Macquarie promotes Puget, I-595 dealmakers(3)

Andrew Chapman and Rob Kupchak, who led Macquarie’s $7.9bn buyout of Washington State utility Puget Energy and Chris Voyce and Arnon Klein, who advised ACS on its $1.6bn I-595 toll road deal, have each received promotions this year.

Key dealmakers on two of Macquarie’s highest-profile principal and advisory infrastructure transactions in North America have been rewarded with promotions, according to a list of promotions obtained by InfrastructureInvestor.

New York-based division directors Andrew Chapman and Rob Kupchak have both been promoted to executive directors following their successful closing of the $7.9 billion Macquarie-led buyout of Washington State utility Puget Energy in February.

Executive director corresponds to the title of senior managing director at US firms, while division director corresponds to the title of managing director.

Chapman was commended for playing a key role in obtaining regulatory approval for the transaction, while Kupchak was commended for leading the bid process and managing a deal team of 15 people over an 18 month period.

Macquarie staff who advised Spanish infrastructure developer ACS on its $1.6 billion I-595 toll road project in Florida were also promoted. New York-based Chris Voyce, who leads Macquarie’s US and Mexican toll road advisory business, was promoted to executive director. New York-based Arnon Klein, who managed the transaction, was promoted to associate director.

Associate director corresponds to the title of senior vice president at US firms.

The I-595 deal is regarded by many industry participants and observers as a watershed moment in the development of the US’ nascent infrastructure market since it was the first availability payment-based deal in this country. Remuneration of investors with availability payments, or periodic payments made from the government to the private sector partner in exchange for meeting certain levels of service provision, is a standard practice in Europe but is just starting to take off in the US.

Other infrastructure dealmakers promoted this year included New York-based Luke Taylor and Charles Nuttal-Smith. Both are now associate directors. Taylor was commended for his role in Macquarie’s bid for the Pennsylvania Turnpike; Nuttal-Smith was commended for his roles in several landmark infrastructure transactions, including the $3.8 billion lease of the Indiana Toll Road in 2006.

Other notable staff news included the promotion of New York-based Amanda Wallace and Geoff Segal to division director and associate director, respectively. Wallace was commended for being the “go to” person for public markets transactions in the US. Segal, who joined Macquarie from free-market think tank Reason Foundation in October 2007, was commended for “single-handedly” managing Macquarie’s government relations in the US.

In total, Macquarie made nine executive director-level promotions, 23 division director level promotions and 43 associate director-level promotions globally this year within Macquarie Capital, its investment banking division, according to the list.