IMAPINSIGHTS FEBRUARY 2021 - INFRASTRUCTURE SECTOR OUR M&A PERSPECTIVE ON THE GLOBAL
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IMAP INSIGHTS
FEBRUARY 2021
OUR M&A PERSPECTIVE
ON THE GLOBAL
INFRASTRUCTURE
SECTOR
Contents
Introduction 3
Sector Overview 4
Sector Trends 10
Transactions 24
Investor Landscape
US Perspective
30
44
IMAP
International M&A Partners
2 3
INTRODUCTION
IMAP global Infrastructure Sector Leaders: Gonçalo Vaz Botelho, Bill
Sprague, Enrique Vargas and Sergio Milic look at the current state
of the Infrastructure sector and why it’s necessary for governments
to continue to try to bridge the infrastructure gap generated by
recent global underinvestment. They detail the trends impacting
the M&A landscape now and moving forward and identify the key
market players and investors. They also share insights on the unique
characteristics of the US Infrastructure market.
As a result of the COVID pandemic it
is highly likely we will see large public
expenditure in infrastructure in the Energy and
Transport sub-sectors, which historically have
been the most active, yet as they have matured
have seen deal growth stall. Nowadays, the
big winners are new sub-sectors such as
Digital and Social, which are seeing increasing
global appetite for infrastructure. Furthermore,
GONÇALO VAZ BOTELHO transactions involving digital infrastructure
are benefitting from tremendous tailwinds
amid the continued penetration of cloud
service providers, resulting in traditional deals
becoming less frequent.
We expect the infrastructure sector to remain
vibrant, as governments try to bridge the infra
gap that has been generated by the recent
global underinvestment in infrastructure.
BILL SPRAGUE Significant dry powder reserves and strong
competition are pushing up asset prices and
depressing projected returns, which may be
OUR M&A PERSPECTIVE
preventing deal flow for more opportunistic
investors. Nonetheless, the US and Europe
seem to be gearing up to carry out massive
infrastructure investments from 2021 onwards
ON THE GLOBAL
to deal with the global pandemic, which can
bring new greenfield opportunities to the
market.
ENRIQUE VARGAS
We have seen little change in investor mix-
INFRASTRUCTURE
up, with pension funds retaining their role as
the largest investors. Foundations, insurance
companies and banks are the next largest
categories. We are however, seeing the surge
SECTOR
of «Godzilla» sized funds, as well-known fund
managers seek to break records by raising close
to USD 20 billion for their latest vehicles, with
many trying to avoid the trend of LP’s becoming
competitors.
SERGIO MILIC
IMAP
4 SECTOR OVERVIEW SECTOR OVERVIEW 5
INFRASTRUCTURE SECTOR OVERVIEW
Supporting Real Economies
Infrastructure is the set of The primary sectors are divided into Power, Utilities & Networks are now
fundamental facilities and core: brick & mortar, and non-core: privately owned and invested.
systems that support the sustainable newcomers, such as Digital and Social.
functionality of households and firms. Previously public, Transportation,
Primary Infrastructure Sectors
MAIN ASSET CLASSES
▪ Toll roads
▪ Deals in this sector have subsided as opportunities become
▪ Ports increasingly scarce. Funds are accepting greater exposure
▪ Airports to demand risk and diversifying into less mature markets in a
race for yield.
Transportation ▪ Rail
Core
sectors
▪ Power generation assets ▪ Renewable energy deals still dominate this space.
▪ Electrical power grids & pipelines ▪ ESG trends are expected to create further room for growth.
▪ Water distribution networks ▪ Privatization of water distribution & sewage networks is likely to
Power, Utilities increase deal flow in this space.
▪ Water sewage & treatment plants
& Networks
▪ Data centers ▪ Some legacy natural monopolies are being forced to carve-out
▪ Dark fibre networks and privatize their fibre networks and/or TelCo towers.
▪ Appetite for digital infrastructure is growing globally.
Digital ▪ LTE/5G network (TelCo towers)
Infrastructure
Non-
core
sectors
▪ Healthcare facilities
▪ Deals involving Healthcare PPPs and social housing are
▪ Defence networks & equipment very prevalent in this space. Still further room for growth as
demographic pyramids worsen, particularly in Europe.
Social ▪ Firefighting equipment (e.g. helicopters)
Infrastructure
IMAP
6 SECTOR OVERVIEW SECTOR OVERVIEW 7
SECTOR TRENDS - In terms of trends in the sector,
OVERVIEW we expect to see:
▪ Projects financed through PPPs coming
to the forefront, in an effort to stimulate
economic activity and recovery.
Despite the recent contraction
in the number of actual deals ▪ Increase in investments in
closed, aggregate deal value has been Telecommunications Services and Power
steadily growing. Deals are becoming caused by the acceleration in the digital
larger, with investors increasingly transformation of the work-place in response
interested in larger class assets, to the COVID pandemic.
average deal size is subsequently
growing. ▪ Chinese investment will continue to flow
throughout the world, despite increasing
unease among developed countries.
▪ Investments in Interconnectedness,
Sanitation, Education and Telecommunication
as local/domestic markets look to improve
reliance of supply chains.
▪ Stricter environmental standards to come
into play and infrastructure will be required to
become more resilient.
IMAP
8 SECTOR TRENDS SECTOR TRENDS 9
PPPS AS MECHANISM TO STIMULATE
ECONOMIC ACTIVITY AND RECOVERY
Projects financed through PPPs will come to the forefront, as a key ingredient in government efforts to use
infrastructure as a “recovery” sector.
Mechanism Challenges PPPs in the Future
The current pandemic presents challenges to the 2 alternatives under which PPPs Governments will need to act much more tactically to attract private capital
have been traditionally structured
Infrastructure Contingent
capital gap guarantees
will widen
Demand-Based-Projects Availability-Based-Projects
Traffic Mitigated
Risk Traffic-Risk
Difficult to finance
Reduced financing risk
No Government balance
Government balance needed
needed
Less leveraged structures Blended finance
IMAP
10 SECTOR TRENDS SECTOR TRENDS 11
PANDEMIC IMPACT IN INFRASTRUCTURE
SUBSECTORS
The pandemic has considerably accelerated the digital transformation of the work-place. The velocity at which
companies and communities are adopting a more digital environment is remarkable.
Challenges in Infrastructure Advisory Services Opportunities
▪ Revenue shortfalls ▪ Demand increase ▪ Refinancing opportunities due to lower interest rates and
4 Airports 4 Telecom new traffic levels (revenue shortfalls)
4 Toll-Roads 4 Power ▪ Secondary M&A opportunities due to:
4 Healthcare 4 Pension funds looking for stable yields and long-life
assets
4 Increased equity requirements mean that project
sponsors will have to turn to their capital in order to
keep their ongoing concerns
Sector Investment Trend
Investments in telecommunication services and power are the new investment trend. Changes ranging from satellite internet and fiber optic, to giant
batteries to store intermittent green energy throughout the day.
Airports Roads Healthcare Telecom Power
IMAP
12 SECTOR TRENDS SECTOR TRENDS 13
CHINESE INVESTMENT WILL CONTINUE TO
FLOW THROUGHOUT THE WORLD
Chinese investment, based on the ”Belt and Road” initiative, has been a relevant player in infrastructure investing
over the last decade. However, there are increasing sign of uneasiness among developed countries concerning safety
issues, especially for Core+ and Non-Core, so the question is, will this investment be welcome?
SAMPLE OF RECENT CHINESE TRANSACTIONS
Developed Countries Port of
Ambarli
Developing Countries (Kumport)
Nuclear
Facilities
Europe
Huawei 5G
Networks
Bogotá’s
Subway
Oil Pipeline
Port of
Compañía Melbourne
General de Lagos Light-
Electricidad Water Utility Rail Mass
de Chile Company Transit
IMAP
14 SECTOR TRENDS SECTOR TRENDS 15
SUPPLY CHAIN VULNERABILITY ENVIRONMENTAL INFRASTRUCTURE
The pandemic has revealed the vulnerability of COVID-19 has raised awareness of the need to build a more resilient infrastructure;
extended supply chains. one which can withstand shocks.
Infrastructure Priorities Shifted - Government’s Stimulus Agenda Will Come,
Concepts Such as “Re-shoring” and “Self-reliance” are Here to Stay Influenced by Stricter Environmental Standards
Past Future
A B
Minimize greenhouse Resilient to climate change
▪ Bringing an entire community onto gas emissions and natural disasters
▪ The trend was to “bring your country the local/domestic market looking to
to the world” locally source production and increase
▪ Investments: the reliance of the supply chain
4 Roads ▪ Investments:
F C
Minimizes local pollution Minimizes local pollution
4 Ports 4 Interconnectedness
of hazardous waste of water
4 Airports 4 Sanitation
4 Education
4 Telecommunication
E D
Minimizes local pollution Minimizes local pollution
of air of solid waste
IMAP
16 TRANSACTIONS TRANSACTIONS 17
IDIOSYNCRASIES OF AN INFRASTRUCTURE MOST COMMON TYPE OF
TRANSACTION INFRASTRUCTURE DEAL
Infrastructure transactions have some Historically the most active has stalled in this space and new there will be large public expenditure
particularities that differ slightly from those infrastructure sub-sectors have
been Energy and Transport, but as
sectors such as Digital infrastructure
are becoming increasingly in vogue.
in infrastructure in the Energy and
Transport sectors.
of a normal M&A transaction. these sectors mature, deal growth Due to COVID however, it’s highly likely
Global Infrastructure Deals by Industry 2015-2019
Clients fall into 3 main which are typically either greenfields often have a maturity (concession
categories: (unbuilt) or brownfields (in operation) term), which makes the terminal 3500
and, may or may not, be exposed to value dependant on the probability
End-investors willing to invest market risk. of concession renewal and they are
directly in a project/asset. normally capital-heavy/intensive. 3000
Publicly-backed projects’ revenues are
Infra funds that raise funds from usually directly related to regulatory Given the recent decline in public
end-investors and pool them into regimes, and generally fall into one benchmark debt yields in most OECD 2500
projects/assets. of multiple contractual frameworks, countries, current transactions usually
e.g. PPPs, Concessions, Grants and involve some sort of refinancing to 2000
Strategic sector players that are inter alia - financial models tend optimize the financial costs of the asset
specialized in a specific infrastructure to be contractual pieces in PPPs and infra leverage ratios typically exceed
category. & Concessions. Privately-backed that of other assets, making equity 1500
projects on the other hand, usually yields heavily sensitive to financing/
77% deals
Recent market trends have seen end- involve contracted assets, with a refinancing outcomes. Furthermore, due in Power,
investors developing in-house infra significant portion of revenues tied to to the amount of leverage that these 1000
Utilities &
teams and by-passing infra funds, long-term contracts with blue-chip assets accept, advisor fees are usually Networks
investing directly in projects/assets, private companies. These assets calculated on an equity basis. 500
0
2015 2016 2017 2018 2019
Renewable Energy Conventional Energy Utilities
Transport Telecoms Social
Other
Source: Preqin Pro and IMAP calculations
▪ Overall deal activity has fallen by 21% since its peak in 2016.
▪ The bulk of investment is still concentrated in the 2 most traditional infra sectors: Transport and Power, Utilities
& Networks.
▪ Traditional infra deals are becoming less frequent, as opposed to transactions involving digital infrastructure,
which are benefiting from tremendous tailwinds amid the continued penetration of cloud service providers.
IMAP
18 INVESTOR LANDSCAPE INVESTOR LANDSCAPE 19
INFRASTRUCTURE GAP INFRASTRUCTURE INVESTORS
We expect the infrastructure sector to remain vibrant, as governments try to bridge the gap There has been little change in investor mix-up, with pension funds retaining their role as the
that has been generated by the recent global underinvestment infrastructure. UN’s SDGs largest investors. Foundations, insurance companies and banks are the next largest categories.
will also act as a major catalyst for investment.
Infrastructure Investment at Current Trends & Future Needs End-investors in Infrastructure by Type, 2015 vs. 2019
USD Trillion % of total investment
5,0
17% 17% 2015 2019
4,5 15%
4,0 12%
3,5
9% 9% 9% 9%
8%
3,0 7% 7% 7% 7% 7% 7%
6% 6% 6%
5% 5%
2,5
3% 3% 3% 3% 3%
2,0 2% 2% 2%
1% 1%
1,5
Private sector pension fund
Public pension fund
Foundation
Bank
Asset manager
Superannuation scheme
Sovereign wealth fund
Insurance company
Family office
Endowment plant
Wealth manager
Government agency
Fund of funds manager
Other
Corporate investor
1,0
0,5
0,0
2007
2009
2011
2013
2015
2017
2019
2021F
2023F
2025F
2027F
2029F
2031F
2033F
2035F
2037F
2039F
Current Trends Investment Need Investment Need (Incl. SDGs)
Source: G20 Global Infrastructure Hub and IMAP calculations Source: Preqin Pro and IMAP calculations
▪ Significant dry powder and strong competition are pushing up asset prices and depressing projected returns, ▪ Strong and consistent returns, as well as regular cash flows and inflation linked returns, have proven to be
which may be preventing deal flow for more opportunistic investors. durable attractions for institutional investors such as pension funds that seem to be allocating approx. 2% of
their AUM to this asset class.
▪ Nonetheless, the US and Europe seem to be gearing up to carry out massive infrastructure investments from
2021 onwards to deal with the global pandemic, which can bring new greenfield opportunities to the market. ▪ For the majority of investors, Infrastructure remains a risk-mitigator and downside-protector rather than an
alpha-generator.
▪ LATAM is also an important emerging market with great potential for infrastructure development.
IMAP20 INVESTOR LANDSCAPE INVESTOR LANDSCAPE 21
LARGEST INFRASTRUCTURE INFRASTRUCTURE FUNDS –
END-INVESTORS THE ALTERNATIVE TO DIRECT
End-investors are channelling calls into infra funds. Direct asset the capacity to aggressively target
ASSET INVESTMENTS
larger portions of their AUMs to purchases made by end-investors are and close large deals. With low interest
the infra sector, via a mix of direct becoming more common as those rates, infra investments have become
project investments and/or capital long in cash are both willing and have more attractive. We are now seeing the surge to break records by raising close avoid the trend of LP’s becoming
of «Godzilla» sized funds, as to USD 20 billion for their latest competitors.
well-known fund managers seek vehicles – with many trying to
Estimated Infra Infra AUM
Institution Name Country Main Sector Focus
Allocation (%) ($M)
Power, utilities & network Estimated Infra Infra AUM
CPP Investment Board Canada 11.89% 34,928.10 Institution Name Country
(PU&N) Allocation (%) ($M)
Abu Dhabi Investment Authority UAE 3.00% 24,840.00 Unstated
Largest Macquarie infrastructure (MIRA) Australia 90% 107,691
National Pension Service of Korea South Korea 3.57% 20,452.30 Transportation, PU&N
institutional Brookfield Asset Management Canada 32% 99,234
Allianz Capital Partners GmbH Germany 51.38% 16,718.90 All
investors by
All w/ growing focus on ESG M&G Investments UK 17% 51
committal CDPQ Canada 7.35% 16,666.90
projects
to the asset Global Infra. Partners US 100% 50,285
China Investment Corporation China 1.60% 15,000.00 All
class Largest IFM Investors Australia 52% 37,629
APG Asset Management Netherlands 2.56% 14,371.10 Transportation, PU&N, Social
With more than Ontario Teachers’ Pension Plan Canada 9.50% 13,305.50 Transportation, PU&N, Social infra funds Allianz Global Investors Germany 6% 29,31
USD 10 billion OMERS Canada 18.20% 12,938.70 Transportation, PU&N by AUM
The Carlyle Group US 13% 24,066
committed to Power, utilities & network
infra PSP Investments Canada 10.00% 12,592.10
(PU&N) BlackRock US 0% 20,539
Power, utilities & network Global Energy Partners US 100% 19,955
BCI Canada 10.37% 11,917.50
(PU&N)
Power, utilities & network AMP Capital Australia 14% 18,55
Pensioenfonds Zorg en Welzijn Malaysia 4.84% 10,199.00
(PU&N) MetLife Investment Advisors US 3% 18,131
DWS Germany 21% 16,433
Examples of some direct investments made by end-investors:
Concessionaire of natural UK’s leading port
gas regional distribution operator, with a unique
▪ While allocations to Infrastructure investments are at all-time highs, this capital is largely flowing to a small
networks in Portugal network of 21 ports
75% stake for €368M 34% stake for £1.62B group of large fund managers.
(equity) (equity)
▪ Open-ended funds have been steadily growing and are the unsung heroes of the Infrastructure fund space,
gaining momentum over other fund classes.
Source: Infrastructure Investor Global Summit, Mergermarket & IMAP
Source: IPE Real Assets – July 2019 & IMAP
IMAP22 INVESTOR LANDSCAPE INVESTOR LANDSCAPE 23
FUNDRAISING TRENDS PRIMARY INVESTMENT STRATEGIES
Aggregate deal value has been actual deals closed. With investors subsequently growing. GPs however, are Although there are several fund strategies, most fall
steadily growing, despite the increasingly interested in larger finding it difficult to deploy capital and under 3 main umbrellas.
recent contraction in the number of class assets, average deal size is still hit their desired return thresholds.
Value of Infrastructure Deals & Remaining dry Powder 2010-2019
CORE CORE PLUS / VALUE-ADD OPPORTUNISTIC
USB Billion
▪ Assets with mitigated top line ▪ Assets with some operational ▪ Exposure to unmitigated
600
risk – contracted/regulated, risks, but which can be risks – power price, roads
with low operational heavily mitigated/hedged and ports traffic. Exposure to
complexity & fully deployed market competition
500
485 ▪ Primarily brownfield assets,
▪ Brownfield assets (fully built but with some capital ▪ Brownfield/greenfield assets
with operational track record) expenditure requirements (to without demand guarantees
400
update/expand)
▪ Regulatory and/or direct ▪ Revenues exposed to market
public sector involvements. ▪ Some public greenfield assets cycles. Occasionally backed
300
Long term concession with limited construction and by corporate guarantees
agreements or revenue demand risk – e.g. greenfield
212 contracts with strong PPP’s. Opportunity to create ▪ Fully exposed to economic
200
counterparties (sovereigns) value through management cycle and competition
inputs
▪ GDP resilient, demand ▪ Large inflation sensitivity
100
inelastic, pricing certainty ▪ Short/long term contracts
with high barriers to entry ▪ Located in OECD and
▪ Correlated with inflation, that protect yield emerging markets
0
frequently through
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
contractual links ▪ Some inflation sensitivity ▪ Material value creation
opportunities
▪ Located in stable OECD ▪ Primarily located in stable
Aggregate Deal Value ($bn) Dry Powder ($bn)
countries OECD countries ▪ Corporate platforms –
distribution/logistic centres
▪ Minimal value creation ▪ Some value creation - similar risk profile to PE
Source: Preqin Pro and IMAP calculations opportunities at project level opportunities at project level
▪ Target equity returns
▪ Toll roads, social infra, certain ▪ Railways, airports and gas in excess of 14% - high
utilities networks weighting to capital
appreciation
▪ High dry powder and strong competition are pushing up asset prices and depressing projected returns, all of ▪ Target equity returns of 6-8% ▪ Target equity returns of 10-
which prevents deal flow. 12% - mix of yield and capital ▪ Private closed-end funds
▪ Public equity, private closed- appreciation
▪ The bulk of deals involved assets located either in North America (28%) or Europe (38%). Deals also take place in end and open-end funds
LATAM and Asia, and we expect things to start moving in Africa, where infra is still very much a public market. ▪ Private closed-and-open-end
funds
▪ Amount of dry powder expected to reduce over the coming years as the US and EU launch their fiscal stimulus
packages to deal with the economic fallout of COVID-19.
IMAP24 INVESTOR LANDSCAPE INVESTOR LANDSCAPE 25
INFRASTRUCTURE ASSET YIELDS
VS COMPETITION
Too much money chasing too few returns to new investors. Hence, new assets. Therefore, it is crucial to identify
deals has caused a generalized investors are increasingly interested regional brownfield assets that can be
drop in infra yields. Infra assets are in bilateral, as opposed to organized transacted far in advance for clients
increasingly being sold in organized processes – these are primarily looking to partic ipate in worldwide infra
processes that generally bring lower secondary transactions in brownfield projects with private investors.
Private Capital: Horizon IRRs by Asset Class
Annualized returns
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
1 Year to Jun-19 3 Year to Jun-19 5 Year to Jun-19 10 Year to Jun-19
Private Capital Private Equity Private Debt Real Estate Infrastructure
Source: Preqin Pro and IMAP calculations
▪ Infrastructure returns have been generally stable over the last 10 years, whilst recent demand for assets has
brought about a drop in yields.
▪ Both capital calls and distributions are likely to decline, as fund managers delay making acquisitions or exits in 2021.
▪ It seems likely that unlisted Infrastructure funds will be among the most insulated from the volatility and disruption
that affected global markets in the first half of 2020.
IMAP26 US PERSPECTIVE US PERSPECTIVE 27
UNIQUE CHARACTERISTICS OF THE US EFFECTIVELY ALIGNING PROJECTS
INFRASTRUCTURE MARKET AND CAPITAL
The United States has woefully In contrast to much of the world, but the lack of long-term certainty In the US, Government capital non-critical, low revenue generating material infrastructure investments.
underinvested in infrastructure concessions and large PPP projects surrounding those credits has will largely focus on projects projects will not attract any capital, be Both State and local budgets have
for years, as such, the Congressional are not core parts of the US impacted capital flows. that are deemed critical in nature, but it public or private. been decimated by the COVID-19
Budget Office estimates that in Infrastructure market. More often do not necessarily generate ongoing pandemic, and many are struggling
excess of USD 2 trillion is needed by than not, governments, at all levels, At this point, the likelihood of cash flow. Private capital will focus on While prospects are still uncertain at to fund basic needs, which leaves
2025.The US is currently at a record want private capital to bear the meaningful increases in infrastructure higher revenue generating projects, the Federal level, at the State and no capital for infrastructure, or any
low in terms of annual investment financial risk, but are not willing spending under the Biden both critical and non-critical, whereas local levels there are no prospects for other investments. Given these
into infrastructure as a % of GDP, to provide a reasonable return on administration remain uncertain. dynamics, and the current low interest
and near the bottom of all developed that capital. Furthermore, every rate environment, well structured
countries. administration for the past 20+ years ▪ Biden has proposed a USD 2.4 trillion infrastructure projects and companies
has included Infrastructure programs infrastructure plan, largely focusing can and will be financed by private
An integrated Infrastructure Plan in their initial policy initiatives, but on the Energy and Transportation equity and debt providers.
was at the core of President Trump’s very few such programs have had a sectors
initial policy proposals, but like most significant impact on the capital flows INFRASTRUCTURE CAPITAL
prior Administrations, there were no into the sector. The most effective ▪ That bill, or any similar legislation, PROVIDERS ARE BINARY. RISKS
significant legislative initiatives nor policy tools have been tax and related will face political challenges, even MUST BE MITIGATED AND CANNOT
Executive Orders focusing on the credits, especially in the Energy though the Democrats now narrowly BE “PRICED”
Infrastructure needs of the country. sector (i.e. LCFS credits, RINs, etc.), control the senate The key to attracting capital providers
is making sure that the investment
opportunity can properly address the
key transaction criteria that nearly all
capital providers adhere to.
IMAP28 IMAP INFRASTRUCTURE DEALS IMAP INFRASTRUCTURE DEALS 29
IMAP INFRASTRUCTURE DEALS
Selected IMAP International deals 2018-2020
Global developer, investor and Construction company / Port operator Constructor of large, Public utilities company
Energy assets developer and operator
manager of infrastructure CHILE complex civil infrastructure COLOMBIA
CANADA
UNITED KINGDOM ITALY
Acquired Investment Interest Acquired Majority Control Capital increase and debt Acquired 100% Acquired Majority Control
in Seller’s Business of Business Operations refinancing of Business Operations of Business Operations
4G PPP toll road concession Concession to operate and maintain a port terminal General constructor of Electricity distributor and commercializer Energy distributor and commercializer
COLOMBIA CHILE public infrastructure COLOMBIA COLOMBIA
ITALY
ADVISED ON PURCHASE OF COMPANY ADVISED ON SALE OF COMPANY FINANCIAL ADVISOR OF SALINI IMPREGILO S.P.A. ADVISED ON PURCHASE OF COMPANY ADVISED ON PURCHASE OF COMPANY
All-encompassing solar company Infrastructure fund Multi-disciplined contractor across road and Largest biogas producer in Brazil Engineering and infrastructure group
FRANCE FRANCE bridge building, paving, and land development (subsidiary of JMalucelli) INDIA
CANADA BRAZIL
Acquired Oil & Gas Divisions
Acquired 100% Acquired Majority Control Acquired 100% Acquired Selected Assets from TREVI Group
of Business Operations of Business Operations of Business Operations of Seller’s Business
Auras de Guijo
and Aura de Agudo
Design, manufacturing and distribution
2 Solar Farms with 2.8 MW installed capacity Ski resorts manager Road and bridge maintenance contractor Landfill gas project in Rio de Janeiro of drilling and workover rigs
SPAIN FRANCE CANADA and Sao Paulo ITALY
BRAZIL
ADVISED ON ACQUISITION ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY
IMAP30 ABOUT IMAP ABOUT IMAP 31
ABOUT IMAP
INTERNATIONAL MERGERS & ACQUISITION PARTNERS GLOBAL REACH
Consistently ranked among the Top 10 middle market M&A advisors worldwide Our cross-border experience extends across Europe, the Americas, Asia and Africa
450+ 47 60+ $12.5bn 450+ 43 60+
TEAM OF IMAP YEARS OF M&A OFFICES IN 43 CLOSED DEAL PROFESSIONALS COUNTRIES OFFICES
PROFESSIONALS EXPERIENCE IN THE COUNTRIES VALUE 2020 WORLDWIDE
WORLDWIDE MIDDLE MARKET
ENTREPRENEURIAL SPIRIT MIDDLE MARKET FOCUS GLOBAL REACH EXECUTION EXPERIENCE
• IMAP is a partner-driven, client- • Sell-side advisory for primarily • Proven cross-border advisory • IMAP has closed over 2,100
focused and independent M&A privately held companies and practice. transactions valued at $90
advisory. spin-offs from large groups. • Global sector & project teams billion in the last 10 years.
• Senior experience and hands • Strategic acquisitions for across 15 sector groups.
on involvement in deals – international corporates. • Leveraging local knowledge
230 Senior Transaction/ • “Sweet –spot” Transaction and corporate access in all
Transaction Advisors. Values $20 – 250 million. relevant international markets.
• Worldwide IMAP team • Strong PE and Family Office
comprising 450+ Coverage.
professionals.
GLOBAL PERFORMANCE 2020
218 $12.5bn 30% 6th
M&A TRANSACTIONS TRANSACTION VALUE CROSS-BORDER DEALS IN THE WORLD
Automotive
Transport Building Products & Services
& Logistics GLOBAL
PERFORMANCE
Technology 6% 4% 5% Business Services 1 PwC
North America New York Latin America Ivory Coast Europe Portugal
14% 9% 2 KPMG
U.S.A. Philadelphia Argentina Mauritius Belgium Russia
3 Deloitte
Consumer
Boston Richmond Brazil Morocco Bosnia & Herzegovina Serbia
4 Houlihan Lokey
& Retail Chicago San Diego Chile Nigeria Croatia Slovakia
Real Estate 5% DEAL 9% 5 Rothschild
Dallas San Francisco Colombia Senegal Czech Republic Slovenia
DISTRIBUTION 6 IMAP
Denver St Louis Mexico South Africa Finland Spain
BY SECTOR Education 7 EY
Materials, 6% 4% 8 Oaklins
Detroit Tampa Peru France Sweden
Chemicals & Training Greenville Washington DC Panama Asia Germany Turkey
& Mining 5% 9 Goldman Sachs
Greenwich Canada China Hungary United Kingdom
Energy 10 Lazard
12% 7% & Utilities
Houston Toronto Africa India Ireland
Ranking based on number of transactions Los Angeles Vancouver Congo Japan Italy
7% 7% closed in 2020. Undisclosed values and Naples Egypt Thailand Netherlands
Industrials
Financial Services values up to $500 million. Ghana Poland
Source: Refinitiv and IMAP internal data.
Food & Beverage
Healthcare
IMAPReport Contributors
GONÇALO VAZ BOTELHO
Managing Partner & CEO
Invest Corporate Finance – IMAP Portugal
goncalo.botelho@imap.com
BILL SPRAGUE
Managing Director
Capstone Headwaters – IMAP USA
william.sprague@imap.com
ENRIQUE VARGAS
Vice President
Inverlink SA – IMAP Colombia
Bogota, Colombia
enrique.vargas@imap.com
SERGIO MILIC
Director
South Andes Capital – IMAP Chile
sergio.milic@imap.com
Contact:
IMAP, Inc.
Balmes 151, 1st floor
08008 Barcelona - Spain
T. +34 936 026 710
www.imap.com
© IMAP, Inc. 2020
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