M&A Deal Summary

BlackRock LTPC Acquires E360S

On February 16, 2023, private equity firm BlackRock LTPC acquired environmental company E360S from Canadian Business Growth Fund, OPTrust Private Markets Group and Oaktree Capital Management

Acquisition Highlights
  • This is BlackRock LTPC’s 1st transaction in the Environmental sector.
  • This is BlackRock LTPC’s 1st transaction in Canada.
  • This is BlackRock LTPC’s 1st transaction in Ontario.

M&A Deal Summary

Date 2023-02-16
Target E360S
Sector Environmental
Buyer(s) BlackRock LTPC
Sellers(s) Canadian Business Growth Fund
OPTrust Private Markets Group
Oaktree Capital Management
Deal Type Secondary Buyout
Advisor(s) BMO Capital Markets (Financial)
Miller Thomson (Legal)

Target

E360S

Aurora, Ontario, Canada
E360S is an environmental management company providing solutions to municipalities and Industrial, Commercial, and Institutional customers. With operations across ten Canadian cities in Ontario, Alberta, and British Columbia, E360S was founded in 2018 and is based in Aurora, Ontario.

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Buyer(S) 1

Buyer

BlackRock LTPC

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 320M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

BlackRock LTPC is the direct investing arm of asset manager and financial services company BlackRock. The Group looks to make long-term, control investments of at least $500 million in large companies throughout North America and Western Europe. BlackRock LTPC is based in New York, New York.


DEAL STATS #
Overall 10 of 12
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 6
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2023 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-02 Alacrity Solutions

Fishers, Indiana, United States

Alacrity Solutions is a provider of outsourced claims management solutions to insurance carriers. Alacrity was formed in 1976 and is based in Fishers, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-26 Creed

New York, New York, United States

Creed is a luxury heritage fragrance company that possesses a distinct collection of timeless and sophisticated perfumes, including the iconic Aventus. Creed was founded in 1760 and is based in New York.

Sell -

Seller(S) 3

SELLER
DESCRIPTION

Canadian Business Growth Fund (CBGF) is an independent, evergreen growth?capital investment fund backed by Canadian banks and insurance companies. The Firm looks to provide minority equity investments ranging from CAD?5 to?20?million in mid?market Canadian businesses with solid revenue and growth trajectories. CBGF was formed in 2018 and is based in Toronto, Ontario.


DEAL STATS #
Overall 3 of 6
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 2
State: Ontario M&A 3 of 5
Country: Canada M&A 3 of 6
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-04 ChangeMakers

Calgary, Alberta, Canada

ChangeMakers is an owner, operator and builder of the foremost marketing, communications and engagement agencies. With international coverage and full-service capabilities, ChangeMakers serves mid-market North American clients with digital marketing, social media, public relations and affairs, content and production, media services, strategy and research. ChangeMakers is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-22 Specialty Medical Partners

Toronto, Ontario, Canada

Specialty Medical Partners partner with medical specialists across North America to provide health and care for their patients. Specialty Medical Partners was formed in 2021 and is based in Toronto, Ontario.

Buy -
DESCRIPTION

OPTrust Private Markets Group is the private equity arm of OPTrust, a Canadian pension fund administrator that oversees the OPSEU Pension Plan. The Private Markets Group looks to build a diversified portfolio of private equity and infrastructure assets. The private equity group focuses on making buyout and growth capital investments, as well as investments which generate steady streams of cash flows with a moderate level of growth and lower volatility. The infrastructure investment group focuses on principal and platform investment opportunities in transportation, communications, power generation, resource extraction, midstream energy, utilities, water and waste water, and waste management. The OPTrust Private Markets Group was formed in 2005 and is headquartered in Toronto.


DEAL STATS #
Overall 5 of 5
Sector: Environmental M&A 2 of 2
Type: Secondary Buyout M&A Deals 2 of 2
State: Ontario M&A 2 of 2
Country: Canada M&A 2 of 2
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-25 AmeriVet

San Antonio, Texas, United States

AmeriVet partners with experienced established veterinarians looking to adapt and grow their practices and provides best-in-class operational resources to support their success. Its joint venture partnership model has proven popular amongst veterinarians. AmeriVet was formed in 2016 and is based in San Antonio, Texas.

Sell -
SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 78 of 90
Sector: Environmental M&A 3 of 3
Type: Secondary Buyout M&A Deals 23 of 27
State: Ontario M&A 1 of 1
Country: Canada M&A 3 of 3
Year: 2023 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Sterling

Phoenix, Illinois, United States

Sterling is a North American provider of access, crane, and outrigger mats to owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines. Sterling also provides turnkey matting solution services, including access planning, site preparation, mat installation and removal, and site restoration. Sterling’s matting solutions help protect the environment, increase construction efficiency, and play a critical role in ensuring jobsite safety. Sterling was founded in 1949 and is based in Phoenix, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-08 WHP Global

New York City, New York, United States

WHP Global acquires and manages consumer brands. The Company seeks out and acquires global consumer brands across all category verticals, and then focuses on building those brands in high-growth distribution channels including digital commerce platforms, product licensing, and through global expansion. WHP Global was founded in 2019 and is based in New York City, New York.

Buy -