Macquarie Infrastructure Corporation
Former U.S. infrastructure investment company that owned and operated aviation, bulk-storage, energy-distribution, and district-energy businesses.
Last updated August 26, 2026
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Overview
Macquarie Infrastructure Corporation, formerly organized as Macquarie Infrastructure Company Trust and later as Macquarie Infrastructure Company LLC, was a U.S.-focused infrastructure investment and operating company associated with Sydney-based Macquarie Group Limited. The company was headquartered in New York City and built its portfolio around long-lived, asset-intensive businesses with recurring infrastructure-related revenues rather than around a conventional consumer-facing product brand. Its principal businesses included Atlantic Aviation, which operated a large network of fixed-base aviation facilities in the United States; International-Matex Tank Terminals, commonly known as IMTT, one of the largest bulk liquid storage and handling businesses in the country; MIC Hawaii, formerly Hawaii Gas, a regulated and franchised gas-distribution business; and CP&E, which represented the company's district-energy interests. Together, these operations gave MIC exposure to general aviation services, petroleum and chemical logistics, utility distribution, and energy infrastructure. The company entered the public markets on December 16, 2004, as Macquarie Infrastructure Company Trust, selling 26 million shares at $25 per share and raising $665 million. Its organizational structure changed several times. The trust was succeeded by Macquarie Infrastructure Company LLC in 2007, and in 2015 the LLC was converted into Macquarie Infrastructure Corporation through a one-for-one exchange of membership interests for shares. Macquarie Infrastructure Management (USA) Inc. managed MIC and was also among its significant shareholders. MIMUSA was part of Macquarie Group Limited, although MIC was a separate legal entity. MIC's portfolio changed materially in the late 2010s and early 2020s. Its airport-parking business, Parking Corporation of America Airports, entered an asset sale process after a Chapter 11 bankruptcy filing, while AvPorts was sold in 2009. The company sold its International-Matex Tank Terminals business in 2020 and Atlantic Aviation to KKR & Co. in 2021. These transactions reduced MIC's operating footprint and preceded a broader take-private and restructuring transaction. On July 21, 2022, Macquarie Infrastructure Holdings, LLC announced completion of its merger with an affiliate of Argo Infrastructure Partners, LP. Following the transaction, the company's units were delisted from the New York Stock Exchange. MIC and the renamed Macquarie Infrastructure Holdings, LLC ceased to exist as distinct entities after the related mergers and acquisitions. Macquarie Infrastructure Partners, an organization within Macquarie Asset Management, is sometimes described as a de facto successor because of its comparable infrastructure-investment activities, but it is a separate legal entity and should not be treated as the same company.
History
Macquarie Infrastructure Corporation developed from an infrastructure investment vehicle established under the Macquarie name. The name ultimately referred to Macquarie Bank, whose name honored Lachlan Macquarie, a governor of New South Wales. The Macquarie corporate identity used a stylized representation of Australia's historic holey dollar, a coin associated with Macquarie's administration. The business became publicly traded on December 16, 2004, when Macquarie Infrastructure Company Trust sold 26 million shares at $25 apiece and raised $665 million. Its initial portfolio was assembled around infrastructure activities that could be operated as long-term businesses, including aviation services, storage terminals, energy distribution, and district energy. Rather than manufacturing goods, MIC owned or controlled operating platforms that provided specialized facilities and services to commercial and industrial customers. In January 2006, AvPorts was combined with the Atlantic division. The corporate structure changed on January 1, 2007, when Macquarie Infrastructure Company Trust was succeeded by Macquarie Infrastructure Company LLC. The company subsequently sold AvPorts to Aviation Facilities Company, Inc. on January 1, 2009. Another portfolio difficulty involved Parking Corporation of America Airports, which entered an asset purchase agreement with Bainbridge ZKS - Corinthian Holdings in January 2010 after filing for Chapter 11 bankruptcy protection. MIC became a Delaware corporation in 2015. On May 21 of that year, membership interests in Macquarie Infrastructure Company LLC were exchanged one-for-one for shares of Macquarie Infrastructure Corporation. Throughout this period, Macquarie Infrastructure Management (USA) Inc. managed the company. MIMUSA was a Macquarie Group subsidiary and one of MIC's largest shareholders, but MIC remained legally distinct from Macquarie Group. The portfolio included several significant operating platforms. Atlantic Aviation formed a nationwide fixed-base-operator network serving general aviation. International-Matex Tank Terminals, founded in 1939 and based in New Orleans, owned and operated bulk storage terminals for petroleum products, chemicals, vegetable and tropical oils, and renewable fuels. MIC acquired a 50 percent interest in IMTT in 2006 and assumed full ownership in 2014. MIC Hawaii, formerly Hawaii Gas and before that known as The Gas Company, was Hawaii's franchised gas utility and supplied synthetic natural gas and propane while evaluating liquefied natural gas opportunities. CP&E provided exposure to district-energy businesses. MIC later pursued a substantial divestment program. It completed the sale of IMTT in 2020 and sold Atlantic Aviation to KKR & Co. in 2021. These transactions removed two of its most prominent operating businesses. On July 21, 2022, Macquarie Infrastructure Holdings, LLC announced that it had completed a merger with an affiliate of Argo Infrastructure Partners, LP. The company's units were delisted from the New York Stock Exchange, and MIC and the renamed Macquarie Infrastructure Holdings, LLC ceased to exist following the associated mergers and acquisitions. Macquarie Infrastructure Partners, operated through Macquarie Asset Management, is often viewed as a de facto successor because it has comparable infrastructure holdings, but it is not the same legal entity.
- 2022
Merger and NYSE delisting
[1]Macquarie Infrastructure Holdings completed a merger with an Argo Infrastructure Partners affiliate, after which the company's units were delisted and the entity ceased to exist.
- 2021
Atlantic Aviation sale
[1]KKR & Co. acquired MIC's Atlantic Aviation division.
- 2020
IMTT sale
[1]MIC completed the sale of its International-Matex Tank Terminals business.
- 2015
Conversion into a Delaware corporation
[1]Macquarie Infrastructure Company LLC was converted into Macquarie Infrastructure Corporation through a one-for-one exchange of membership interests for shares.
- 2014
Full ownership of IMTT
[1]The company assumed full ownership of International-Matex Tank Terminals.
- 2009
AvPorts divestiture
[1]AvPorts was sold to Aviation Facilities Company, Inc.
- 2007
Trust reorganized as an LLC
[1]Macquarie Infrastructure Company Trust was succeeded by Macquarie Infrastructure Company LLC.
- 2006
AvPorts joins the Atlantic division
[1]The company's AvPorts operations were merged into its Atlantic aviation division.
- 2006
Macquarie acquires an IMTT stake
[1]Macquarie Infrastructure Group acquired a 50 percent interest in International-Matex Tank Terminals.
- 2004
Public market debut
[1]Macquarie Infrastructure Company Trust sold 26 million shares at $25 per share and raised $665 million.
Products and positioning
A diversified infrastructure owner and operator focused on essential, asset-intensive businesses with transportation, energy, storage, and utility characteristics.
Fixed-base aviation services
Atlantic Aviation
Atlantic Aviation was MIC's aviation-services platform and operated one of the largest fixed-base-operator networks in the United States. Its facilities served general aviation customers at airports, providing the infrastructure and support associated with aircraft handling and private and business aviation. MIC sold the division to KKR & Co. in 2021.
Bulk liquid storage and logistics · 1939
International-Matex Tank Terminals
International-Matex Tank Terminals, founded in 1939 and headquartered in New Orleans, operated bulk storage terminals for petroleum products, chemicals, vegetable and tropical oils, and renewable fuels. Its services included tank leasing, inventory management, heating, blending, transfer, rail and waterfront logistics, packaging, and facility design and construction support. MIC acquired a minority stake in 2006, obtained full ownership in 2014, and sold the business in 2020.
Gas utility and energy distribution · 1904
MIC Hawaii
MIC Hawaii, formerly known as Hawaii Gas and earlier as The Gas Company, was Hawaii's sole franchised gas utility provider. The business supplied synthetic natural gas and propane to approximately 70,000 customers and explored the potential use of liquefied natural gas in Hawaii's evolving energy system. The company was founded in 1904 and underwent a rebranding intended to emphasize its role in the state's energy future.
District energy
CP&E
CP&E represented MIC's controlling interests in two district-energy businesses. These operations formed part of the company's broader strategy of owning infrastructure platforms that supplied energy services to concentrated commercial or institutional customer bases.
Airport parking
Parking Corporation of America Airports
Parking Corporation of America Airports was MIC's airport-parking business. The business entered an asset purchase agreement in 2010 with Bainbridge ZKS - Corinthian Holdings after filing for Chapter 11 bankruptcy protection.
Brand decisions
2022
Merger with an Argo Infrastructure Partners affiliateM&ABackground
After the sales of IMTT and Atlantic Aviation, MIC proceeded with a transaction intended to combine its remaining assets and operations with an infrastructure-investment affiliate.
Action taken
Macquarie Infrastructure Holdings completed its previously disclosed merger with an affiliate of Argo Infrastructure Partners, LP.
Aftermath
The company's units were delisted from the New York Stock Exchange, and MIC and Macquarie Infrastructure Holdings ceased to exist as distinct legal entities. Macquarie Infrastructure Partners is regarded as a separate, de facto successor with similar infrastructure activities.
2021
Sale of Atlantic AviationM&ABackground
Atlantic Aviation was one of MIC's principal operating platforms and represented its exposure to fixed-base aviation services.
Action taken
MIC sold Atlantic Aviation to KKR & Co.
Aftermath
The sale further reduced MIC's operating portfolio and preceded the company's subsequent merger and delisting.
2020
Divestiture of IMTTM&ABackground
MIC was reshaping its portfolio of infrastructure operating businesses.
Action taken
The company completed the sale of International-Matex Tank Terminals.
Aftermath
MIC exited its bulk-storage terminal business before selling Atlantic Aviation and completing its final merger.
2015
Corporate conversionStrategyBackground
Macquarie Infrastructure Company LLC replaced the earlier trust structure and was reorganized as a Delaware corporation.
Action taken
The company exchanged LLC membership interests one-for-one for shares of Macquarie Infrastructure Corporation.
Aftermath
The reorganization established the corporate structure under which MIC operated until its later divestitures and merger.
2010
Sale process for the airport-parking businessM&ABackground
Parking Corporation of America Airports had filed for Chapter 11 bankruptcy protection, creating a need to restructure and sell the business.
Action taken
MIC announced an asset purchase agreement with Bainbridge ZKS - Corinthian Holdings, LLC.
Aftermath
The transaction removed the airport-parking operation from MIC's portfolio.
Recent events
- 2022
Macquarie Infrastructure Holdings completes merger and leaves the NYSE[1]
M&A · Bankruptcy
The company completed its previously announced merger with an affiliate of Argo Infrastructure Partners, LP, after which its units were delisted from the New York Stock Exchange.
- 2021
Atlantic Aviation is sold to KKR[1]
M&A
KKR & Co. acquired MIC's Atlantic Aviation division, including its fixed-base aviation operations.
- 2020
International-Matex Tank Terminals is sold[1]
M&A
MIC completed the sale of its International-Matex Tank Terminals bulk-storage business.
- 2015
Macquarie Infrastructure Company LLC converts to a corporation[1]
Other
Membership interests in Macquarie Infrastructure Company LLC were exchanged one-for-one for shares of a Delaware corporation named Macquarie Infrastructure Corporation.
- 2010
Parking Corporation of America Airports enters asset-sale process[1]
Bankruptcy · M&A
MIC announced that its airport-parking business had entered an asset purchase agreement with Bainbridge ZKS - Corinthian Holdings after the business had filed for Chapter 11 bankruptcy protection.
- 2009
AvPorts is sold to Aviation Facilities Company[1]
M&A
The company sold AvPorts to Aviation Facilities Company, Inc., reducing the scope of its aviation portfolio.
- 2006
AvPorts is merged into the Atlantic division[1]
Other
MIC consolidated its AvPorts aviation operations with its Atlantic division.
- 2004
Macquarie Infrastructure Company Trust completes public offering[1]
Other
The company went public as Macquarie Infrastructure Company Trust, selling 26 million shares at $25 each and raising $665 million.
Sources2 sources
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