I Squared Capital

I Squared Capital is an independent private equity firm specializing in infrastructure investments across various sectors, including energy, utilities, telecommunications, and transportation. The company operates globally, with a focus on North America, Europe, Asia, and Latin America. By concentrating on these critical sectors, I Squared Capital aims to identify and capitalize on opportunities that enhance infrastructure development and efficiency in diverse markets.

Ross Berger

Vice President

Gautam Bhandari

Managing Partner

Peter L. Corsell

Partner

Tim Formuziewich

Managing Director

Manish Prakash

President and Chief Business Officer

David Rosenblum

Credit Fund Partner

50 past transactions

1NCE

Venture Round in 2025
1NCE GmbH is a provider of Internet data connectivity services, specializing in narrowband and low bandwidth connections for business-to-business applications. Founded in 2017 and headquartered in Cologne, Germany, the company offers a unique IoT Flat Rate plan that provides reliable cellular connectivity and software services in 140 countries worldwide. This plan allows for a one-off payment of $10 for a decade of service, making it an affordable option for various IoT applications, including smart utilities, asset tracking, and vehicle telematics. 1NCE's offerings include multimode-support SIM cards that facilitate mobile communication between devices, ensuring global network coverage and scalable solutions for its clients. With a workforce of around 200 employees, the company also maintains offices in several international locations including Amsterdam, Hamburg, and Miami.

Priority Power

Acquisition in 2024
Priority Power Management, LLC is an independent energy management and consulting firm based in Midland, Texas, with additional offices across the state. Established in 2001, the company specializes in providing a comprehensive range of services tailored to the needs of commercial and industrial clients. Its offerings include energy information management, supply management, demand management, and risk management services. Specifically, Priority Power assists clients with utility bill processing, energy procurement, facility energy audits, demand response programs, and the development of risk management strategies. The firm aims to act as an extension of its clients' teams, helping them navigate the complexities of energy supply, information, and demand management to achieve significant cost savings and improved operational efficiency. Priority Power serves various sectors, including oil and gas, healthcare, commercial real estate, and financial services, positioning itself as a trusted partner in energy management.

KODE Labs

Series B in 2024
KODE Labs is a building management platform founded in 2017 and headquartered in Dover, Delaware. The company specializes in developing smart building software that optimizes energy consumption and equipment runtime across various facilities. KODE Labs provides a vendor-agnostic solution that empowers users with intuitive technology and data, facilitating streamlined processes and operational efficiencies. Its platform is designed to integrate all building systems, enabling stakeholders to make informed decisions that enhance overall performance and sustainability.

Rubis

Acquisition in 2024
Rubis is an independent international operator focused on the downstream oil and chemicals sector, with its activities organized into three main areas: distribution of liquefied petroleum gas (LPG) and fuel oils, bulk liquid storage, and support services. The company specializes in niche markets and maintains control over its supply infrastructures to achieve competitive product costs and strong market positions. Since 2000, Rubis has expanded its presence across three continents through direct investments and acquisitions. Its product offerings include service station fuels, industrial diesel, aviation fuels, and both bottled and bulk LPG. Additionally, Rubis is a leading independent provider of liquid product storage services in France and Northern Europe, handling petroleum, chemicals, fertilizers, and vegetable oils. The company further enhances its operations with specialized infrastructure to support product inflows and outflows, primarily in the Caribbean and Africa, focusing on logistics and supply chain services that facilitate downstream distribution and marketing activities.

WOW Logistics

Acquisition in 2024
WOW Logistics is a logistics company specializing in multi-temperature warehousing services, including food-grade ambient, refrigerated, and freezer storage. Founded in 1977 and headquartered in Neenah, Wisconsin, the company operates 11 facilities across two states, encompassing 6 million square feet of warehouse space, with 22 million cubic feet dedicated to refrigeration. In addition to warehousing, WOW Logistics offers solutions in transportation, operations, real estate development, and commodity purchasing, with a strong emphasis on food safety. The company employs a state-of-the-art warehouse management system to enhance its operational efficiency and provide integrated supply chain alternatives for businesses.

CheckSammy

Venture Round in 2024
CheckSammy is a waste removal company that provides same-day bulk waste removal and sustainability services. It serves as a single point of contact for customers seeking comprehensive niche waste and recycling management services and helps clients track waste data on each job. It also operates a two-sided marketplace, connecting independent waste haulers and service providers with enterprise customers. The marketplace model allows national contracting and service coverage across North America, at a competitive price point, delivering meaningful value to end customers.

ThayerMahan

Series C in 2024
ThayerMahan is a maritime technology company focused on delivering comprehensive autonomous marine solutions. It specializes in the deployment, operation, and analysis of data gathered through advanced acoustic and electronic sensors, which are integrated into various host platforms tailored to meet specific client missions. The company develops innovative underwater technologies aimed at addressing maritime security concerns, thereby enhancing the monitoring of physical and environmental security across the world's oceans. ThayerMahan's solutions play a crucial role in safeguarding maritime food supplies, trade routes, industrial infrastructure, and borders, fundamentally transforming how clients approach maritime monitoring and security.

Arriva Group

Acquisition in 2023
Arriva Group is a public transport operator in European countries.

MaxSolar

Debt Financing in 2023
MaxSolar is an energy company that produces electricity from wind and solar systems.

Rent.com.au

Acquisition in 2023
Rent.com.au Limited operates as a leading rental property website in Australia, established in 2007 and headquartered in Burswood. The platform connects tenants, property agents, and non-agent landlords, creating a comprehensive marketplace for rental listings. It accommodates a wide range of contributors, including real estate agents, private landlords, property managers, builders, developers, retirement services, and universities. Rent.com.au features two primary operating segments: Rent.com.au and RentPay, with the majority of its revenue generated from the Rent.com.au segment. The company aims to streamline the rental process by accepting inquiries from various listers, making it a versatile resource for both renters and property owners in the Australian rental market.

PreAct Technologies

Series B in 2023
PreAct Technologies, founded in 2018 and based in Portland, Oregon, specializes in developing advanced automotive safety technologies aimed at reducing fatalities and injuries from crashes. The company focuses on bridging the gap between collision avoidance systems and active safety technology through its patent-pending suite of sensor technologies, computing systems, and countermeasure algorithms. By predicting and preparing vehicles and their occupants for imminent collisions, PreAct's innovations aim to significantly decrease injuries associated with common types of crashes, ultimately saving the automotive industry billions of dollars annually. The firm is led by experienced automotive professionals, with a team skilled in computer vision, optics, and parallel processing, building on over 15 years of research funded by DARPA in high-speed optics and computing systems.

Enva

Acquisition in 2023
Enva Group specializes in waste management, recycling, and resource recovery services, catering primarily to the industrial, commercial, construction, and public sectors. The company focuses on both hazardous and non-hazardous waste, aiming to recover raw materials from difficult-to-manage waste streams. By converting these materials into new, sustainable products, Enva enables its clients to minimize environmental pollution while achieving cost-effective solutions. The company's commitment to resource recovery supports the circular economy and promotes the reuse of materials that would otherwise be discarded.

ThayerMahan

Venture Round in 2023
ThayerMahan is a maritime technology company focused on delivering comprehensive autonomous marine solutions. It specializes in the deployment, operation, and analysis of data gathered through advanced acoustic and electronic sensors, which are integrated into various host platforms tailored to meet specific client missions. The company develops innovative underwater technologies aimed at addressing maritime security concerns, thereby enhancing the monitoring of physical and environmental security across the world's oceans. ThayerMahan's solutions play a crucial role in safeguarding maritime food supplies, trade routes, industrial infrastructure, and borders, fundamentally transforming how clients approach maritime monitoring and security.

Gram Power

Acquisition in 2023
Gram Power sets up energy efficient Smart Microgrids in remote areas to provide on-demand, reliable electricity to telecom towers and rural households with an affordable prepaid purchase model.

PreAct Technologies

Series B in 2023
PreAct Technologies, founded in 2018 and based in Portland, Oregon, specializes in developing advanced automotive safety technologies aimed at reducing fatalities and injuries from crashes. The company focuses on bridging the gap between collision avoidance systems and active safety technology through its patent-pending suite of sensor technologies, computing systems, and countermeasure algorithms. By predicting and preparing vehicles and their occupants for imminent collisions, PreAct's innovations aim to significantly decrease injuries associated with common types of crashes, ultimately saving the automotive industry billions of dollars annually. The firm is led by experienced automotive professionals, with a team skilled in computer vision, optics, and parallel processing, building on over 15 years of research funded by DARPA in high-speed optics and computing systems.

KODE Labs

Venture Round in 2022
KODE Labs is a building management platform founded in 2017 and headquartered in Dover, Delaware. The company specializes in developing smart building software that optimizes energy consumption and equipment runtime across various facilities. KODE Labs provides a vendor-agnostic solution that empowers users with intuitive technology and data, facilitating streamlined processes and operational efficiencies. Its platform is designed to integrate all building systems, enabling stakeholders to make informed decisions that enhance overall performance and sustainability.

VLS Environmental Solutions

Acquisition in 2022
VLS Environmental Solutions is a leader in Marine Services with state-of-the-art barge cleaning and repair facilities for a wide variety of chemical solvents and downstream petroleum products. In addition to Marine Services, VLS also provides Waste and Railcar Cleaning Services. The Company's Waste Services division provides customized waste processing solutions, including landfill diversion and sustainability programs.

Tarana Wireless

Venture Round in 2022
Tarana Wireless, Inc. is focused on the research, development, and commercialization of non-line-of-sight (NLoS) wireless transport solutions. Its flagship product, AbsoluteAir 2 (AA2), offers advanced capabilities such as deterministic True NLOS performance, extensive coverage, and high spectral efficiency. The company provides a comprehensive solution, including installation services by construction-grade crews and a carrier-class element management system for configuring and monitoring AA2 nodes. Tarana's technology supports a variety of applications, including small-cell backhaul, wireless fiber extension, and residential broadband access, catering primarily to tier-1 operators globally. Founded in 2009, the company is headquartered in Milpitas, California, with additional offices in Berkeley and Pune, India.

Palmetto Clean Technology

Series C in 2022
Just as technology has advanced society and delivered exciting consumer products, like Tesla cars and the iPhone, tech innovation is empowering homeowners across the country to join the New Utility Revolution. Palmetto’s clean energy marketplace and custom software tools help homeowners quickly estimate utility cost-savings and get renewable energy sources up and running, with ongoing data insights and support. For individuals, this innovation means lower utility bills, more transparency, control over energy use, increase in property value, and protection against power outages. When adopted en masse, a clean energy shift is a major step towards combating climate change and achieving American energy independence.

Epirus

Series C in 2022
Epirus, Inc. is a company focused on developing advanced defense technologies that utilize artificial intelligence and directed energy systems. Based in Hawthorne, California, it specializes in solid-state, software-defined high-power microwave systems designed to counter unmanned aircraft and other asymmetric threats. The company's flagship product, ELECTROMAGNETIC PULSE, functions as a drone countermeasure by delivering multiple beams simultaneously, effectively disrupting and neutralizing aerial threats. Additionally, Epirus employs AI and computer vision to enhance its capabilities in detecting and tracking various targets of interest. Founded in 2018, Epirus aims to provide innovative solutions for both national security and commercial applications, optimizing power management and efficiency in electronic warfare scenarios.

Yalla Fel Sekka

Series A in 2022
YFS is a technology platform that offers instant delivery for B2B, B2C, and C2C customers within urban communities. Our business model is both unique and scalable allowing us to serve both small/large size businesses and individual customers. Through our diverse fleet and strong operations team, we are able to instantly serve multiple verticals including groceries, pharmacies and e-commerce. Our service also allows us to act as a growth catalyst for SMBs by helping them access a booming e-commerce market with minimal investment in their logistics infrastructure.

1NCE

Venture Round in 2022
1NCE GmbH is a provider of Internet data connectivity services, specializing in narrowband and low bandwidth connections for business-to-business applications. Founded in 2017 and headquartered in Cologne, Germany, the company offers a unique IoT Flat Rate plan that provides reliable cellular connectivity and software services in 140 countries worldwide. This plan allows for a one-off payment of $10 for a decade of service, making it an affordable option for various IoT applications, including smart utilities, asset tracking, and vehicle telematics. 1NCE's offerings include multimode-support SIM cards that facilitate mobile communication between devices, ensuring global network coverage and scalable solutions for its clients. With a workforce of around 200 employees, the company also maintains offices in several international locations including Amsterdam, Hamburg, and Miami.

SOILCO

Acquisition in 2021
SOILCO manages state of the art organics recycling facilities that produce innovative and world’s best products and services that meet the soil improvement needs of Eastern Australia.

HTEC Hydrogen Technology & Energy

Private Equity Round in 2021
HTEC is a privately held company located in North Vancouver British Columbia, Canada dedicated to realizing the opportunities presented from the exciting new Hydrogen Energy Systems such as Fuel Cells that are being developed around the world.

THINK Gas

Private Equity Round in 2021
THINK Gas operates in the Indian City Gas Distribution (CGD) industry, focusing on the development and management of CGD infrastructure. The company is the result of a merger between AG&P Pratham and THINK Gas, combining their expertise and resources to enhance service delivery. THINK Gas holds multiple authorizations from the Petroleum and Natural Gas Regulatory Board (PNGRB) to provide city gas services across various states in India. The company supplies natural gas to residential, commercial, and industrial sectors, facilitating the use of cleaner energy sources. THINK Gas is dedicated to expanding its network and enhancing the accessibility of natural gas for consumers in different regions, contributing to the overall growth of the CGD market in India.

Kio Networks

Acquisition in 2021
KIO Networks is a digital infrastructure company that specializes in offering a wide range of services through its extensive platform of data centers. With two decades of experience, the company provides carrier-neutral colocation services and managed services that include cloud solutions, cybersecurity, and business applications. KIO Networks serves a diverse clientele, comprising hyper-scale enterprises, telecom companies, technology providers, financial institutions, corporations, and government entities. By leveraging advanced technology, KIO Networks delivers efficient solutions such as advanced analytics, cloud monitoring, and business management services, enabling its clients to optimize their operations and enhance their digital capabilities.

Transportation Equipment Network

Acquisition in 2021
Transportation Equipment Network encompasses the operations of Star Leasing, CTL, Cooling Concepts, and NETS Leasing, delivering comprehensive solutions for the semi-trailer industry. The company specializes in trailer leasing and fleet management, offering services such as custom breakdown data reporting, analytics, and lease maintenance. Additionally, Transportation Equipment Network provides emergency trailer breakdown and repair management services, enhancing operational efficiency for its clients. Their mobile application facilitates real-time requests for roadside assistance and tracking of repairs, enabling businesses to improve productivity and reduce costs. By addressing trailer breakdown issues and offering tailored services, Transportation Equipment Network positions itself as a leader in the transportation equipment sector.

Atlantic Power

Acquisition in 2021
Atlantic Power Corporation is an independent power producer that owns and operates a diverse portfolio of power generation assets across nine states in the United States and two provinces in Canada. As of December 31, 2019, the company managed twenty-one operating projects with a total electric generating capacity of approximately 1,723 megawatts on a gross ownership basis. Atlantic Power primarily sells electricity and steam to investment-grade utilities and other large customers through long-term Power Purchase Agreements (PPAs) designed to minimize exposure to commodity price fluctuations. The company's projects are diversified by geography, fuel type, technology, and customer base, with expertise in various fuel types including gas, hydro, and biomass. Founded in 2004 and headquartered in Dedham, Massachusetts, Atlantic Power ensures that the majority of its projects are fully owned and directly operated, thereby maintaining control over operations and maintenance.

InfoFabrica

Acquisition in 2020
Infofabrica is an IT consulting organization that specializes in hybrid and multi clouds consulting and managed services. InfoFabrica was founded to guide customers and partners in APAC through IT Cloud transformation era. Over the past 5 years, InfoFabrica has become a leading regional hybrid cloud managed service provider and consulting partner advising customer journey to cloud, migrating to cloud and managing customer hybrid cloud environment. Whether you need consolidate your existing infrastructure, or you are designing a new data centre, they are confident you will be pleased with the results they provide. As a consulting firm, their core assest is the talent pool they have. They attract, develop, recognise and retain the best talent for their business. This is their core value. Their company is highly entrepreneurial and agile while their consultants bring a diverse and comprehensive range of skills to enable customers to achieve high performance business. Their consultants foster long-term partnerships with customers by being trusted advisor being responsive and by consistently creating and delivering value.

Global Telecom & Technology (GTT)

Acquisition in 2020
Global Telecom & Technology (GTT) is a provider of cloud networking services tailored for multinational enterprises, carriers, and government clients across the globe. The company specializes in wide area networking solutions, including software-defined wide area networking and multiprotocol label switching, as well as high-bandwidth Internet connectivity and IP transit. GTT also offers managed equipment and security services, along with unified communication solutions that encompass cloud communication and traditional voice services. Their transport services include Ethernet and video transport for high-quality media transmission. GTT's infrastructure services facilitate high-volume data transport between data centers and enterprise locations, and they provide advanced solutions such as security and hybrid cloud services. With an extensive IP network comprising approximately 600 points of presence, GTT delivers custom-fit telecommunications solutions through both direct sales and indirect channels. Founded in 2005 and headquartered in McLean, Virginia, GTT emphasizes a consultative approach, utilizing over a decade of industry experience to enhance network performance and security for its clients.

Rubis Terminal

Private Equity Round in 2020
Rubis Terminal is distribution of petroleum products and bulk-liquid storage.

Ocensa

Secondary Market in 2020
Ocensa Colombia's crude oil transportation system.

Yalla Fel Sekka

Seed Round in 2019
YFS is a technology platform that offers instant delivery for B2B, B2C, and C2C customers within urban communities. Our business model is both unique and scalable allowing us to serve both small/large size businesses and individual customers. Through our diverse fleet and strong operations team, we are able to instantly serve multiple verticals including groceries, pharmacies and e-commerce. Our service also allows us to act as a growth catalyst for SMBs by helping them access a booming e-commerce market with minimal investment in their logistics infrastructure.

Mep Infrastructure Developers

Post in 2018
Mep Infrastructure Developers is an Indian infrastructure company established in 2002 and headquartered in Mumbai. The firm focuses on the construction, operation, and maintenance of road infrastructure, primarily serving central and state road authorities. It operates in several business segments, including toll collection, operation and maintenance, and construction. A significant portion of its revenue is derived from toll collection and maintenance services. The company emphasizes an innovative and technologically advanced business model that is largely self-funded and asset-light, making it efficient and easy to manage. Mep Infrastructure Developers also provides toll management services, assisting clients with the complexities of toll system implementation and operation, including the installation of electronic toll and cash collection systems as well as communication networks.

TIP Group

Acquisition in 2018
TIP specializes in trailer leasing, rental, maintenance and repair as well as other value added services and provides these to transportation and logistics customers across Europe. Headquartered in Amsterdam, TIP services its customers from over 70 locations in Europe, spread over 16 countries. With approximately 50,000 units in its fleet, TIP Trailer Services is considered an industry leader with one of the largest and most diverse fleets in Europe.

IC Power

Acquisition in 2018
IC Power is a fast-growing global power generation and distribution company. It engages in the ownership, development, and operation of power generation facilities in Israel, Latin America, and the Caribbean. It generates electricity through various fuels, including natural gas, hydroelectric, diesel, heavy fuel oil, and wind.

Pinnacle Midstream II

Acquisition in 2017
Pinnacle Midstream LLC is a midstream services provider based in Houston, Texas, specializing in supporting oil and gas producers. Founded in 2014, the company offers a range of services including natural gas gathering and processing, crude oil gathering and stabilization, transloading, storage, produced water gathering, and saltwater disposal. Pinnacle Midstream focuses on creating strategic partnerships with producers to enhance the efficiency and profitability of their operations. By utilizing advanced technology and tailored solutions, Pinnacle aims to deliver products to market more quickly than competitors, thereby maximizing revenue for its partners. The company operates as a subsidiary of EagleClaw Midstream Services, LLC, and has established itself as a key player in various North American basins by meeting the energy infrastructure needs of its clients.

Hutchison Global Communications

Acquisition in 2017
Hutchison Global Communications Limited (HGC) is a subsidiary of Hutchison Telecommunications Hong Kong Holdings Limited (HTHKH, stock code: 0215), a well-established integrated telecommunications operator listed on the Main Board of The Stock Exchange of Hong Kong Limited. HTHKH, a member of CK Hutchison Holdings Limited, provides fixed-line services under the HGC brand and m​obile services under the 3 brand.

Duke Energy International - Latin American Businesses

Acquisition in 2016
Duke Energy International - Latin American Businesses

Viridian Group

Acquisition in 2016
Viridian has invested over €600 Million in thermal generation in the RoI and through the provision of Power Purchase Agreements (PPAs), has supported third party investments of around €600 Million in renewable generation assets throughout Ireland. Viridian Group has always been at the forefront of innovation and was the first independent energy company to enter the deregulated market to offer competitive electricity to Irish businesses in 1999.

Lincoln Clean Energy

Acquisition in 2016
LCE is a developer, owner, and operator of clean power projects with a particular focus on wind and solar power in the United States. LCE has successfully developed projects involving over $2 billion in capital investment in some of the largest electricity markets in the US (including Texas, California and New Jersey). In late 2015 LCE was acquired by I Squared Capital through its $3 billion ISQ Global Infrastructure Fund. Following this transaction, LCE is now positioned to be the long term owner of the projects it develops. Building on its strong track record in project development, LCE plans to deploy in excess of $250 million of equity capital as it builds out its backlog of development projects.

Western UP Tollway

Acquisition in 2016
Western UP Tollway Limited focuses on the construction, operation, maintenance, and tolling of National Highway 58 in Uttar Pradesh, India. Established in 2005 and based in Hyderabad, the company operates on a build-operate-transfer model. The project, which connects Meerut and Muzaffarnagar, has been operational since 2011 and involves various enhancements, including strengthening and four-laning of the highway. As a subsidiary of Cube Highways and Infrastructure Pte. Ltd., Western UP Tollway Limited plays a significant role in improving road infrastructure in the region.
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