M&A Deal Summary

Macquarie Infrastructure and Real Assets Acquires Tunnel Hill Partners

On February 12, 2019, infrastructure investor Macquarie Infrastructure and Real Assets acquired environmental company Tunnel Hill Partners from Ironwood Capital

Acquisition Highlights
  • This is Macquarie Infrastructure and Real Assets’ 2nd transaction in the Environmental sector.
  • This is Macquarie Infrastructure and Real Assets’ 6th transaction in the United States.
  • This is Macquarie Infrastructure and Real Assets’ 1st transaction in Connecticut.

M&A Deal Summary
Date 2019-02-12
Target Tunnel Hill Partners
Sector Environmental
Buyer(s) Macquarie Infrastructure and Real Assets
Sellers(s) Ironwood Capital
Deal Type Secondary Buyout

Target

Tunnel Hill Partners

Stamford, Connecticut, United States
Tunnel Hill Partners is an integrated waste management company with a growing number of landfill, transfer station and hauling assets located throughout Ohio and the Northeast. Its flagship landfill comprises more than 2,200 acres, has over 150 million tons of permittable capacity, provides direct access to the Ohio Central Railroad, and has an advanced load-out facility (one of only two in Ohio).

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Buyer(S) 1

Buyer

Macquarie Infrastructure and Real Assets

Category Infrastructure
PE ASSETS 119.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

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.

DEAL STATS #
Overall 12 of 20
Sector (Environmental) 2 of 4
Type (Secondary Buyout) 3 of 4
State (Connecticut) 1 of 1
Country (United States) 6 of 9
Year (2019) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-15 Bluebird Network

Columbia, Missouri, United States

Bluebird Network LLC is a telecommunications company providing high bandwidth network solutions within rural and urban areas throughout the Midwest, focusing on connecting rural areas to major cities. The company provides a wide variety of network services to enterprise and carrier customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-15 Brussels Airport

Brussels, Belgium

Brussels Airport manages the Brussels airport, a European airport handling 25.7 million passengers and 732,000 tonnes of freight annually. Brussels Airport links the European capital with 248 destinations worldwide and is served by 80 different airlines. Brussels Airport is based in Brussels, Belgium.

Sell -

Seller(S) 1

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.

DEAL STATS #
Overall 30 of 53
Sector (Environmental) 4 of 12
Type (Secondary Buyout) 7 of 12
State (Connecticut) 11 of 15
Country (United States) 30 of 53
Year (2019) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-30 Dancing Deer Baking

Boston, Massachusetts, United States

Dancing Deer Baking Co. is a manufacturer of all-natural cookies and cakes. Dancing Deer Baking sells its products through the grocery, direct-to-consumer, reseller, and corporate channels. Dancing Deer Baking Co. was established in 1994 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-21 American Roller

Union Grove, Wisconsin, United States

American Roller Co. is a servicer and manufacturer of industrial rollers and specialty coatings. American Roller offers rubber, urethane, ceramic, hard coat, bowed, heat transfer and other specialty rollers or coatings used in the metals, converting, pulp and paper, textile, steel, graphic arts, business machines, and other industrial markets. American Roller Co. was founded in 1938 and is based in Union Grove, Wisconsin.

Buy -
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