Macquarie Asset Management announced it has acquired a majority stake in DynaGrid Holdings, one of the largest US utility service providers focused on maintaining, upgrading, and building transmission and substation infrastructure. DynaGrid is based in Dallas and primarily operates across the Sunbelt and the Midwest.
The deal is the first for Macquarie Asset Management’s new strategy of investing in high-quality, stable businesses that provide services, products, and technologies to infrastructure end markets across North America and Western Europe. The strategy will be led by Andrew Olinick, who has joined Macquarie as a Senior Managing Director and has over 20 years’ experience investing in private businesses across the US and Europe.
This investment capitalizes on Macquarie Asset Management’s knowledge, networks, and experience as an infrastructure investor. And the dedicated team for this strategy expects to benefit in investment sourcing, diligence and value creation by leveraging Macquarie Asset Management’s three decades of infrastructure expertise and the deep networks of the firm, its employees, and portfolio companies. The new initiative builds upon the success of a similar strategy in the Asia Pacific region that was established in 2006 and is led by Eric Kim.
Harris Williams acted as financial advisor to Macquarie Asset Management in this transaction. And Guggenheim Securities acted as financial advisor to DynaGrid in this transaction.
KEY QUOTES:
“This investment is an exciting first step in growing our specialized strategy. Given positive structural tailwinds in the infrastructure sector, we believe DynaGrid is poised for significant growth and can benefit from our specialized expertise.”
– Andrew Olinick
“For over a decade, DynaGrid has provided safe high quality technical services that thrive in demanding environments. We welcome Macquarie Asset Management’s experience and footprint as we continue to scale our business and serve as a vital partner for electrical utilities and EPC companies.”
– Charlie Ferrara, CEO of DynaGrid
“Macquarie Asset Management’s investment in DynaGrid is an exciting partnership for us as we continue to provide exceptional service for our customers maintaining and building critical electrical infrastructure.”
– Kendrew Witt, President of DynaGrid
“We have a relentless commitment to providing our clients with diversified solutions that address their long-term capital needs. Andrew and his team will be able to capitalise on the strength of our infrastructure experience, by identifying opportunities that are both well-suited for our clients’ portfolios and aligned to our investment capabilities. It’s why we are excited by this new growth opportunity for our business.”
– Leigh Harrison, Global Head of Real Assets for Macquarie Asset Management
