M&A Deal Summary

Alberta Investment Management and AES Acquire sPower

On February 24, 2017, pension Alberta Investment Management and AES acquired renewable energy company sPower from Fir Tree Partners for 1.6B USD

Acquisition Highlights
  • This is Alberta Investment Management’s 1st and AES’s 3rd transaction in the Renewable Energy sector.
  • This is Alberta Investment Management’s 6th and AES’s 3rd largest (disclosed) transaction.
  • This is Alberta Investment Management’s 4th and AES’s 8th transaction in the United States.
  • This is Alberta Investment Management’s 1st and AES’s 1st transaction in Utah.
Investment Fate
  • sPower merged with another company in 2020.

M&A Deal Summary
Date 2017-02-24
Target sPower
Sector Renewable Energy
Buyer(s) Alberta Investment Management
AES
Sellers(s) Fir Tree Partners
Deal Type Add-on Acquisition
Deal Value 1.6B USD

Target

sPower

Salt Lake City, Utah, United States
website
sPower is an independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK. With 4.0 gigawatts between operating, construction and pipeline, sPower are actively buying select utility-scale renewable assets in virtually any stage of development in the United States. sPower is based in Salt Lake City, Utah.

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Buyer(S) 2

Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

website

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 8 of 30
Sector (Renewable Energy) 1 of 2
Type (Add-on Acquisition) 1 of 3
State (Utah) 1 of 1
Country (United States) 4 of 15
Year (2017) 2 of 6
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-30 Davies

Stoke-on-Trent, United Kingdom

Davies is a specialist professional service and technology business serving the global insurance market. The company delivers professional services and technology solutions across the risk and insurance value chain, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation, and change management. Davies was formed in 1968 and is based in Stoke-on-Trent, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-19 Hayward Industries

Charlotte, North Carolina, United States

Hayward Industries is a manufacturer of residential and commercial pool equipment and industrial flow control products. Hayward markets a full line of energy efficient pool and spa equipment including pumps, filters, heaters, cleaners, salt chlorinators, automation, lighting, safety, and flow control products. Hayward Industries was incorporated in 1925 and is based in Charlotte, North Carolina.

Buy -
Buyer

AES

Arlington, Virginia, United States

website

Category Company
Founded 1981
Sector Utilities
Employees8,162
Revenue 9.7B USD (2020)
DESCRIPTION

AES is a power company that owns and operates a diverse and growing portfolio of electricity generation and distribution businesses, which provide reliable, affordable energy to customers in 21 countries. AES understands that a reliable, affordable supply of electricity is essential to human progress, economic growth, public health and security. The AES was founded in 1981 and is based in Arlington, Virginia.

DEAL STATS #
Overall 10 of 13
Sector (Renewable Energy) 3 of 5
Type (Add-on Acquisition) 9 of 12
State (Utah) 1 of 1
Country (United States) 8 of 11
Year (2017) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-02 AES Armenia Mountain Wind

Mainesburg,, Pennsylvania, United States

AES Armenia Mountain Wind LLC, a 100.5-megawatt (MW) Pennsylvania wind farm. Armenia Mountain consists of 67 General Electric turbines installed in 2009. All of the facility’s energy output is sold through existing power purchase agreements that extend through 2025.

Sell $108M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-20 AES Corp - Shady Point

Poteau, Oklahoma, United States

AES Corp - Shady Point is a coal- and natural gas-fired plant utilizing circulating fluidized bed boilers that produce lower emissions due to their design features and emissions controls.

Sell -

Seller(S) 1

SELLER

Fir Tree Partners

website

Category Asset Manager
Founded 1994
Size Large
Type Sector Agnostic
DESCRIPTION

Fir Tree Partners is a private investment firm that invests globally in public and private companies. Fir Tree Partners was formed in 1994 and is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
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