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M&A Deal Summary

OMERS Infrastructure, Ontario Teachers Pension Plan and Wren House Infrastructure Acquire London City Airport

On February 26, 2016, infrastructure investor OMERS Infrastructure, pension Ontario Teachers Pension Plan and infrastructure investor Wren House Infrastructure acquired infrastructure company London City Airport from Highstar Capital and Global Infrastructure Partners

Acquisition Highlights
  • This is OMERS Infrastructure’s 6th, Ontario Teachers Pension Plan’s 4th and Wren House Infrastructure’s 2nd transaction in the Infrastructure sector.
  • This is OMERS Infrastructure’s 4th, Ontario Teachers Pension Plan’s 13th and Wren House Infrastructure’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2016-02-26
Target London City Airport
Sector Infrastructure
Buyer(s) OMERS Infrastructure
Ontario Teachers Pension Plan
Wren House Infrastructure
Sellers(s) Highstar Capital
Global Infrastructure Partners
Deal Type Secondary Buyout

Target

London City Airport

London, United Kingdom
London City Airport an offers access to over 45 destinations within the United Kingdom, Europe and the United States. The airport is an integral part of the London airport system and offers a service proposition based around location, convenience, speed and customer service. London City Airport was founded in 1985 and is based in London, United Kingdom.

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Buyer(S) 3

Buyer

OMERS Infrastructure

Toronto, Ontario, Canada

Investor Investor Investor Investor

Category Infrastructure
Founded 1990
PE ASSETS 36.0B CAD
Size Mega
Type Sector Focused
DESCRIPTION

OMERS Infrastructure is the infrastructure investment arm of Canadian pension plan OMERS. OMERS targets 'large-scale' infrastructure investments valued in excess of $1 billion where the firm can commit at least $200 million of equity capital. Prospective opportunities generally possess significant governmental or regulatory barriers to entry, as well as stable cash-flows linked to long-term contracts. Specific areas of interest include energy (generation, transmission and distribution networks), transportation (transportation gateways, rail corridors, ports and airports), institutional facilities (hospitals, long-term care facilities and schools), and government-regulated services (laboratory diagnostic services, satellite and other communications networks and land registry services). OMERS was formed in 1990 and is based in Toronto.

DEAL STATS #
Overall 32 of 54
Sector (Infrastructure) 6 of 7
Type (Secondary Buyout) 4 of 11
Country (United Kingdom) 4 of 5
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-27 Exolum

Madrid, Spain

Exolum is a provider of transportation and storage for refined oil products. The company handles a variety of refined fuels which are utilized by the land, aviation and marine transport sectors. Exolum was founded in 1927 and is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-19 Port of Melbourne Operations

Melbourne, Australia

Port of Melbourne Operations is a capital city container and general cargo port, handling more than one-third of the nation’s container trade. Port of Melbourne Operations was founded in 2016 and is based in Melbourne, Australia.

Buy -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 94 of 176
Sector (Infrastructure) 4 of 12
Type (Secondary Buyout) 33 of 56
Country (United Kingdom) 13 of 20
Year (2016) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-09 IntouchCX

Winnipeg, Manitoba, Canada

IntouchCX is a multi-channel contact center outsourcing company with over 4,000 seats across nine customized facilities in North America and Guatemala. The Company offers a comprehensive suite of inbound contact solutions and is widely considered a leader in e-mail, chat, and social media services. IntouchCX is based in Winnipeg, Manitoba.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-19 ANV Holdings B.V.

Jersey City, New Jersey, United States

ANV is a specialty insurance company that underwrites a variety of commercial property/casualty insurance products through its three Lloyd's syndicates and managing general underwriter. ANV has a well-established infrastructure composed of a highly skilled management team and solid underwriting capability.

Sell $219M
Buyer

Wren House Infrastructure

Category Infrastructure
Founded 2013
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Wren House Infrastructure is an infrastructure focused private investment firm and subsidiary of sovereign wealth fund the Kuwait Investment Authority. The Firm targets investments across the core and core plus infrastructure sectors which includes transport, energy, utilities, telecoms, healthcare, agriculture and social infrastructure. Wren House Infrastructure was formed in 2013 and is headquartered in London.

DEAL STATS #
Overall 4 of 14
Sector (Infrastructure) 2 of 2
Type (Secondary Buyout) 1 of 7
Country (United Kingdom) 2 of 5
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-15 TransGrid

Sydney, Australia

Transgrid operates and manages a high voltage electricity transmission network that connects key Australian generators, distributors and major end users. TransGrid was founded in 1950 and is based in Sydney, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-14 Thames Water

Reading, United Kingdom

Thames Water is a provider of water and wastewater services, serving approximately 10 million water customers and 15 million wastewater customers. Thames Water was founded in 1989 and is based in Reading, United Kingdom.

Buy -

Seller(S) 2

SELLER

Highstar Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Highstar Capital is a private equity fund focused on investments in infrastructure related companies and assets. Highstar specifically targets businesses that deal in energy, transportation, waste management and water. The Firm will consider opportunities throughout North America and Europe. Highstar Capital was formerly known as AIG Highstar Capital. The Firm was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 11 of 12
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 5 of 5
Country (United Kingdom) 1 of 1
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-21 Amports

Jacksonville, Florida, United States

Amports is a port owner and infrastructure provider of automotive-vehicle processing services in North America. Amports was founded in 1995 and is based in Jacksonville, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-06 Advanced Disposal Services

Jacksonville, Florida, United States

Advanced Disposal Services, Inc. is an integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services operating primarily in secondary markets or under exclusive arrangements. Advanced Disposal has a presence in 18 states across the Midwest, South and East regions of the US. Advanced Disposal Services, Inc. was founded in 2000 and is headquartered in Ponte Vedra, Florida.

Sell -
SELLER

Global Infrastructure Partners

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2007
PE ASSETS 115.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Global Infrastructure Partners (GIP) is a global investment firm that invests in infrastructure assets worldwide. GIP looks to work in partnership with the public sector and other stakeholders to improve infrastructure for the community by drawing on its global capability and applying industrial best practices to enhance operating efficiencies. The Firm focuses on larger scale investments in assets that provide essential services, have high barriers to entry and offer significant governance positions. GIP primarily targets opportunities in OECD countries, while maintaining a global perspective and the flexibility to pursue assets with the potential for attractive risk-adjusted returns in selected non-OECD countries. Global Infrastructure Partners was established in 2007 and is headquartered in New York, New York.

DEAL STATS #
Overall 2 of 6
Sector (Infrastructure) 1 of 2
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 1 of 1
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-27 Exolum

Madrid, Spain

Exolum is a provider of transportation and storage for refined oil products. The company handles a variety of refined fuels which are utilized by the land, aviation and marine transport sectors. Exolum was founded in 1927 and is based in Madrid, Spain.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Naturgy

Madrid, Spain

Naturgy is an energy infrastructure company that operates across the gas value chain from procurement to liquefaction, storage, regasification, transportation, distribution, and marketing. Naturgy also owns and operates gas distribution networks in Latin America with leading market shares in Brazil, Chile, Colombia, and Mexico. Naturgy was founded in 1843 and is based in Madrid, Spain.

Buy -
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