M&A Deal Summary

KKR Acquires Avantus

On March 20, 2024, private equity firm KKR acquired renewable energy company Avantus from Upper Bay Infrastructure Partners and JPMorgan Chase

Acquisition Highlights
  • This is KKR’s 7th transaction in the Renewable Energy sector.
  • This is KKR’s 188th transaction in the United States.
  • This is KKR’s 41st transaction in California.

M&A Deal Summary

Date 2024-03-20
Target Avantus
Sector Renewable Energy
Buyer(s) KKR
Sellers(s) Upper Bay Infrastructure Partners
JPMorgan Chase
Deal Type Secondary Buyout
Advisor(s) Scotia Capital, Inc. (Scotiabank - Global Banking and Markets) (Financial)

Target

Avantus

Los Angeles, California, United States
website
Avantus is a developer of solar PV and storage projects. The company supports solar and energy storage development throughout the project lifecycle from selecting a project site through operations and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. Avantus was founded in 2009 and is based in Los Angeles, California.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 427 of 429
Sector (Renewable Energy) 7 of 7
Type (Secondary Buyout) 101 of 103
State (California) 41 of 41
Country (United States) 188 of 189
Year (2024) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-11 mdf commerce

Longueuil, Quebec, Canada

mdf commerce enables the flow of commerce by providing a broad set of software-as-a-service (SaaS) solutions that optimize and accelerate commercial interactions between buyers and sellers. The company's platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. mdf commerce was founded in 1996 and is based in Longueuil, Canada.

Buy CA$255M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-27 Acteon

Norwich, United Kingdom

Acteon is a global oilfield services provider focusing on the provision of subsea services and products. Acteon was founded in 1989 and is based in Norwich, United Kingdom.

Sell -

Seller(S) 2

DESCRIPTION

Upper Bay Infrastructure Partners is a private investment firm focused on infrastructure and other real assets throughout North America. Upper Bay targets both mature, stable assets and growth-oriented infrastructure investments in partnership with operators and developers. Specific areas of interest include transportation, power & utilities, midstream, and telecommunications. Upper Bay Infrastructure Partners was established in 2018 and is based in New York City.


DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-07 Infiniti Energy

Howell, New Jersey, United States

Infiniti Energy is an innovative, full-service solar power developer. The company specializes in the development and acquisition of commercial and industrial solar assets in both the src and private sector nationwide. Infiniti Energy was founded in 2015 and is based in Howell, New Jersey.

Buy -
SELLER

JPMorgan Chase

New York, New York, United States

website


Category Company
Founded 1799
Sector Financial Services
Employees296,877
Revenue 128.7B USD (2022)
DESCRIPTION
Entrance to Chase Tower in downtown Chicago, Illinois.
Entrance to Chase Tower in downtown Chicago, Illinois.

JPMorgan Chase is a US-based financial institution in the United States with assets of $2.4 trillion. JPMorgan has operations in more then 60 countries, 240,000 employees, and serves millions of consumers, small businesses and corporate, institutional and government clients. The Company provides investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. JPMorgan Chase was founded in 1799 and is based in New York, New York.


DEAL STATS #
Overall 11 of 11
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 3 of 3
Country (United States) 9 of 9
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-14 Sibanye Stillwater

Weltevredenpark, South Africa

Sibanye Stillwater is an independent mining group domiciled in South Africa, Sibanye currently owns and operates high-quality gold and platinum operations. Sibanye is the largest individual producer of gold from South Africa and is one of 10 largest gold producers globally and the world’s fifth largest producer of platinum group metals (PGMs). Sibanye Stillwater was founded in 2013 and is based in Weltevreden Park, South Africa.

Buy -