Antin Infrastructure Partners agreed to acquire a majority stake in GTL Leasing, a lessor of gaseous hydrogen transportation and storage equipment in North America. GTL represents the sixth investment for NextGen Fund I, its second in North America and first in the hydrogen industry. GTL adds another next generation infrastructure theme to the fund, which already has investments in smart grids (SNRG and PearlX), EV charging (Powerdot and RAW Charging) and recycling (JV with Enviro Systems and Michelin).
Antin’s investment will significantly enlarge the GTL platform, broaden its product portfolio and allow GTL to pursue opportunities with blue chip customers. GTL’s management team, led by Michael Koonce, who will remain CEO, will continue to leverage its operational experience and relationships throughout the hydrogen industry.
“With Antin as our long-term strategic partner, we are well positioned to accelerate our market leading position in specialized hydrogen equipment leasing to include cryogenic hydrogen transport and storage, compressor/dispenser platforms for fuel cell electric vehicle growth and fuel cell generators,” Koonce said. “We will continue to deliver operational excellence and provide flexibility to our customers. Antin’s experience in the transport and energy sectors will bring valuable expertise and collaboration.”
“This significant capital investment by Antin will allow us to meet our customers’ real time infrastructure needs including the many transit agencies transitioning their fleets to hydrogen-powered vehicles which are in need of storage, compression and fueling solutions,” Delisa Leighton, president of GTL Leasing, said.
“We are very pleased to have GTL Leasing join Antin’s growing platform in North America, which now includes seven investments across our Flagship, Mid Cap and NextGen strategies,” Nathalie Kosciusko-Morizet and Stephan Feilhauer, NextGen partners at Antin, said. “This acquisition aligns perfectly with our vision of driving sustainable energy solutions and the ‘grey to green’ transition in logistics.”
Armistead Street Capital Partners served as strategic advisor to GTL Leasing on the transaction, and Moscone Emblidge & Rubens served as legal counsel. Orrick, Herrington & Sutcliffe provided legal counsel to Antin.
With no material conditions precedent outstanding, closing of the transaction is anticipated to occur within the next month.
