M&A Deal Summary

Antares Capital, Fortistar Renewables, The Prudential Insurance Company of America, John Hancock Life Insurance and SDCL Energy Efficiency Income Trust Acquire Primary Energy Recycling

On December 17, 2014, private equity firm Antares Capital, Fortistar Renewables, The Prudential Insurance Company of America, John Hancock Life Insurance and SDCL Energy Efficiency Income Trust acquired energy services and equipment company Primary Energy Recycling from EPCOR Utilities

Acquisition Highlights
  • This is Antares Capital’s 1st, Fortistar Renewables’ 1st, The Prudential Insurance Company of America’s 1st, John Hancock Life Insurance’s 1st and SDCL Energy Efficiency Income Trust’s 1st transaction in the Energy Services and Equipment sector.
  • This is Antares Capital’s 16th, Fortistar Renewables’ 2nd, The Prudential Insurance Company of America’s 1st, John Hancock Life Insurance’s 1st and SDCL Energy Efficiency Income Trust’s 1st transaction in the United States.
  • This is Antares Capital’s 3rd, Fortistar Renewables’ 1st, The Prudential Insurance Company of America’s 1st, John Hancock Life Insurance’s 1st and SDCL Energy Efficiency Income Trust’s 1st transaction in Illinois.

M&A Deal Summary

Date 2014-12-17
Target Primary Energy Recycling
Sector Energy Services and Equipment
Buyer(s) Antares Capital
Fortistar Renewables
The Prudential Insurance Company of America
John Hancock Life Insurance
SDCL Energy Efficiency Income Trust
Sellers(s) EPCOR Utilities
Deal Type Divestiture

Target

Primary Energy Recycling

Oak Brook, Illinois, United States
Primary Energy Recycling is a developer, owner and operator of power and thermal cogeneration systems onsite at industrial facilities. Primary Energy Recycling was founded in 2003 and is based in Oak Brook, Illinois.

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Buyer(S) 5

Buyer

Antares Capital

Miami, Florida, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 17 of 55
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 3
State (Illinois) 3 of 7
Country (United States) 16 of 54
Year (2014) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Movati Athletic

Etobicoke, Ontario, Canada

Movati Athletic is a premium fitness concept that offers amenities such as group fitness classes, pools, basketball courts, women’s-only sections, childcare and a common area for weight training and cardio to more than 95,000 members. Movati Athletic was founded in 1997 and is based in Etobicoke, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-15 LSQ Funding

Orlando, Florida, United States

LSQ Funding is a technology-enabled provider of invoice and supply chain finance solutions to small and mid-sized businesses across a range of industries and geographies within the United States. The Company primarily provides factoring and asset-based lending solutions and helps clients outsource the back-office administration of accounts receivable management and expedite the cash conversion cycle. LSQ was founded in 1996 and is founded in Orlando, Florida.

Buy -
Buyer

Fortistar Renewables

White Plains, New York, United States

Category Company
Founded 1974
Sector Renewable Energy
DESCRIPTION

Fortistar Renewables LLC provides renewable energy services.


DEAL STATS #
Overall 2 of 4
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 2 of 3
State (Illinois) 1 of 1
Country (United States) 2 of 4
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-15 Gas Recovery Systems

Livermore, California, United States

Gas Recovery Systems LLC provides oil and gas porjects. GRS has a portfolio of 29 landfill gas to energy projects across the U.S. W

Buy $90M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-20 Castleton Power

Castleton-on-Hudson, New York, United States

Castleton Power LLC is a 72 megawatt (MW) gas-fired combined cycle power plant located in Castleton-on-Hudson, NY.

Buy -
Buyer

The Prudential Insurance Company of America

Newark, New Jersey, United States

Category Company
Founded 1873
Sector Insurance
DESCRIPTION

The Prudential Insurance Company of America, Inc., provides insurance services.


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 (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-09-19 Mt. McKinley Insurance

Liberty Corner, New Jersey, United States

Mt. McKinley Insurance Co., is a insurance service provider.

Sell $52M
Buyer

John Hancock Life Insurance

Boston, Massachusetts, United States

Category Company
Founded 1862
Sector Insurance
DESCRIPTION

John Hancock Life Insurance Company provides insurance and investment products and services to retail and institutional customers.


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 (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-07 Gregory Cogeneration Plant - Corpus Christi

Corpus Christi, Texas, United States

Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant.

Sell $244M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 John Hancock Life Insurance - Group Payout Annuity business

Boston, Massachusetts, United States

John Hancock Life Insurance Co., Inc. - Group Payout Annuity business includes 100% reinsurance of a closed block of group annuities.

Sell -
Buyer

SDCL Energy Efficiency Income Trust

London, United Kingdom

Category Company
Sector Energy Services and Equipment
Revenue 82M GBP (2022)
DESCRIPTION

SDCL Energy Efficiency Income Trust invests exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.


DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 1
State (Illinois) 1 of 2
Country (United States) 1 of 2
Year (2014) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 Ironclad Energy Partners

Lombard, Illinois, United States

Ironclad Energy Partners was formed with power industry veterans for the purpose of acquiring, developing, owning, operating and making capital investments in middle-market power and utility infrastructure assets. Together with Stonepeak, Ironclad plans to acquire power generation, district energy and utility assets and improve them commercially, technically, and/or operationally, in order to increase their value to customers and investors.

Buy -

Seller(S) 1

SELLER

EPCOR Utilities

Oak Brook, Illinois, United States

Category Company
Founded 2001
Sector Utilities
DESCRIPTION

EPCOR Utilities, Inc. is owned and operates electrical, natural gas and water transmission and distribution networks, water, and wastewater treatment facilities and sanitary and stormwater systems, and infrastructure in Canada and the United States.


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 (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Primary Energy Recycling

Oak Brook, Illinois, United States

Primary Energy Recycling is a developer, owner and operator of power and thermal cogeneration systems onsite at industrial facilities. Primary Energy Recycling was founded in 2003 and is based in Oak Brook, Illinois.

Buy $380M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 Brooke Water

Arizona, United States

Brooke Water LLC is an owns and operates six water systems. Brooke Water was founded in 1995 and is based in Arizona.

Buy -