (6%) 1 (3%) 2.4B (6%)
Automotive 1 (3%) - 1 (3%) -
Construction - - 1 (3%) -
Education 1 (3%) - 1 (3%) -
Healthcare Services 1 (3%) - 1 (3%) -
Utilities - - 1 (3%) -
Total 31 $42.3B 40 $42.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (45%) 17.2B (41%) 22 (55%) 17.2B (41%)
  Texas 3 (10%) 3.6B (9%) 4 (10%) 3.6B (9%)
  Florida 2 (6%) - 3 (8%) -
  New Jersey 2 (6%) 8.1B (19%) 2 (5%) 8.1B (19%)
  Ohio 1 (3%) 3.1B (7%) 1 (3%) 3.1B (7%)
  Nebraska 1 (3%) 2.4B (6%) 1 (3%) 2.4B (6%)
  Virginia 1 (3%) - 1 (3%) -
  Tennessee 1 (3%) - 1 (3%) -
  New Mexico 1 (3%) - 1 (3%) -
  Massachusetts 1 (3%) - 1 (3%) -
  Colorado 1 (3%) - 1 (3%) -
  Wyoming - - 1 (3%) -
  Washington - - 1 (3%) -
  New York - - 1 (3%) -
  Michigan - - 1 (3%) -
  Illinois - - 1 (3%) -
  California - - 1 (3%) -
United Kingdom 4 (13%) 5.8B (14%) 4 (10%) 5.8B (14%)
Bermuda 2 (6%) 13.6B (32%) 3 (8%) 13.6B (32%)
Canada 2 (6%) 1.2B (3%) 2 (5%) 1.2B (3%)
  Quebec 1 (3%) 1.2B (3%) 1 (3%) 1.2B (3%)
  New Brunswick 1 (3%) - 1 (3%) -
Brazil 1 (3%) 2.7B (6%) 1 (3%) 2.7B (6%)
New Zealand 1 (3%) 1.3B (3%) 1 (3%) 1.3B (3%)
Netherlands 1 (3%) 550M (1%) 1 (3%) 550M (1%)
Australia 1 (3%) - 1 (3%) -
Guam 1 (3%) - 1 (3%) -
Japan 1 (3%) - 1 (3%) -
Singapore 1 (3%) - 1 (3%) -
Sweden 1 (3%) - 1 (3%) -
Taiwan 1 (3%) - 1 (3%) -
Total 31 $42.3B 40 $42.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Stake Purchase 6 (19%) - 9 (23%) -
Secondary Buyout 6 (19%) 11.7B (28%) 7 (18%) 11.7B (28%)
Going Private 6 (19%) 25.0B (59%) 6 (15%) 25.0B (59%)
Buyout (LBO, MBO, MBI) 5 (16%) 550M (1%) 5 (13%) 550M (1%)
Growth Capital 3 (10%) - 5 (13%) -
Divestiture 3 (10%) 5.1B (12%) 3 (8%) 5.1B (12%)
Consolidation 1 (3%) - 2 (5%) -
Joint Venture - - 2 (5%) -
Recapitalization 1 (3%) - 1 (3%) -
Total 31 $42.3B 40 $42.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 4 (40%) -
Trade Sale - Public Company 2 (20%) 3.5B (100%)
Stake Sale 2 (20%) -
Divestiture 1 (10%) -
IPO 1 (10%) -
Total 10 $3.5B

Top M&A Advisors

Financial Deals
Evercore Group
 2
BofA Securities
 1
Deutsche Bank Corporate & Investment Banking
 1
Legal Deals
Simpson Thacher & Bartlett
 8
Sidley
 3
Bell Gully
 1

Deal Values

buy # Total
> $1B 10 $41.8B
$100M to $1B 1 $550M
TOTAL $42.3B
Largest Astound Broadband
$8.1B (2020-11-01)
sell # Total
> $1B 1 $3.3B
$100M to $1B 1 $225M
TOTAL $3.5B
Largest WTG Midstream Holdings LLC
$3.3B (2024-05-28)

M&A Connections

Deals
Acquired from
Investor(s)
20%
8 (20%)
Strategic(s)
10%
4 (10%)
Exited to
Investor(s)
50%
5 (50%)
Strategic(s)
40%
4 (40%)

Investor Summary

Investor Type

Infrastructure

Size

Mega

PE Assets

57.1B USD

Established

2011

Specialist/Generalist

Specialist

Leadership

Michael Dorrell

Chairman, CEO & Co-Founder

Jack Howell

Co-President

Luke Taylor

Co-President

Brenden Woods

Senior Managing Director

Darren Keogh

Senior Managing Director

FAQ

When was Stonepeak founded?

Stonepeak was founded in 2011.

What type of investor is Stonepeak?

Stonepeak is an infrastructure investor.

Where is Stonepeak headquartered?

Stonepeak is headquartered in New York, New York.

How much capital does Stonepeak have under management?

Stonepeak has 57.1B USD under management.

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