6.6.6.2Vertical

Private Toll Road Operators

Companies owning and operating toll roads under concession agreements.

Market snapshot

These figures describe Toll Road & Highway Operations (6.6.6), the segment that Private Toll Road Operators sits within — not Private Toll Road Operators on its own.

Market size
~$5B
Growth
~7.9%CAGR (2017–22, nominal)
Companies
~3,900
FragmentationConsolidatingEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 488490 (other support activities for road transportation) — includes toll and highway operations; most U.S. highways are publicly operated and outside this figure.

Business model & economics

Revenue model

Toll revenue and concession/operations contracts

Key economics

Recurring revenue
High

recurring toll and concession revenue

EBITDA margin
Strong

long-life concession economics

Capex intensity
High

Characteristics

  • Global concessionaires (Transurban, Cintra, Abertis).
  • Congestion pricing and managed/express lanes growing.
  • P3/concession model brings private capital to roads.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Toll-road concessionaires
  • Infrastructure funds & investors
  • Tolling-technology providers

What’s driving deals

  • Concession and P3 privatization of roads.
  • Congestion pricing and express-lane growth.
  • All-electronic tolling technology.

Find Private Toll Road Operators acquisition targets

Search Acquisera’s index for companies classified under Private Toll Road Operators (6.6.6.2) and build a targeted deal pipeline.

Search companies