Overview

Headquartered in White Bear Lake, Minnesota, Smarte Carte is a leading supplier and manager of vended equipment in the travel and leisure industry. The company owns and manages baggage carts as the sole provider in 125 locations (including 49 of the top 50 airports in the U.S.). The company also owns and manages lockers and other consumer-rental equipment in amusement parks, fitness clubs, shopping malls and ski resorts.

Investment rationale

• Market leader across multiple product segments
• The aging population demographic, increasing international travel, growth in leisure travel and an increasing middle class are driving growth of the market
• Greg Hart, Chief Operating Officer for United Airlines, joined as a non-executive director to help guide the company’s future growth
• Partner with management to grow company’s global footprint, especially in Europe through our established track record in the airport sector with Belfast City Airport and TCR

Regulatory information 
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.