If you've flown in a small plane or had a cold drink of water in a building in Chicago, you may have done business with Macquarie Infrastructure Company. Its Atlantic Aviation Services unit provides fixed-base operations (FBO), including fueling and aircraft storage services, at about 70 US airports. Another unit, The Gas Company, is Hawaii's only government franchised gas company. It also has a stake in District Energy, a firm that provides chilled water in Chicago and heating and cooling to a casino complex in Las Vegas. The company holds a 50% stake in International-Matex Tank Terminals. Australia-based Macquarie Bank's Macquarie Infrastructure Management (USA) manages Macquarie Infrastructure Company.
The firm is one of several Macquarie affiliates (including the similarly named Macquarie Infrastructure Group) that invest in infrastructure-related businesses. The company believes that its family connections give it an edge in identifying solid acquisition candidates and in managing the businesses once they are brought into the fold.
With the economic downturn impairing air travel in the US, Macquarie Infrastructure Company's Parking Company of America Airports (PCAA) was forced to file for bankruptcy protection in early 2010. Bainbridge ZKS bid a reported $111.5 million for PCAA, but Commercial Financial Services won the company with its $141 million offer.
Macquarie Infrastructure conducted a review of its fixed base operations (FBO) business (its main segment, with nearly 70% of sales) in 2010 for the purpose of weeding out units with little growth opportunities. As a result of the review, Macquarie Infrastructure Company sold its FBO businesses at Fresno Yosemite International Airport and Cleveland Cuyahoga County Airport in early 2011. Conversely, the company will begin FBO activities at Oklahoma City's Will Rogers World Airport in mid-2011. The Will Rogers' operations will work in conjunction with facilities at the nearby Wiley Post Airport. In mid-2011 the company acquired Flightcraft, a company that provides FBO at the Portland International and Eugene airports.
Over the years, Macquarie Infrastructure Company has diversified by acquiring Hawaii-based natural gas utility The Gas Company and a 50% stake in International-Matex Tank Terminals, an operator of bulk liquid storage facilities. The company sold 49.9% of its District Energy unit to a division of John Hancock Financial Services in late 2009.
James Hooke took over as CEO of Macquarie Infrastructure Company in May 2008, succeeding Peter Stokes who plans to return Australia. Hooke has been with the company since 2007 and previously held senior positions at Fairfax Media and Bain & Company. – less
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