BUYER POOL ANALYSIS
Selling a Infrastructure to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 25.41x across 13 disclosed deals (P25: 6.5x, P75: 33.37x). Median EV/Revenue 1.83x across 8 deals. Median deal value: $300M.
- How many disclosed transactions?
- 13 deals total (4 from 2018+), filtered to Strategic / Industry acquirers of infrastructure businesses.
- Most active buyers
- Public Sector Pension Investment Board (1) · Atlas Arteria Limited (1) · 7577702 Canada Inc. (1) · OMERS Administration Corporation (1) · Ontario Teachers' Pension Plan Board (1) · Trinity Industries, Inc. (1)
Recent disclosed deals
Strategic / Industry acquisitions of infrastructure businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | 407 International Inc. | Public Sector Pension Investment Board | $1661.6M | 28.8x | 24.97x |
| 2022 | Skyway Concession Company, LLC | Atlas Arteria Limited | $3396.7M | 43.2x | 37.50x |
| 2019 | 407 International Inc. | 7577702 Canada Inc. | $2441.2M | 30.9x | 26.85x |
| 2019 | 407 International Inc. | OMERS Administration Corporation | $2433.7M | 31.7x | 27.49x |
| 2015 | Skyway Concession Company, LLC | Ontario Teachers' Pension Plan Board | $2836.0M | 43.4x | 37.79x |
| 2009 | Quixote Corp. | Trinity Industries, Inc. | $75.5M | 25.4x | 0.88x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to infrastructure businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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