3i Group has announced it has agreed to invest alongside management in Smarte Carte International Holdings, Inc., a concessionaire of infrastructure equipment, increasing its participation in the North American infrastructure sector.

With over 140,000 owned units consisting primarily of airport baggage carts and self-storage lockers, the Company serves the global travel and leisure industry. The enterprise value of the transaction is US$385 million.

Over the last 50 years of successful operations, the company has sustained market leadership in airport baggage carts, self-storage lockers and other vended equipment through long-term customer contracts. Smarte Carte’s average customer relationship is over 24 years. Recently, the company was selected as the preferred vendor for customized delivery lockers for the United States Postal Service pilot programme.

With 80% of Smarte Carte’s revenue derived within the U.S., the company is poised for additional domestic and international growth. 3i will appoint Greg Hart, Chief Operating Officer for United Airlines, as a non-executive director to the Smarte Carte board of directors (alongside two 3i directors), to help guide this future growth. 

Ed Rudis, President & CEO, Smarte Carte, added:

“We look forward to working with 3i and rolling management equity alongside 3i’s equity investment. We feel that the 3i team’s approach, sector knowledge and international presence make them the right partner to support the next stage of Smarte Carte’s growth.”