AMP Capital has reached financial close on its largest ever North American deal, acquiring 100 per cent of ITS ConGlobal (ITSC) from Carlyle Infrastructure Partners.
ITSC is one of North America’s largest operators of intermodal railroad and auto terminals, container yard depots, and provider of intermodal equipment maintenance and repair services. The company has a long history of operational excellence and a strong focus on safety and performance. It is headquartered in Darien, Illinois with operations in 90 locations around the US and a significant presence across Mexico and Costa Rica.
The company has been acquired on behalf of investors in AMP Capital’s global infrastructure equity platform, including the Global Infrastructure Fund, which reached final close late last year after raising US$2.4 billion from global investors.
AMP Capital Head of Americas Infrastructure Equity Dylan Foo said: “We have long seen the potential in North America and have had investments and a presence in the region for a number of years. It is a market that is developing quickly when it comes to infrastructure investment from both a client and a deal perspective, with growing potential to invest in great infrastructure companies such as ITSC and to participate in the development of the sector in North America, particularly the US, more broadly.
“This deal marks an acceleration of our North American growth strategy and also reflects the momentum in our global growth ambitions. We’re thrilled to have been able to secure this excellent asset for our investors and look forward to applying our considerable expertise in rail and transportation to help grow the company. AMP Capital’s strategy is one of active asset management where we seek to partner with management teams to leverage our global experience and industry knowledge to realise the full potential of their companies.”
AMP Capital currently has more than 30 employees based in offices in New York, Chicago and Orange County. Its US infrastructure equity investments include Chicago’s Millennium Garages, the largest underground parking system in the US, and Capistrano Wind Partners.
Mr Foo added: “We continue to look for great investments in the US and globally on behalf of our investors. Our focus remains on the middle market, which is where we see the greatest value and opportunity. Sectors that we are continuing to focus on in North America include transportation, energy and communications where there is an exciting pipeline of deals.”
AMP Capital was advised by J.P. Morgan Securities LLC, ING Capital, KPMG and Weil, Gotshal & Manges.