Macquarie Infrastructure and Real Assets Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, Macquarie Infrastructure and Real Assets has acquired 2 companies.

Macquarie Infrastructure and Real Assets’ most common sectors for investment areenvironmental (16%) and infrastructure (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (22%) and divestiture (22%). In total, Macquarie Infrastructure and Real Assets has invested in 7 US states and 8 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 3 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 Activity28
    • M&A Buy Activity19
    • M&A Sell Activity9
  • Total Sectors Invested 10
  • Total Countries Invested 8
  • 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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.8/yr) # 10 7 1 - 1 - 19
vol $4.7B $3.9B $2.9B $11.5B
Sell (1.6/yr) # 1 5 2 1 - - 9
vol $368M $1.2B $1.6B
  28

Most Recent M&A

Company Date Value Type
DTG Enterprises Holdings, Inc. 2022-12-01 - Secondary Buyout
Mill Creek, Washington · www.dtgrecycle.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Bluebird Network LLC 2019-01-15 Missouri Telecom Inc.'s Middle-Mile Network Assets 2022-12-01 3
Columbia, Missouri · www.bluebirdnetwork.com , Missouri
Cincinnati Bell, Inc. 2020-03-13 Agile Network Builders LLC 2022-05-02 1
Cincinnati, Ohio · www.cincinnatibell.com Canton, Ohio · www.agilenetworks.com
Bluebird Network LLC 2019-01-15 ColoHub Data Center 2021-01-05 2
Columbia, Missouri · www.bluebirdnetwork.com Bettendorf, Iowa · www.colohub.com
PISTO SAS 2010-02-01 Société des Transports Pétroliers par Pipelines (Trapil) 2019-08-05 1
Paris, France Paris, France · www.trapil.com
Elenia Oy 2017-12-13 Loimua Oy 2019-07-01 1
Tampere, Finland · www.elenia.fi Hameenlinna, Finland · www.loimua.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 (14%) 4.7B (41%) 3 (16%) 4.7B (41%)
Communications 3 (21%) 2.9B (25%) 3 (16%) 2.9B (25%)
Environmental 2 (14%) - 3 (16%) -
Infrastructure 1 (7%) - 3 (16%) -
Renewable Energy 2 (14%) - 2 (11%) -
Chemicals 1 (7%) 3.9B (34%) 1 (5%) 3.9B (34%)
Safety/Security 1 (7%) 3M (< 1%) 1 (5%) 3M (< 1%)
Energy Services and Equipment 1 (7%) - 1 (5%) -
Oil/Gas Exploration 1 (7%) - 1 (5%) -
Transportation - - 1 (5%) -
Total 14 $11.5B 19 $11.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (43%) 7.6B (66%) 8 (42%) 7.6B (66%)
  Texas - - 2 (11%) -
  Louisiana 1 (7%) 4.7B (41%) 1 (5%) 4.7B (41%)
  Ohio 1 (7%) 2.9B (25%) 1 (5%) 2.9B (25%)
  Washington 1 (7%) - 1 (5%) -
  New Hampshire 1 (7%) - 1 (5%) -
  Missouri 1 (7%) - 1 (5%) -
  Connecticut 1 (7%) - 1 (5%) -
United Kingdom 3 (21%) - 4 (21%) -
Germany 2 (14%) 3.9B (34%) 2 (11%) 3.9B (34%)
South Korea 1 (7%) 3M (< 1%) 1 (5%) 3M (< 1%)
France 1 (7%) - 1 (5%) -
Finland 1 (7%) - 1 (5%) -
Australia - - 1 (5%) -
Belgium - - 1 (5%) -
Total 14 $11.5B 19 $11.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 2 (14%) 3.9B (34%) 4 (21%) 3.9B (34%)
Buyout (LBO, MBO, MBI) 3 (21%) - 4 (21%) -
Secondary Buyout 4 (29%) - 4 (21%) -
Going Private 3 (21%) 7.6B (66%) 3 (16%) 7.6B (66%)
Stake Purchase 1 (7%) - 2 (11%) -
Add-on Acquisition 1 (7%) 3M (< 1%) 1 (5%) 3M (< 1%)
Growth Capital - - 1 (5%) -
Total 14 $11.5B 19 $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
Greentech Capital Advisors Securities LLC
1
Goldman Sachs Investment Banking Division
1
The Bank Street Group LLC
1
Legal Deals
Shearman & Sterling LLP
2
White & Case LLP
2
Kirkland & Ellis LLP
2

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)
26%
5 (26%)
Strategic(s)
21%
4 (21%)
Exited to
Investor(s)
56%
5 (56%)
Strategic(s)
67%
6 (67%)

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