Corsair Infrastructure Partners’ newly established investment fund has closed on the acquisition of Vantage Airport Group from Gateway Infrastructure Investments, another CIP-managed fund, according to a 4 February press release.
The new CIP-managed fund, Corsair Vantage Partners, is a perpetual partnership with no fixed duration, and is 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.
The acquisition also creates an attractive realization event for Gateway, which has owned Vantage since 2008.
Vantage is teaming with JetBlue Airways and others on the planned redevelopment of JFK Airport Terminals 6 and 7, and also on the redevelopment and management of Terminal B at LaGuardia Airport Aside from the New York-based airport, Vantage has a pipeline of 10 other airport projects in Canada, US and Jamaica.
The new fund used Simpson Thacher (legal) to advise on the deal. Gateway used Credit Suisse (financial) and Blakes llp (legal) to advise on the deal.
Financial terms of the transaction were not disclosed.
Corsair Capital launched a process earlier this year to sell three of the four assets in its Gateway Infrastructure Partners Fund in an effort to maximize exit value for Gateway while staying invested in the assets going forward, with the right LP alignment and ownership vehicle for each, said a source close to the situation. Along with Vantage, this also included an equity stake in Spanish toll road concessionaire Itinere, and a 75% stake in DP World Australia.
In late January, Gateway sold its equity in DP World Australia to DP World and new investment funds managed by Corsair in a deal which gives DP World Australia an enterprise value of AUD 1.4bn (EUR 880m). Dutch pensioner APG and Corsair acquired its 59.2% stake in Itinere at a EUR 1.3bn (USD 1.48bn) equity valuation, according to a company press release.