ECP Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, ECP has acquired 10 companies. It has also invested in 1 other.

ECP’s most common sectors for investment areenergy services and equipment (31%) and renewable energy (25%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (29%) and stake purchase (17%). In total, ECP has invested in 22 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, ECP has exited 5 companies. The Firm’s most common exit type is trade sale (49%). ECP’s largest (disclosed) exit occurred in 2025 when it sold Calpine for $26.6B.

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M&A Summary

  • M&A Total Activity85
    • M&A Buy Activity56
    • M&A Sell Activity29
  • Total Sectors Invested 10
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 33
  • M&A Advisors 9

ECP

Energy Capital Partners Management, LP

40 Beechwood Road,
Summit, New Jersey 07901
United States
(973) 671-6100
www.ecpgp.com

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.


Investment Criteria

Sectors of Interest: Business Services, Chemicals, Energy Services and Equipment, Environmental, Financial Services, Infrastructure, Manufacturing, Oil/Gas Exploration, Renewable Energy, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.6/yr) # 43 2 5 3 3 - 56
vol $55.1B $3.2B $2.6B $60.9B
Sell (1.0/yr) # 24 - 2 1 1 1 29
vol $1.6B $1.1B $658M $26.6B $30.0B
  85
+27055606570758085455090950

Most Recent M&A

Company Date Value Type
Calpine Corp. 2025-01-10 26.6B USD Trade Sale
Houston, Texas · www.calpine.com
ProEnergy Services LLC 2024-09-05 - Secondary Buyout
Sedalia, Montana · www.proenergyservices.com
NCSG Crane & Heavy Haul Corp. 2024-07-19 - Trade Sale
Acheson, Alberta · www.ncsg.com
Atlantica Sustainable Infrastructure plc 2024-05-28 2.6B USD Going Private
London, United Kingdom · www.atlantica.com
Triple Oak Power LLC 2024-01-09 - Secondary Buyout
Portland, Oregon · www.tripleoakpower.com
Heartland Generation Ltd. 2023-11-02 658M USD Trade Sale
Calgary, Alberta · www.heartlandgeneration.com
Anza Renewables LLC 2023-05-17 - Divestiture
Oakland, California · www.anzarenewables.com
Braya Renewable Fuels 2023-04-20 - Growth Capital
Dallas, Texas · www.brayafuels.com
Biffa Plc 2023-01-27 3.2B GBP Going Private
High Wycombe, United Kingdom · www.biffa.co.uk
Harvestone Low Carbon Partners 2022-12-01 - Buyout (LBO, MBO, MBI)
Underwood, North Dakota · www.harvestonelcp.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Biffa Plc 2023-01-27 Keenan Recycling Ltd. 2024-11-01 3
High Wycombe, United Kingdom · www.biffa.co.uk Aberdeen, United Kingdom · www.keenanrecycling.co.uk
Biffa Plc 2023-01-27 Renewi - UK Municipal 2024-05-30 2
High Wycombe, United Kingdom · www.biffa.co.uk Milton Keynes, United States
Biffa Plc 2023-01-27 Total Recycling Services Ltd. 2023-03-24 1
High Wycombe, United Kingdom · www.biffa.co.uk Darlington, United Kingdom · www.totalrecyclingservices.co.uk
EnergySolutions, Inc. 2013-01-07 EnergySolutions - Projects, Products & Technology Business 2015-11-17 1
Salt Lake City, Utah · www.energysolutions.com , United States
EnergySolutions, Inc. 2013-01-07 Penguin Logistics LLC (dba MHF Services) 2015-04-13 4
Salt Lake City, Utah · www.energysolutions.com Wexford, Pennsylvania · www.mhfservices.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 5 (24%) 400M (6%) 17 (30%) 4.3B (7%)
Renewable Energy 7 (33%) 2.6B (41%) 14 (25%) 3.0B (5%)
Utilities 2 (10%) - 7 (13%) 50.0B (83%)
Business Services 2 (10%) - 5 (9%) -
Environmental 4 (19%) 3.2B (52%) 4 (7%) 3.2B (5%)
Chemicals - - 2 (4%) -
Financial Services 1 (5%) - 2 (4%) -
Manufacturing - - 2 (4%) -
Oil/Gas Exploration - - 2 (4%) -
Construction - - 1 (2%) -
Total 21 $6.2B 56 $60.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (90%) 400M (6%) 53 (95%) 54.7B (90%)
  Texas 3 (14%) 400M (6%) 16 (29%) 50.9B (84%)
  California 2 (10%) - 6 (11%) -
  Colorado 1 (5%) - 4 (7%) -
  New York 1 (5%) - 3 (5%) -
  Massachusetts 1 (5%) - 3 (5%) -
  Minnesota 2 (10%) - 2 (4%) -
  New Mexico 1 (5%) - 2 (4%) -
  Connecticut - - 2 (4%) 1.3B (2%)
  South Carolina - - 2 (4%) 427M (1%)
  West Virginia 1 (5%) - 1 (2%) -
  Utah 1 (5%) - 1 (2%) -
  Pennsylvania 1 (5%) - 1 (2%) -
  Oregon 1 (5%) - 1 (2%) -
  North Dakota 1 (5%) - 1 (2%) -
  Montana 1 (5%) - 1 (2%) -
  Missouri 1 (5%) - 1 (2%) -
  New Hampshire - - 1 (2%) 1.9B (3%)
  North Carolina - - 1 (2%) 101M (< 1%)
  New Jersey - - 1 (2%) -
  Indiana - - 1 (2%) -
  Arkansas - - 1 (2%) -
United Kingdom 2 (10%) 5.8B (94%) 2 (4%) 5.8B (10%)
Canada - - 1 (2%) -
  Alberta - - 1 (2%) -
Total 21 $6.2B 56 $60.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (33%) - 16 (29%) 261M (< 1%)
Divestiture 3 (14%) 400M (6%) 9 (16%) 3.1B (5%)
Stake Purchase - - 9 (16%) 1.3B (2%)
Secondary Buyout 5 (24%) - 7 (13%) -
Going Private 3 (14%) 5.8B (94%) 5 (9%) 55.8B (92%)
Growth Capital 1 (5%) - 5 (9%) -
Joint Venture 1 (5%) - 2 (4%) -
PIPE 1 (5%) - 1 (2%) -
Recapitalization - - 1 (2%) -
Venture - - 1 (2%) -
Total 21 $6.2B 56 $60.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 10 (34%) 1.6B (5%)
Secondary Sale 5 (17%) 1.2B (4%)
Trade Sale 4 (14%) 27.2B (91%)
Bankruptcy 4 (14%) -
IPO 4 (14%) -
Stake Sale 1 (3%) -
Unknown 1 (3%) -
Total 29 $30.0B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
2
BMO Capital Markets
1
Morgan Stanley
1
Legal Deals
Latham & Watkins
12
Kirkland & Ellis
1
Blake, Cassels & Graydon
1

Deal Values

buy # Total
> $1B 6 $59.0B
$100M to $1B 6 $1.9B
TOTAL $60.9B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 2 $27.8B
$100M to $1B 5 $2.1B
< $100M 1 $36M
TOTAL $30.0B
Largest Calpine Corp.
$26.6B (2025-01-10)

M&A Connections

Deals
Acquired from
Investor(s)
11%
6 (11%)
Strategic(s)
14%
8 (14%)
Exited to
Investor(s)
17%
5 (17%)
Strategic(s)
48%
14 (48%)

FAQ

When was ECP founded?

ECP was founded in 2005.

What type of investor is ECP?

ECP is a private equity firm.

Where is ECP headquartered?

ECP is headquartered in Summit, New Jersey.

How much capital does ECP have under management?

ECP has 31.0B USD under management.

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