Infratil Limited is a New Zealand-based infrastructureinvestment company. It owns airports, electricity generators, retailers and telecommunication networks, with operations in New Zealand and Australia and the US. Infratil was founded by the late Lloyd Morrison, a Wellington-based merchant banker. Morrison's company, H. R. L. Morrison & Co, is responsible for Infratil's management and administration.
History
Infratil was one of the world's first listed infrastructure funds when it was established and listed on the New Zealand Exchange in 1994. Its first investment was a minority stake in Trustpower. It expanded into airport ownership in 1998 when it bought a 66% shareholding in Wellington Airport. Infratil was named Deloitte/Management Magazine Company of the Year in 2007. From its founding in 1994 to 31 March 2018 Infratil delivered average annual returns of 16.6%.
Investments
The following companies are either wholly or partially owned by Infratil.
Energy
Trustpower – 50.76%
Tilt Renewables
Longroad Energy was founded in 2016, and is the reformulated team of First Wind, one of the most successful independent renewable energy development teams in the U.S. Infratil and New Zealand Superannuation Fund own 80% of the business while Longroad Energy Partners an entity held by the Longroad executive team own the remaining 20%.
Former
Z Energy. On 29 March 2010 a consortium owned 50% by Infratil and 50% by the Guardians of New Zealand Superannuation executed a sale and purchase agreement for the acquisition of Shell New Zealand's distribution and retail businesses and 17.1% interest in the New Zealand Refining Company. The agreement was completed on 1 April 2010. Initially named Greenstone Energy, it began to re-brand the service stations as Z in May 2011. Chief executive Mike Bennetts said that the cost of using the Shell brand, believed to be about NZ$10 million a year, was a factor in the decision. Infratil sold the remaining 20% stake in Z Energy in September 2015.
Energy Developments Limited. A holding in Energy Developments Limited was sold into the takeover offer by Greenspark Power Holding Ltd for A$139.9 million in January 2010.
Social infrastructure
RetireAustralia In December 2014 Infratil and its partner, the New Zealand Superannuation Fund, each acquired 50% of RetireAustralia, a retirement operator with headquarters in Brisbane, Australia and over 3600 independent living units and apartments across 28 villages in NSW, SA and QLD.
Infratil Infrastructure Property
Former
Metlifecare. On 25 October 2013 Infratil advised the NZX it was to acquire a 19.9% in Metlifecare New Zealand's second largest village and aged care operator. The agreement was completed on 28 November 2013. On 7 April 2017 Infratil sold its 19.91% holding via a block trade on the NZX.
Lübeck Airport Infratil exercised its put option in respect of its 90% shareholding and ownership has transferred to the City of Lübeck on 30 October 2009
NZ Bus – 100% ownership, purchased in 2005 from Stagecoach. As of 24 December 2018, Infratil is selling NZ Bus to Australian equity firm Next Capital, subject to a consenting process that completed in June 2019.
Snapper Services Limited – 100% ownership through Infratil subsidiary Swift Transportation.
Data and connectivity
CDC Data Centres Infratil has a 48% shareholding alongside Commonwealth Superannuation Corporation and CDC's executive Data centres are facilities that house computer systems, networking, telecommunications and storage infrastructure, they are built with high-redundancy power supplies, environmental controls and security systems.
