AMP Capital clinches largest North America deal

The Australian fund manager has acquired a US logistics operator from Carlyle Infrastructure Partners for more than $500m through its global investment platform.

AMP Capital has acquired a 100 percent stake in ITS ConGlobal, a Darien, Illinois-headquartered logistics company, from Carlyle Infrastructure Partners.

Transaction details were not disclosed, but sources familiar with the deal told Infrastructure Investor it values ITS at more than $500 million, a 10.5 times EBITDA multiple.

The acquisition was made through AMP’s global infrastructure equity platform, including its $2.4 billion Global Infrastructure Fund, the manager said. The deal is AMP’s largest in North America, where it also invested in Chicago’s Millennium Garages, the biggest underground parking system in the US, and Capistrano Wind Partners.

AMP said ITS 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. It employs roughly 3,100 people with operations in 90 locations around the US. The company also has a presence in Mexico and Costa Rica.

Carlyle Infrastructure Partners, the first infrastructure vehicle by The Carlyle Group, invested in ITS in May 2008. The fund, which closed on $1.15 billion in 2007, invests in transport and water infrastructure projects in the US and Canada, with typical ticket sizes ranging from $75 million to $150 million. The vehicle is now led by two co-heads – Andrew Marino, who has been with Carlyle since 2004, and Peter Taylor, who joined from Australian fund manager Hastings last year.

Dylan Foo, head of Americas infrastructure equity at AMP, said the manager will continue to look for investment opportunities in the US and globally, with a focus on the transportation, energy and communications sectors in the middle market. It now has more than 30 employees based in offices in New York, Chicago and Orange County.