3i Group, a London-headquartered international investment manager focused on mid-market private equity and infrastructure, has agreed to invest alongside management in Smarte Carte International Holdings. The investment marks 3i’s first infrastructure transaction in North America.
With more than 140,000 owned units consisting primarily of airport baggage carts and self-storage lockers, Smarte Carte serves the global travel and leisure industry. The enterprise value of the transaction is $385 million.
Founded in 1967, Smarte Carte currently operates at over 2,500 locations across seven countries including the United States, Canada, Australia, New Zealand, Sweden, the United Kingdom and Singapore.
With 80 percent of Smarte Carte’s revenue derived within the United States, the company is poised for additional domestic and international growth.
3i will appoint Greg Hart, COO for United Airlines, as a non-executive director to the Smarte Carte board of directors (alongside two 3i directors), to help guide this future growth. For more than 20 years, Hart has held various leadership positions at United Continental Holdings overseeing global airport operations, customer service and technical operations.
