SYDNEY (Reuters) – Australia’s AMP Capital has bought U.S. logistics group ITS ConGlobal from Carlyle Infrastructure Partners, marking the Australian fund manager’s largest-ever North American deal.
AMP did not provide a deal value in its statement on Monday, but a source familiar with the transaction told Reuters the acquisition was worth more than $500 million.
The price for ITS ConGlobal was about 10.5 times the EBITDA of the freight, terminal and transport firm, said the source, who was not authorized to speak publicly about the matter.
AMP, which last year raised $2.4 billion for infrastructure investments, will look at further mid-sized acquisitions in
the sector, according to the statement.
“Sectors that we are continuing to focus on in North America include transportation, energy and communications where there is an exciting pipeline of deals,” AMP Capital’s head of Americas Infrastructure Equity, Dylan Foo, said in the statement.
A Carlyle spokesperson was not immediately available for comment. The private equity firm had acquired ITS Technologies & Logistics LLC in 2008.