Macquarie Infrastructure and Real Assets Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Macquarie Infrastructure and Real Assets has acquired 6 companies. It has also invested in 1 other.

Macquarie Infrastructure and Real Assets’ most common sectors for investment are communications (19%) and infrastructure (19%). The Firm’s most common investment types include divestiture (25%) and buyout (lbo, mbo, mbi) (19%). In total, Macquarie Infrastructure and Real Assets has invested in 6 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Cleco for $4.7B.

In the last 3 years, Macquarie Infrastructure and Real Assets has exited 5 companies. The Firm’s most common exit type is trade sale (60%). Macquarie Infrastructure and Real Assets’ largest (disclosed) exit occurred in 2019 when it sold Leaf River Energy Center for $368M.

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M&A Summary

  • M&A Total Activity21
    • M&A Buy Activity16
    • M&A Sell Activity5
  • Total Sectors Invested 9
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 13
  • M&A Advisors 9

Macquarie Infrastructure and Real Assets (MIRA)

28 Ropemaker Street,
London, EC2Y 9HD
United Kingdom
(44 20) 3037 2000
www.mirafunds.com
mirafunds@macquarie.com

Macquarie Infrastructure and Real Assets (MIRA) is a global investor in infrastructure, real estate, agriculture, and energy assets. MIRA's infrastructure practice looks to acquire businesses such as transportation, water and energy utilities, and waste management. MIRA's real estate practice looks to acquire and develop retail, commercial, residential and industrial properties. MIRA's agriculture team looks to operate and develop agriculture businesses and farmland. MIRA's energy team seeks opportunities in upstream energy and upstream energy-related assets and businesses in the US and Canada. Macquarie Infrastructure and Real Assets is headquartered in London with additional offices throughout the world.


Investment Criteria

Sectors of Interest: Agriculture, Energy Services and Equipment, Environmental, Infrastructure, Real Estate, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Africa, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America, Middle East

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

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 5 - 1 2 7 1 16
vol $4.7B $3M $3.9B $2.9B $11.5B
Sell (1.0/yr) # - - - - 5 - 5
vol $368M $368M
  21

Most Recent M&A

Company Date Value Type
Cincinnati Bell, Inc. 2020-03-13 2.9B USD Going Private
Cincinnati, Ohio · www.cincinnatibell.com
Renvico Holding S.r.l. 2019-12-05 - Add-on Acquisition
Milan, Italy · www.renvicoenergy.com
Condor Group Ltd. 2019-11-14 - Add-on Acquisition
Poole, United Kingdom · www.condorferries.co.uk
Gwynt y Môr Offshore Wind Farm 2019-10-27 - Stake Purchase
, United Kingdom
Hobart International Airport 2019-10-01 - Secondary Buyout
Cambridge, Australia · www.hobartairport.com.au
Farnborough Airport Ltd. 2019-09-30 - Buyout (LBO, MBO, MBI)
Hampshire, United Kingdom · www.tagfarnborough.com
Leaf River Energy Center LLC 2019-09-05 368M USD Add-on Acquisition
Houston, Texas · www.leafriverenergycenter.com
KCOM Group PLC 2019-08-19 - Going Private
Hull, United Kingdom · www.kcomplc.com
Ocean Breeze Energy GmbH & Co. KG 2019-08-07 - Divestiture
Bremen, Germany · www.oceanbreeze.de
Currenta GmbH & Co. OHG 2019-08-06 3.9B EUR Divestiture
Leverkusen, Germany · www.currenta.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Bluebird Network LLC 2019-01-15 Illinois Network Alliance LLC 2019-12-10 1
Columbia, Missouri · www.bluebirdnetwork.com , United States
Elenia Oy 2017-12-13 Elenia Lampö Oy (Elenia Heat) 2019-07-01 1
Tampere, Finland · www.elenia.fi Hameenlinna, Finland · www.elenia.fi
Cleco Corp. 2014-10-20 NRG South Central Generating LLC 2019-01-16 1
Pineville, Louisiana · www.cleco.com Minneapolis, Minnesota

M&A by Sector

Sector Current # Value All-time # Value
Utilities 2 (17%) 4.7B (41%) 3 (19%) 4.7B (41%)
Communications 3 (25%) 2.9B (25%) 3 (19%) 2.9B (25%)
Infrastructure 1 (8%) - 3 (19%) -
Renewable Energy 2 (17%) - 2 (13%) -
Chemicals 1 (8%) 3.9B (34%) 1 (6%) 3.9B (34%)
Safety/Security 1 (8%) 3M (< 1%) 1 (6%) 3M (< 1%)
Energy Services and Equipment 1 (8%) - 1 (6%) -
Environmental 1 (8%) - 1 (6%) -
Transportation - - 1 (6%) -
Total 12 $11.5B 16 $11.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (42%) 7.6B (66%) 6 (38%) 7.6B (66%)
  Louisiana 1 (8%) 4.7B (41%) 1 (6%) 4.7B (41%)
  Ohio 1 (8%) 2.9B (25%) 1 (6%) 2.9B (25%)
  New Hampshire 1 (8%) - 1 (6%) -
  Missouri 1 (8%) - 1 (6%) -
  Connecticut 1 (8%) - 1 (6%) -
  Texas - - 1 (6%) -
United Kingdom 3 (25%) - 4 (25%) -
Germany 2 (17%) 3.9B (34%) 2 (13%) 3.9B (34%)
South Korea 1 (8%) 3M (< 1%) 1 (6%) 3M (< 1%)
Finland 1 (8%) - 1 (6%) -
Australia - - 1 (6%) -
Belgium - - 1 (6%) -
Total 12 $11.5B 16 $11.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 2 (17%) 3.9B (34%) 4 (25%) 3.9B (34%)
Going Private 3 (25%) 7.6B (66%) 3 (19%) 7.6B (66%)
Buyout (LBO, MBO, MBI) 2 (17%) - 3 (19%) -
Secondary Buyout 3 (25%) - 3 (19%) -
Stake Purchase 1 (8%) - 2 (13%) -
Add-on Acquisition 1 (8%) 3M (< 1%) 1 (6%) 3M (< 1%)
Total 12 $11.5B 16 $11.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (40%) 368M (100%)
Secondary Sale 1 (20%) -
Stake Sale 1 (20%) -
Trade Sale 1 (20%) -
Total 5 $368M

Top M&A Advisors

Financial Deals
The Bank Street Group LLC
1
J.P. Morgan Securities LLC
1
Macquarie Capital
1
Legal Deals
Kirkland & Ellis LLP
2
Shearman & Sterling LLP
2
White & Case LLP
1

Deal Values

buy # Total
> $1B 3 $11.5B
< $100M 1 $3M
TOTAL $11.5B
Largest Cleco Corp.
$4.7B (2014-10-20)
sell # Total
$100M to $1B 1 $368M
TOTAL $368M
Largest Leaf River Energy Center LLC
$368M (2019-09-05)

M&A Connections

Deals %
Acquired from
PE Firm(s)
44%
4 44%
Strategic(s)
56%
5 56%
Exited to
PE Firm(s)
38%
3 38%
Strategic(s)
63%
5 63%

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