Macquarie Asset Management, along with co-investors including Australian superannuation fund UniSuper and Partners Capital, has agreed to acquire a majority stake in Potters Industries from TJC for an unspecified sum.
Potters Industries recycles glass beads into glass microspheres that are used in the construction of major infrastructure such as roadways, guardrails, airport runways and taxiways.
The company has 26 manufacturing and logistics sites in North America and Europe, with a presence in South America and Asia.
Macquarie Asset Management said the transaction is in line with its strategy of “investing in high quality, stable businesses that provide critical services, products and technologies to infrastructure end-markets across North America and Western Europe”.
The manager added that it sees significant growth opportunities “given structural tailwinds benefiting the infrastructure sector and substantial investment required in the decades ahead”.
This investment follows Macquarie Asset Management’s acquisition of DynaGrid earlier this year.
Andrew Olinick, senior managing director at Macquarie Asset Management, said: “We believe Potters is well-positioned to benefit from long-term sector tailwinds associated with road modernisation and safety and growth in broader infrastructure markets making it a strong fit within our specialised strategy.”
Helen Chiang, senior managing director at Macquarie Asset Management, said that Potters “brings a distinctive combination of scale, proprietary manufacturing capabilities, and mission-critical products that support safer, more sustainable infrastructure”.
She added: “We are excited to support its next phase of growth by leveraging our deep expertise and global network.”
Sandra Lee, head of private markets at UniSuper, said: “Potters provides a compelling opportunity to deliver long-term value for our members while supporting critical infrastructure.
“We are pleased to partner with Macquarie Asset Management to invest in a company with a proven track record and advanced capabilities that strengthen infrastructure and enhance transportation safety and reliability. Quality assets like this offer the right combination of defensive and growth characteristics to help our members grow their retirement savings.”
Jennifer Fox Bensimon, managing director at Partners Capital, described the acquisition of Potters as “a compelling opportunity to partner with a leading private equity sponsor to invest behind mission critical engineered products that will help drive long-term value across our co-investment portfolio”.
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