OMERS Infrastructure Mergers and Acquisitions Summary

Infrastructure Profile

In the last 3 years, OMERS Infrastructure has acquired 2 companies. It has also invested in 3 others.

OMERS Infrastructure’s most common sectors for investment areenergy services and equipment (16%) and utilities (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (20%). In total, OMERS Infrastructure has invested in 9 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Caruna for $2.9B.

In the last 3 years, OMERS Infrastructure has exited 5 companies. The Firm’s most common exit type is trade sale (54%). OMERS Infrastructure’s largest (disclosed) exit occurred in 2020 when it sold Detroit River Tunnel for $312M.

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M&A Summary

  • M&A Total Activity62
    • M&A Buy Activity49
    • M&A Sell Activity13
  • Total Sectors Invested 16
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 20
  • M&A Advisors 6

OMERS Infrastructure

EY Tower 900 - 100 Adelaide St. W.,
Toronto, Ontario M5H 0E2
Canada
(416) 369-2400
www.omersinfrastructure.com

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.


Investment Criteria

Sectors of Interest: Communications, Infrastructure, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 200 -
Enterprise Value 1,000 -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.4/yr) # 42 3 4 - - - 49
vol $4.9B $4.9B
Sell (1.4/yr) # 6 2 5 - - - 13
vol $312M $312M
  62

Most Recent M&A

Company Date Value Type
Skyway Concession Company LLC 2022-09-12 - Add-on Acquisition
Chicago, Illinois · www.chicagoskyway.org
Waveconn Group Holdings Management Pty Ltd. 2022-08-15 - Growth Capital
Sydney, Australia · www.waveconn.com
Midland Cogeneration Venture LP 2022-07-12 - Add-on Acquisition
Midland, Michigan
VTG AG 2022-06-29 - Stake Purchase
Hamburg, Germany · www.vtg.com
Direct ChassisLink, Inc. 2022-06-24 - Secondary Buyout
Charlotte, North Carolina · www.dcli.com
IndInfravit Trust 2022-06-10 - Growth Capital
Chennai, India · www.indinfravit.com
Groendus Groep BV 2022-05-18 - Secondary Buyout
Utrecht, Netherlands · www.groendus.nl
BPC Maritime Corp. 2022-04-14 - Add-on Acquisition
Toronto, Ontario
GNL Quintero S.A. 2022-03-28 - Stake Purchase
Santiago, Chile · www.gnlquintero.com
Navisun LLC 2021-11-02 - Secondary Buyout
Hingham, Massachusetts · www.navisunllc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Leeward Renewable Energy, LLC 2018-03-22 First Solar, Inc. - Solar Development Platform 2021-01-25 1
Dallas, Texas · www.leewardenergy.com Tempe, Arizona
Teranet, Inc. 2008-10-28 DoProcess LP 2020-12-10 1
Toronto, Ontario · www.teranet.ca Toronto, Ontario · www.doprocess.com
Deutsche Glasfaser Holding GmbH 2020-02-10 inexio Beteiligungs GmbH & Co. KGaA 2020-10-16 1
Borken, Germany · www.deutsche-glasfaser.de Saarlouis, Germany · www.inexio.net
LifeLabs, Inc. 2007-02-26 LifeLabs, Business and Operations in Quebec 2012-03-28 1
Toronto, Ontario · www.lifelabs.com , Quebec

M&A by Sector

Sector Current # Value All-time # Value
Utilities 6 (17%) - 8 (16%) 2.9B (59%)
Energy Services and Equipment 5 (14%) - 8 (16%) -
Infrastructure 4 (11%) - 7 (14%) -
Renewable Energy 5 (14%) - 5 (10%) -
Transportation 3 (9%) - 5 (10%) -
Life Science 4 (11%) 1M (< 1%) 4 (8%) 1M (< 1%)
Communications 2 (6%) 2.0B (100%) 3 (6%) 2.0B (41%)
Healthcare Services - - 2 (4%) -
Airlines - - 1 (2%) -
Business Services 1 (3%) - 1 (2%) -
Education - - 1 (2%) -
Electrical Equipment 1 (3%) - 1 (2%) -
Internet Software and Services 1 (3%) - 1 (2%) -
Marine 1 (3%) - 1 (2%) -
Media 1 (3%) - 1 (2%) -
Oil/Gas Exploration 1 (3%) - 1 (2%) -
Total 35 $2.0B 50 $4.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (23%) - 13 (26%) -
  Washington 2 (6%) - 2 (4%) -
  Texas 2 (6%) - 2 (4%) -
  Michigan - - 2 (4%) -
  Illinois - - 2 (4%) -
  Oklahoma 1 (3%) - 1 (2%) -
  North Carolina 1 (3%) - 1 (2%) -
  New Jersey 1 (3%) - 1 (2%) -
  Massachusetts 1 (3%) - 1 (2%) -
  Florida - - 1 (2%) -
Canada 7 (20%) 1M (< 1%) 13 (26%) 1M (< 1%)
  Ontario 5 (14%) 1M (< 1%) 9 (18%) 1M (< 1%)
  Alberta 2 (6%) - 2 (4%) -
  Nova Scotia - - 1 (2%) -
United Kingdom 4 (11%) - 5 (10%) -
Germany 4 (11%) - 5 (10%) -
Australia 3 (9%) - 3 (6%) -
Spain 2 (6%) - 2 (4%) -
India 2 (6%) - 2 (4%) -
Finland 1 (3%) - 2 (4%) 2.9B (59%)
France 1 (3%) 2.0B (100%) 1 (2%) 2.0B (41%)
Czech Republic 1 (3%) - 1 (2%) -
Netherlands 1 (3%) - 1 (2%) -
Sweden 1 (3%) - 1 (2%) -
Chile - - 1 (2%) -
Domestic 7 (20%) 1M (< 1%) 13 (26%) 1M (< 1%)
Cross-border 28 (80%) 2.0B (100%) 37 (74%) 4.9B (100%)
Total 35 $2.0B 50 $4.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (37%) 1M (< 1%) 24 (48%) 2.9B (59%)
Secondary Buyout 9 (26%) - 10 (20%) -
Stake Purchase 7 (20%) - 9 (18%) -
Growth Capital 3 (9%) - 4 (8%) -
Divestiture 3 (9%) 2.0B (100%) 3 (6%) 2.0B (41%)
Total 35 $2.0B 50 $4.9B

Exits by Deal Type

Type Total # Value
Trade Sale 6 (46%) -
Secondary Sale 3 (23%) -
Stake Sale 2 (15%) -
Trade Sale - Public Company 1 (8%) 312M (100%)
Merger 1 (8%) -
Total 13 $312M

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 1
Bank of America Merrill Lynch (BofA Securities)
 1
Scotia Capital, Inc. (Scotiabank - Global Banking and Markets)
 1
Legal Deals
Torys LLP
 1
Latham & Watkins
 1
Shearman & Sterling LLP
 1

Deal Values

buy # Total
> $1B 2 $4.9B
< $100M 1 $1M
TOTAL $4.9B
Largest Caruna
$2.9B (2014-03-24)
sell # Total
$100M to $1B 1 $312M
TOTAL $312M
Largest Detroit River Tunnel Co.
$312M (2020-10-16)

M&A Connections

Deals
Acquired from
Investor(s)
24%
12 (24%)
Strategic(s)
8%
4 (8%)
Exited to
Investor(s)
38%
5 (38%)
Strategic(s)
62%
8 (62%)

Investor Summary

Investor Type

Infrastructure

Size

Mega

Established

1990

Specialist/Generalist

Specialist

Leadership

Tom Frazier

Managing Director

Steven Zucchet

Managing Director, Asset Management

Timm Degenhardt

Managing Director, Asset Management

Orla Ralston

Managing Director, Investment Tax

Alastair Hall

Senior Managing Director

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