2 minute read | June.20.2024
Private equity firm Antin Infrastructure Partners has agreed to acquire a majority stake in GTL Leasing, the leading lessor of gaseous hydrogen transportation and storage equipment in North America.
Orrick advised Antin.
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €31 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors.
GTL Leasing was established in 2013 and has grown exponentially over the last 10 years to become the leading lessor of high-pressure gaseous hydrogen transport and storage equipment. Though hydrogen transports represent the majority of GTL’s fleet, GTL also leases trailers that contain other gases such as breathing air, nitrogen and compressed natural gas.
GTL represents the sixth investment for Antin’s NextGen Fund I, its second in North America and first in the rapidly expanding 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).
GTL benefits from significant tailwinds within the North American hydrogen market, especially the sharply increasing demand for low-carbon H2 in the zero-emission logistics and material handling end markets. Antin’s investment will significantly enlarge GTL’s platform, broaden its product portfolio and allow GTL to pursue a robust pipeline of opportunities with blue chip customers.
“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. This acquisition aligns perfectly with our vision of driving sustainable energy solutions and the ‘grey to green’ transition in logistics,” said Nathalie Kosciusko-Morizet and Stephan Feilhauer, NextGen Partners at Antin.
Orrick’s David Ruff and King Milling led the team that advised Antin. The team also included Joe Roger, Justin Montis, Stephen Chao and Lois Emmanuel.