AMP Capital strikes biggest North American deal with infra purchase

AMP Capital has agreed to buy 100% of the North American freight firm ITS ConGlobal (ITSC), in what the asset manager says is its largest ever North American deal.

ITSC is one of the biggest operators of intermodal railroad and auto terminals, container yard depots, and provider of intermodal equipment maintenance and repair services in North America, AMP Capital said.

The seller is Carlyle Infrastructure Partners.

AMP Capital’s head of Americas infrastructure equity Dylan Foo said: “This deal marks an acceleration of our North American growth strategy and also reflects the momentum in our global growth ambitions.”

ITSC is headquartered in Darien, Illinois, and has operations in 90 locations around the US as well as businesses in Mexico and Costa Rica.

AMP Capital said it bought the company on behalf of investors in its global infrastructure equity platform, including the Global Infrastructure Fund.

It did not reveal the price of the deal.

Foo said the North American infrastructure market was developing quickly from both a client and a deal perspective.

AMP Capital was still looking for investments in the US and elsewhere, he said, focusing on the middle market, which was where the company saw most 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,” he said.

AMP Capital was advised by JP Morgan Securities LLC, ING Capital, KPMG and Weil, Gotshal & Manges.

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