Northborne Partners

MINNEAPOLIS, MN, September 13, 2023 – Northborne Partners is pleased to announce it served as the exclusive financial advisor to Conrac Solutions (“CS” or the “Company”) in connection with its acquisition by Meridiam. Conrac Solutions was a portfolio company of US InfraVest. Financial terms were not disclosed.

Conrac Solutions has established a leading position in developing and operating consolidated rent-a-car facilities in partnership with airports and the rent-a-car industry across the U.S. Conrac Solutions’ facilities deliver a centralized, more efficient car rental experience for travelers and multiple decongestion and decarbonization benefits to airports, making Conrac Solutions a priority partner for airport authorities and managers.

Michael Minerva, Conrac Solutions’ CEO commented, “Meridiam is the ideal long-term partner for Conrac Solutions. Not only does this acquisition demonstrate confidence in our unique business model and outstanding team, it paves the way for continuing to provide optimal services to the rent-a-car industry and airports across the country with a strong strategic partner aligned at the intersection of airport infrastructure, mobility, and the important ongoing objectives of environmental impact and operational efficiency.” About Northborne’s involvement, Michael Minerva commented, “The Northborne team’s acquisitions experience was instrumental in allowing Conrac Solutions to navigate complex negotiations and ultimately complete the transaction to support our continued growth.”

Ben Marks, Managing Director at Northborne, commented “Conrac Solutions pioneered a differentiated tenant development model which has had significant success supported by macro trends in the U.S. airport environment including increased private capital investment and the trend towards outsourcing of certain services. It has been a privilege working with the CS team and we look forward to seeing the Company’s continued progress under Meridiam’s ownership.”

Allen & Overy LLP served as legal counsel to Conrac Solutions and the sellers.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare, industrials and business services sectors. It specializes in advising private-equity-owned and closely held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit https://northborne.com/.

About Conrac Solutions

Conrac Solutions is an innovative sector leader pioneering consolidated rent-a-car facility project delivery, operations and finance within the mobility infrastructure and aviation space. Borne out of the unique combined needs of airports and rent-a-car industry mobility providers, CS methodology provides a collective solution for on-airport rent-a-car tenant needs, enhanced traveler experience and reduced mobility environmental footprint. Conrac Solutions operates across 10 states at 13 airports. For more information, please visit https://www.conracsolutions.com/.

About US InfraVest

US Infravest Managers LP (“US InfraVest”) is a standalone investment manager supported with committed capital from long-term institutional investors. The US InfraVest team combines infrastructure and private equity investing expertise with development and management experience, partnering with exceptional operational management teams to drive returns. US InfraVest concentrates on value add and opportunistic infrastructure investments focusing on operating businesses in the North American transportation, logistics and infrastructure sectors. For more information, visit www.usinfravest.com.

About Meridiam

Meridiam is a leading infrastructure developer, investor and manager, committed to delivering sustainable and resilient infrastructure that delivers positive impact for communities for the long term. Meridiam is an independent investment Certified B Corporation™ and an asset manager that specializes in development, financing, and long-term management of sustainable infrastructure assets in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions. Meridiam was founded in 2005 and is based in Paris, France. For more information, please visit https://www.meridiam.com/.