I Squared Capital Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, I Squared Capital has acquired 9 companies.

I Squared Capital’s most common sectors for investment areutilities (18%) and environmental (14%) . The Firm’s most common investment types include divestiture (31%) and buyout (lbo, mbo, mbi) (27%). In total, I Squared Capital has invested in 6 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired GTT Communications - Infrastructure Division for $2.2B.

The Firm’s most common exit type is trade sale (100%). I Squared Capital’s largest (disclosed) exit occurred in 2018 when it sold Lincoln Clean Energy for $580M.

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M&A Summary

  • M&A Total Activity25
    • M&A Buy Activity23
    • M&A Sell Activity2
  • Total Sectors Invested 10
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 10
  • M&A Advisors 12

I Squared Capital

410 Park Avenue, Suite 830,
New York, New York 10022
United States
www.isquaredcapital.com

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


Investment Criteria

Sectors of Interest: Infrastructure

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific

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

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.6/yr) # 10 4 5 1 3 - 23
vol $2.4B $2.2B $961M $5.5B
Sell (0.0/yr) # 2 - - - - - 2
vol $580M $580M
  25

Most Recent M&A

Company Date Value Type
Arriva plc 2023-10-19 - Divestiture
Sunderland, United Kingdom · www.arriva.co.uk
Enva Group 2023-04-21 - Secondary Buyout
, Ireland · www.enva.com
Whistler Pipeline LLC 2023-02-16 - Secondary Buyout
, United States
VLS Recovery Services, Inc. 2022-08-18 - Secondary Buyout
Houston, Texas · www.vlses.com
SOILCO 2021-10-06 - Buyout (LBO, MBO, MBI)
Kembla Grange, Australia · www.soilco.com.au
KIO Networks 2021-08-02 - Buyout (LBO, MBO, MBI)
, Mexico · www.kionetworks.com
Ezee Fiber 2021-07-29 - Buyout (LBO, MBO, MBI)
, United States
Star Leasing 2021-03-24 - Buyout (LBO, MBO, MBI)
Columbus, Ohio · www.starleasing.com
Atlantic Power Corp. 2021-01-14 961M USD Going Private
Dedham, Massachusetts · www.atlanticpower.com
Cloud Kinetics Tech Pte Ltd. 2020-12-09 - Buyout (LBO, MBO, MBI)
Singapore, Singapore · www.cloud-kinetics.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Atlantic Power Corp. 2021-01-14 Morris Cogeneration LLC 2023-12-19 1
Dedham, Massachusetts · www.atlanticpower.com Morris, Illinois
VLS Recovery Services, Inc. 2022-08-18 Salt River Extraction LLC 2023-02-08 3
Houston, Texas · www.vlses.com Phoenix, Arizona · www.sretransport.com
TIP Trailer Services Management B.V. 2018-08-07 Ryder System - Trailer Leasing & Maintenance Business 2022-04-13 3
Amsterdam, Netherlands · www.tipeurope.com Miami, Florida
TIP Trailer Services Management B.V. 2018-08-07 Ryder Ltd. - Trailer Leasing and Servicing Business 2022-04-12 2
Amsterdam, Netherlands · www.tipeurope.com Birmingham, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Utilities 4 (18%) 2.1B (39%) 4 (17%) 2.1B (39%)
Environmental 3 (14%) - 3 (13%) -
Information Technology 3 (14%) - 3 (13%) -
Renewable Energy 2 (9%) - 3 (13%) -
Infrastructure 2 (9%) 2.2B (39%) 2 (9%) 2.2B (39%)
Energy Services and Equipment 2 (9%) 1.2B (22%) 2 (9%) 1.2B (22%)
Oil/Gas Exploration 2 (9%) - 2 (9%) -
Transportation 2 (9%) - 2 (9%) -
Business Services 1 (5%) - 1 (4%) -
Communications 1 (5%) - 1 (4%) -
Total 22 $5.5B 23 $5.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (36%) 3.1B (57%) 9 (39%) 3.1B (57%)
  Virginia 2 (9%) 2.2B (39%) 2 (9%) 2.2B (39%)
  Texas 2 (9%) - 2 (9%) -
  Massachusetts 1 (5%) 961M (18%) 1 (4%) 961M (18%)
  Ohio 1 (5%) - 1 (4%) -
  Illinois - - 1 (4%) -
Singapore 3 (14%) - 3 (13%) -
Peru 2 (9%) 2.4B (43%) 2 (9%) 2.4B (43%)
United Kingdom 2 (9%) - 2 (9%) -
India 2 (9%) - 2 (9%) -
France 1 (5%) - 1 (4%) -
Australia 1 (5%) - 1 (4%) -
Ireland 1 (5%) - 1 (4%) -
Mexico 1 (5%) - 1 (4%) -
Netherlands 1 (5%) - 1 (4%) -
Total 22 $5.5B 23 $5.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 7 (32%) 4.5B (82%) 7 (30%) 4.5B (82%)
Buyout (LBO, MBO, MBI) 6 (27%) - 6 (26%) -
Secondary Buyout 5 (23%) - 5 (22%) -
Growth Capital 2 (9%) - 3 (13%) -
Going Private 1 (5%) 961M (18%) 1 (4%) 961M (18%)
Stake Purchase 1 (5%) - 1 (4%) -
Total 22 $5.5B 23 $5.5B

Exits by Deal Type

Type Total # Value
Trade Sale 2 (100%) 580M (100%)
Total 2 $580M

Top M&A Advisors

Financial Deals
UBS Investment Bank
1
Rothschild Global Advisory
1
Jefferies
1
Legal Deals
Kirkland & Ellis
3
Latham & Watkins
2
Sidley
2

Deal Values

buy # Total
> $1B 3 $4.5B
$100M to $1B 1 $961M
TOTAL $5.5B
Largest GTT Communications, Inc. - Infrastructure Division
$2.2B (2020-10-16)
sell # Total
$100M to $1B 1 $580M
TOTAL $580M
Largest Lincoln Clean Energy LLC
$580M (2018-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
17%
4 (17%)
Strategic(s)
35%
8 (35%)
Exited to
Strategic(s)
100%
2 (100%)

FAQ

When was I Squared Capital founded?

I Squared Capital was founded in 2012.

What type of investor is I Squared Capital?

I Squared Capital is an infrastructure investor.

Where is I Squared Capital headquartered?

I Squared Capital is headquartered in New York, New York.

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