CVC DIF, the infrastructure strategy of CVC Capital Partners, has signed an agreement to sell American Roads to John Laing Group, a leading international investor and active manager of core infrastructure assets. The transaction is subject to customary regulatory approvals and other closing conditions, including required antitrust clearances in the United States.
American Roads is a U.S.-based transportation infrastructure platform that owns and operates a portfolio of toll road assets. The portfolio includes three bridges in Alabama with perpetual operating rights and the concession-lease for the American side of the Detroit–Windsor Tunnel, a strategically important cross-border tunnel connecting Detroit, Michigan with Windsor, Canada. Across its facilities, American Roads serves approximately seven million trips annually, providing critical connectivity for commuters and regional businesses.
CVC DIF acquired American Roads in 2018 through its DIF Infrastructure V fund. During its ownership, the firm implemented a defined value creation plan focused on strengthening operational resilience and positioning the platform for sustainable long-term growth. This included close engagement with management to optimise operating practices across the portfolio and establish a capital structure designed to support ongoing investment and operational flexibility.
The ownership period also included navigating the Covid-19 pandemic, during which the platform maintained service availability despite significant operational disruption and a sharp decline in passenger travel. The business was subsequently positioned for recovery as traffic volumes stabilised. CVC DIF also supported the development of an experienced management team aligned with the platform’s long-term institutional ownership profile.
The exit forms part of CVC DIF’s broader programme of disciplined portfolio rotation and reflects continued investor demand for high-quality, long-duration infrastructure assets supported by stable fundamentals. The transaction underscores the firm’s focus on returning capital to investors, supported by its dedicated divestments team.
CVC DIF was advised on the transaction by Macquarie Capital (financial), A&O Sherman (legal), KPMG (FDD and tax), Infrata (technical, ESG and traffic) and Marsh (insurance).
KEY QUOTES
“American Roads is a strong illustration of CVC DIF’s active ownership and long-term approach to infrastructure investing. Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets. We are pleased to have agreed this transaction with John Laing, a highly experienced infrastructure investor, and believe American Roads is very well positioned to continue delivering critical connectivity in its next phase of ownership.”
Andrew Freeman, Partner and Head of Divestments at CVC DIF
“Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets.”
Andrew Freeman, Partner and Head of Divestments at CVC DIF
