M&A Deal Summary

EQT Acquires Cypress Creek Renewables

On July 3, 2021, private equity firm EQT acquired renewable energy company Cypress Creek Renewables from New Energy Capital Partners and HPS Investment Partners

Acquisition Highlights
  • This is EQT’s 4th transaction in the Renewable Energy sector.
  • This is EQT’s 41st transaction in the United States.
  • This is EQT’s 7th transaction in California.

M&A Deal Summary

Date 2021-07-03
Target Cypress Creek Renewables
Sector Renewable Energy
Buyer(s) EQT
Sellers(s) New Energy Capital Partners
HPS Investment Partners
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley (Financial)
Kirkland & Ellis (Legal)

Target

Cypress Creek Renewables

Santa Monica, California, United States
website
Cypress Creek Renewables is a developer and long-term owner of solar energy projects with development assets in markets across the United States. Their business model is focused on utility-scale ground mount projects from 2-20MW AC in capacity. Cypress Creek Renewables was founded in 2014 and is based in Santa Monica, California.

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Buyer(S) 1

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 50.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 253 of 287
Sector (Renewable Energy) 4 of 6
Type (Secondary Buyout) 74 of 89
State (California) 7 of 9
Country (United States) 41 of 52
Year (2021) 16 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-02 Iver

Stockholm, Sweden

Iver is a Swedish managed IT services provider with capabilities for full IT outsourcing, providing their clients with contracted services, including hosting, cloud, and application management. Iver has managed to build strong customer relationships in Sweden and Norway by combining dedicated customer focus with high-quality IT solutions. Iver was formed in 2018 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Igenomix

Valencia, Spain

Igenomix engages in women’s health and reproductive genetic testing services for IVF clinics. The Company support c. 90,000 couples per year with a global footprint of 19 laboratories covering +80 countries. Igenomix was founded in 2011 and headquartered in Valencia, Spain.

Sell €1.3B

Seller(S) 2

SELLER

New Energy Capital Partners

Hanover, New Hampshire, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2004
Size Small
Type Sector Focused
DESCRIPTION

New Energy Capital is a private investment firm focused on acquiring and investing in renewable energy projects. New Energy looks for controlling interests in biomass, including landfill gas and animal waste-to-energy projects; combined heat and power projects at commercial and industrial facilities; and ethanol and biodiesel projects. New Energy looks for North American opportunities requiring $20 to $200 million of capital. New Energy Capital is based in Hanover, New Hampshire.


DEAL STATS #
Overall 4 of 4
Sector (Renewable Energy) 2 of 2
Type (Secondary Buyout) 1 of 1
State (California) 2 of 2
Country (United States) 4 of 4
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-19 AltAir Fuels

Paramount, California, United States

AltAir Fuels develops and operates projects for the production of low carbon fuels and chemicals derived from sustainable feedstocks. The company is a refiner of environmentally sustainable feedstocks for the production of jet and diesel fuels. AltAir’s initial facility is the world’s first renewable fuels refinery with integrated jet fuel production capability. AltAir Fuels was founded in 2008 and is based in Paramount, California.

Sell -
SELLER

HPS Investment Partners

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HPS Investment Partners is a global investment firm that seeks to provide capital solutions clients. The Firm manages various strategies across the capital structure that include syndicated leveraged loans and high yield bonds to privately negotiated senior secured debt and mezzanine investments, asset-based leasing and private equity. The Firm looks to invest in companies large and small, through standard or customized solutions. HPS was formed in 2007 and is based in New York City.


DEAL STATS #
Overall 1 of 2
Sector (Renewable Energy) 1 of 2
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-19 Marlin Capital Solutions

Mount Laurel, New Jersey, United States

Marlin Capital Solutions is a nationwide provider of capital solutions to small businesses with a mission of helping small businesses fulfill their American dream. Our products and services are offered directly to small businesses and through financing programs, with independent equipment dealers and other intermediaries. Marlin Capital Solutions was founded in 1997 and is based in Mount Laurel, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-29 Nucleus Financial Platforms

Salisbury, United Kingdom

Nucleus Financial Platforms is a retirement-focused adviser platform that can empower advisers to help clients evolve long-term financial planning needs. Nucleus Financial Platforms is based in Salisbury, United Kingdom.

Buy -