Corsair Infrastructure Partners (CIP), an affiliate of U.S. private equity firm Corsair Capital, has acquired Vantage Airport Group, a Vancouver-based airport developer, manager and investor.
Terms weren’t disclosed.
CIP said a new fund managed by it acquired the business from Gateway Infrastructure Investments, another CIP-managed vehicle. Gateway has owned Vantage since 2008.
The new institutional fund has not fixed duration. It is intended to provide Vantage with stable, long-term ownership as well as capital to pursue a pipeline of global opportunities.
Founded in 1994, Vantage has worked with more than 30 airports, taking 20 from public to private management.
Corsair Infrastructure Partners Announces New Fund’s Acquisition of Vantage Airport Group
CIP transfers Vantage into new perpetual investment fund to support long-term growth
February 04, 2019
NEW YORK–(BUSINESS WIRE)–Corsair Infrastructure Partners (“CIP”), the global infrastructure investment business of Corsair Capital (“Corsair”), today announced that a new fund established and managed by CIP has closed on the acquisition of 100% of Vantage Airport Group (“Vantage”) from Gateway Infrastructure Investments (“Gateway”), another CIP-managed fund.
The new CIP fund is a perpetual partnership with no fixed duration, capitalized by high-quality long-term institutional investors. The transaction provides Vantage with a strong and stable ownership structure, as well as access to capital to pursue a full pipeline of opportunities in developing, managing, and investing in airports and related infrastructure worldwide. The acquisition also creates an attractive realization event for Gateway, which has owned Vantage since 2008.
Hari R. Rajan, Managing Director of Corsair, Head of CIP, and Lead Director of Vantage said, “We are excited to have created a new perpetual investment vehicle to hold Vantage. While there is no change in Vantage’s status as a wholly-owned CIP portfolio company, the new fund will provide Vantage with superior long-term shareholder alignment, and will give our investors a platform to deploy significant additional capital to support Vantage projects. We look forward to our continuing partnership with the talented team at Vantage as it plays a market-leading role in the transformation of the airport sector in the U.S. and beyond.”
George H. Casey, Chairman and Chief Executive Officer of Vantage said, “This new fund structure will give us the flexibility and firepower to pursue any new business opportunities that meet our strategic growth plans. We are proud of our ongoing relationship with CIP and our achievements to-date, and look forward, with CIP’s support, to continue applying our three pillars of People, Performance, and Place to take our business to the next level.”
About Vantage Airport Group
Vantage Airport Group is a privately held airport developer, manager, and investor with a history at more than 30 airports around the world. The company’s current network comprises 10 airports, ranging from small destinations to large capital cities in Canada, the U.S., Jamaica, The Bahamas and Cyprus. Vantage’s portfolio includes two major projects in New York: the redevelopment and management of Terminal B at LaGuardia Airport, and the company’s partnership with Jet Blue Airways in the planned redevelopment and management of Terminals 6 and 7 at JFK International Airport. Vantage was founded in 1994 as a subsidiary of Vancouver Airport Authority and is today wholly-owned by funds managed by Corsair Infrastructure Partners. The company has offices in Vancouver, New York, Chicago, and Denver.
About Corsair Capital and Corsair Infrastructure Partners
Founded in 1992, Corsair Capital is a leading global specialist investor. Corsair has a highly regarded private equity platform that has invested in substantially all of the subsectors of the financial services industry including wealth & asset management, payments & financial technology, services, insurance and banking & specialty finance. Since inception, the firm has led or co-led $8 billion of private equity investments. The firm also has a global infrastructure equity sponsorship and investment management business, Corsair Infrastructure Partners, which was established in 2015 and manages a $2.9 billion infrastructure fund. More information on Corsair Infrastructure Partners can be found at www.corsair-infrastructure.com.
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