M&A Deal Summary

QIC and Ullico Acquire Centrio Energy

On February 2, 2021, sovereign wealth fund QIC and Ullico acquired energy services and equipment company Centrio Energy from Enwave Energy for 950M USD

Acquisition Highlights
  • This is QIC’s 2nd and Ullico’s 1st transaction in the Energy Services and Equipment sector.
  • This is QIC’s and Ullico’s largest (disclosed) transaction.
  • This is QIC’s 1st and Ullico’s 1st transaction in the United States.
  • This is QIC’s 1st and Ullico’s 1st transaction in Illinois.

M&A Deal Summary

Date 2021-02-02
Target Centrio Energy
Sector Energy Services and Equipment
Buyer(s) QIC
Ullico
Sellers(s) Enwave Energy
Deal Type Divestiture
Deal Value 950M USD

Target

Centrio Energy

Chicago, Illinois, United States
website
Centrio Energy is a provider of district energy platform in the U.S., offering centralized cooling, heating, and power solutions. Centrio Energy is based in Chicago, Illinois.

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Buyer(S) 2

DESCRIPTION

Queensland Investment Corp (QIC) is a government owned and funded investment group serving the Australian state of Queensland. QIC has a range of investment strategies including private equity, infrastructure, real estate, hedge funds, and equities. QIC was established in 1991 and is based in Brisbane.


DEAL STATS #
Overall 5 of 7
Sector (Energy Services and Equipment) 2 of 2
Type (Divestiture) 1 of 2
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Hobart International Airport

Cambridge, Australia

Hobart International Airport is the principal airport serving the Australian state of Tasmania. The airport has also established a community focused platform to support social, education and environmental initiatives, including a number of local not for profit and conservation groups. Hobart International Airport is based in Cambridge, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-09 Evolution Healthcare

Wellington, New Zealand

Evolution Healthcare is a provider of private hospitals and rehabilitation services in New Zealand and Australia. The company focus on improving the management of private healthcare facilities by attracting and training the best talent, partnering with medical professionals, and healthcare providers to offer patients excellence in healthcare. Evolution Healthcare was founded in 2011 and is based in Wellington, New Zealand.

Buy -
Buyer

Ullico

Washington, District of Columbia, United States

website


Category Company
Founded 1927
Sector Financial Services
DESCRIPTION

Ullico is a labor-owned insurance and investment company that provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Ullico's products are tailored to promote financial security and stability for American workers. Ullico was founded in 1927 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 2
State (Illinois) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-11 Hope Gas

Clarksburg, West Virginia, United States

Hope Gas provides reliable and affordable natural gas, safely, to the people and businesses of the Mountain State. It has been a pioneer in the natural gas sector, taking part in the construction of one of America's first interstate pipelines, which originated in Wetzel County, and building the country's first extraction plant at Hastings. Hope Gas was formed in 1898 and is based in Clarksburg, West Virginia.

Buy $690M

Seller(S) 1

SELLER

Enwave Energy

Toronto, Ontario, Canada

website


Category Company
Founded 1982
Sector Energy Services and Equipment
DESCRIPTION

Enwave Energy is a fully-integrated, sustainable energy services provider that distributes steam and chilled water to over 140 buildings via a 40 km underground pipe network in downtown Toronto. Enwave Energy was founded in 1982 and is based in Toronto, Ontario.


DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1