AMP Capital has reached financial close on its largest ever North American deal, acquiring 100 percent 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, Ill., with operations in 90 locations around the United States 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 $2.4 billion from global investors.
“We have long seen the potential in North America and have had investments and a presence in the region for a number of years,” said Dylan Foo, AMP Capital’s head of Americas Infrastructure Equity. “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 United States, more broadly. This deal marks an acceleration of our North American growth strategy and also reflects the momentum in our global growth ambitions.”
AMP Capital’s U.S. infrastructure equity investments include Chicago’s Millennium Garages, the largest underground parking system in the United States, and Capistrano Wind Partners.
“We continue to look for great investments in the United States and globally on behalf of our investors,” added Foo. “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.”
