Jacmel Partners has announced the acquisition of a minority equity stake in LaGuardia Gateway Partners (LGP), which manages the LaGuardia Airport’s Terminal B, located in New York City, US.
The minority-owned alternative investment firm acquired the stake through its Jacmel Infrastructure platform with the backing of GCM Grosvenor.
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This investment marks the inaugural venture for Jacmel Infrastructure, a platform dedicated to enhancing critical infrastructure across North America.
LGP is the private entity responsible for the redevelopment and management of Terminal B, which has undergone a transformation under a long-term public-private partnership (P3) with the Port Authority of New York and New Jersey.
The redevelopment project, which commenced in 2022, represents a $5.1bn investment and is claimed to be one of the largest transportation infrastructure initiatives in the history of the US.
Jacmel’s connection with LGP was established through Arora Engineers, a company within Jacmel’s portfolio since 2022, which has provided engineering services for the airport.
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By GlobalDataJacmel co-managing partner Nick Jean-Baptiste said: “The terminal will be a critical piece of infrastructure—for both the local community and for travellers from around the globe—for decades to come.
“Our team immediately recognised it as a fantastic opportunity, and we’re very proud to take a stake in and provide clients exposure to this meaningful, long-term P3 investment.”
Terminal B’s redevelopment has achieved notable recognitions, including being the first airport project globally to receive LEED v4 Gold Certification from the US Green Building Council.
Additionally, it has been awarded the Envision Platinum Award for its commitment to sustainable practices by the Institute for Sustainable Infrastructure.
Recently, LaGuardia Airport was recognised by Skytrax as the best airport in North America for domestic and short-haul international travel, according to Jacmel.
In 2023, Skanska agreed to sell its 32% stake in LGP. Following the Skanska sale, Meridiam owned a 48% stake in LGP, which also oversees the investment, development, and operation of the reconstructed 35-gate terminal.
