Infrastructure developer and operator John Laing has expanded its US transportation footprint with the acquisition of American Roads from fund manager CVC DIF.
John Laing, acquired by KKR in 2021, has agreed to acquire the transportation platform comprising four operational toll assets, including three bridges in Alabama and the American-side concession of the Detroit-Windsor Tunnel.
Financial details were not disclosed.
The acquisition of American Roads marks John Laing’s first operational transportation platform in the US.
The deal also expands its presence across US transportation infrastructure and diversify its portfolio, which includes the I-77 Express Lanes Project in North Carolina, I-75 Modernization Project in Michigan, the I-4 Ultimate Improvement Project in Florida and the Denver Eagle P3 Project in Colorado.
Andrew Truscott, CEO at John Laing, said: “Expanding our US presence through the acquisition of American Roads is a clear signal of John Laing’s long-term commitment to transportation infrastructure and growth in the US.
“Underpinned by long-established operations, strong local partnerships, and a critical role in improving mobility, this platform is an excellent strategic fit for us.”
Anthony Phillips, global head of public-private partnerships (PPPs) and head of Americas at John Laing, said: “American Roads is a highly credible and operationally strong platform, and we look forward to working closely with its team, partners and local communities.
“We bring decades of experience in managed lanes, highways and PPPs, and will continue to apply best practice and active stewardship to reduce congestion and support sustainable transport networks across the US.”
CVC DIF has owned American Roads since 2018 via its DIF Infrastructure V fund.
Andrew Freeman, partner and head of divestments at CVC DIF, said: “American Roads is a strong illustration of CVC DIF’s active ownership and long-term approach to infrastructure investing.
“Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets.”
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