Magic Johnson to invest in LAX train project

JLC Infrastructure, an investment firm formed by Magic Johnson Enterprises and Loop Capital, has teamed up with Gateway Connectors to develop and operate the LAX train, a transportation system that will connect the Los Angeles International Airport‘s central terminal area to the new ground transportation facilities. No financial terms were disclosed.

PRESS RELEASE

LOS ANGELES–(BUSINESS WIRE)–As part of the Los Angeles World Airports (LAWA) multi-billion dollar redevelopment of Los Angeles International Airport (LAX), JLC Infrastructure joins Gateway Connectors, a leading team vying to develop, build and operate the LAX Train, a new “Automated People Mover” which is critical to the LAX modernization program. The LAX Train is a two-mile, six-station train system connecting the airport’s Central Terminal Area to new ground transportation facilities and Metro.

JLC Infrastructure is an investment management firm formed by Magic Johnson Enterprises and Loop Capital with a significant focus on U.S. infrastructure.

“Supporting this project—the LAX Train—is central to our mission of investing in opportunities that enable community engagement and economic growth. During construction and for years ahead with the operations and maintenance of the train systems, this project will engage local, small and minority businesses and employees,” said Earvin “Magic” Johnson. “Gateway Connectors has a great solution for LAX and it is the best positioned team to bring maximum and lasting benefits to Los Angeles. We are committed to working with small, local and disadvantaged businesses to help them grow, while helping individuals build careers using the skillsets learned and enhanced on this project.”

JLC Infrastructure joins Kiewit, Skanska and Meridiam as an equity investor and developer, committed to partnering with LAWA to deliver the LAX Train by investing risk capital and securing long-term financing for the entire project, which is estimated to be the largest public works contract in the history of Los Angeles.

“Our partnership with JLC Infrastructure reflects Gateway Connectors’ commitment to expanding investment opportunities to local and minority investors,” said Jane Garvey, Chairman of Meridiam North America. “Through partnering, subcontracting and direct employment, our Gateway Connectors team is proud to magnify the project’s benefits for the diverse communities of Los Angeles.”

Headquartered in Los Angeles, Gateway Connectors is composed of Kiewit, Skanska, Meridiam and JLC Infrastructure for development, equity investment and financing; Kiewit and Skanska as the construction joint venture; Mitsubishi as designer and supplier of the train operating system; HOK as lead architect; Mott Macdonald and Gannett Fleming for design; and Crystal Mover Services, Inc. and Johnson Controls for operations and maintenance. Gateway Connectors’ members have been responsible for more than 30 airport train systems worldwide, including the PHX Sky Train, AirTrain JFK, and APM systems in Washington, Atlanta, Orlando, Tampa and Miami. For more information, including about subcontracting and employment opportunities, please visit www.GatewayConnectorsLAX.com.

JLC Infrastructure (“JLC”) is an investor and asset management firm focused on the infrastructure sector in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises and currently has approximately $300 million in assets under management (including committed capital) as of September 30, 2017. Since JLC’s launch, the firm has become involved in several prominent airport transactions, including the planned redevelopments of the Denver International Airport Great Hall Terminal and the LaGuardia Airport Central Terminal B. Magic Johnson Enterprises has developed a trusted brand for supporting and investing in communities throughout Los Angeles and is part of the ownership group that operates retail concessions in terminals 4, 5, 7, and 8 at Los Angeles International Airport.

Notes for editors
The LAX Train (Automated People Mover System) is a critical project of the multi-billion dollar capital improvement program to modernize LAX. It will provide reliable, time-certain access to the airline terminals for passengers, employees and other users via a 6-station train system that will connect a new rental car center, airport parking and Metro facilities to the airline terminal. For more information, please visit www.ConnectingLAX.com/solution.html.