Macquarie Infrastructure and Real Assets Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, Macquarie Infrastructure and Real Assets has acquired 7 companies. It has also invested in 1 other.

Macquarie Infrastructure and Real Assets’ most common sectors for investment arecommunications (18%) and infrastructure (18%) . The Firm’s most common investment types include divestiture (24%) and buyout (lbo, mbo, mbi) (18%). 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 8 companies. The Firm’s most common exit type is trade sale (45%). Macquarie Infrastructure and Real Assets’ largest (disclosed) exit occurred in 2020 when it sold WCA Waste for $1.2B.

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M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity17
    • M&A Sell Activity9
  • Total Sectors Invested 9
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 14
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.0/yr) # 7 2 7 1 - - 17
vol $4.7B $3M $3.9B $2.9B $11.5B
Sell (1.6/yr) # 1 - 5 2 1 - 9
vol $368M $1.2B $1.6B
  26

Most Recent M&A

Company Date Value Type
Central Tank Terminal Co., Ltd. 2021-11-08 - Secondary Buyout
Tokyo, Japan · www.cttc.co.jp
Società Gasdotti Italia S.p.A. 2020-12-24 - Secondary Buyout
Frosinone, Italy · www.gasdottitalia.it
WCA Waste Corp. 2020-08-12 1.2B USD Add-on Acquisition
Houston, Texas · www.wcawaste.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Bluebird Network LLC 2019-01-15 ColoHub Data Center 2021-01-05 2
Columbia, Missouri · www.bluebirdnetwork.com Bettendorf, Iowa · www.colohub.com
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 (18%) 4.7B (41%)
Communications 3 (25%) 2.9B (25%) 3 (18%) 2.9B (25%)
Infrastructure 1 (8%) - 3 (18%) -
Environmental 1 (8%) - 2 (12%) -
Renewable Energy 2 (17%) - 2 (12%) -
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%) -
Transportation - - 1 (6%) -
Total 12 $11.5B 17 $11.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (42%) 7.6B (66%) 7 (41%) 7.6B (66%)
  Texas - - 2 (12%) -
  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%) -
United Kingdom 3 (25%) - 4 (24%) -
Germany 2 (17%) 3.9B (34%) 2 (12%) 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 17 $11.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 2 (17%) 3.9B (34%) 4 (24%) 3.9B (34%)
Going Private 3 (25%) 7.6B (66%) 3 (18%) 7.6B (66%)
Buyout (LBO, MBO, MBI) 2 (17%) - 3 (18%) -
Secondary Buyout 3 (25%) - 3 (18%) -
Stake Purchase 1 (8%) - 2 (12%) -
Add-on Acquisition 1 (8%) 3M (< 1%) 1 (6%) 3M (< 1%)
Growth Capital - - 1 (6%) -
Total 12 $11.5B 17 $11.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (33%) 1.6B (100%)
Secondary Sale 3 (33%) -
Stake Sale 2 (22%) -
Trade Sale 1 (11%) -
Total 9 $1.6B

Top M&A Advisors

Financial Deals
J.P. Morgan Securities LLC
 1
Macquarie Capital
 1
Greentech Capital Advisors Securities LLC
 1
Legal Deals
Kirkland & Ellis LLP
 2
Shearman & Sterling LLP
 2
Baker & McKenzie 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
> $1B 1 $1.2B
$100M to $1B 1 $368M
TOTAL $1.6B
Largest WCA Waste Corp.
$1.2B (2020-08-12)

M&A Connections

Deals
Acquired from
Investor(s)
24%
4 (24%)
Strategic(s)
24%
4 (24%)
Exited to
Investor(s)
56%
5 (56%)
Strategic(s)
67%
6 (67%)

Investor Summary

Investor Type

Infrastructure

Size

Mega

PE Assets

119.0B USD

Specialist/Generalist

Specialist

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