M&A Deal Summary

Ember Infrastructure and CDPQ Acquire H2O Innovation

On October 3, 2023, infrastructure investor Ember Infrastructure and asset manager CDPQ acquired environmental company H2O Innovation for 395M CAD

Acquisition Highlights
  • This is Ember Infrastructure’s 1st and CDPQ’s 4th transaction in the Environmental sector.
  • This is Ember Infrastructure’s 0th and CDPQ’s 11th largest (disclosed) transaction.
  • This is Ember Infrastructure’s 1st and CDPQ’s 42nd transaction in Canada.
  • This is Ember Infrastructure’s 1st and CDPQ’s 39th transaction in Quebec.

M&A Deal Summary
Date 2023-10-03
Target H2O Innovation
Sector Environmental
Buyer(s) Ember Infrastructure
CDPQ
Deal Type Going Private
Deal Value 395M CAD
Advisor(s) Scotia Capital, Inc. (Scotiabank - Global Banking and Markets) (Financial)
Norton Rose Fulbright (Legal)

Target

H2O Innovation

Quebec City, Quebec, Canada
H2O Innovation is a provider of membrane filtration solutions for water treatment. H2O Innovation was founded in 2000 and is based in Quebec City, Quebec.

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Buyer(S) 2

Buyer

Ember Infrastructure

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2018
Size Large
Type Sector Focused
DESCRIPTION

Ember Infrastructure is a private equity firm focused on acquiring and investing in infrastructure assets that reduce carbon intensity and improve resource efficiency. The Firm targets mid-sized companies and will consider opportunities throughout North America. Specific areas of interest include energy, water, waste, and industrials. Ember Infrastructure was formed in 2018 and is based in New York, New York.

DEAL STATS #
Overall 2 of 2
Sector (Environmental) 1 of 1
Type (Going Private) 1 of 1
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 GWTT

Wharton, New Jersey, United States

GWTT designs manufacture installs, and operates water treatment, air treatment, and soil vapor extraction systems. The company serves customers in the environmental consulting, chemical, pharmaceutical, utility, general industrial, and oil & gas sectors. GWTT was founded in 1996 and is based in Wharton, New Jersey.

Buy -
Buyer

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 97 of 103
Sector (Environmental) 4 of 4
Type (Going Private) 4 of 5
State (Quebec) 39 of 44
Country (Canada) 42 of 47
Year (2023) 7 of 9
Size (of disclosed) 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-20 Vooban

Québec, Quebec, Canada

Vooban supports businesses in designing and implementing AI to accelerate digital transformations. The company's mission is to drive organizational innovation, using AI, data, and IoT to develop high-impact applications. Vooban is based in Québec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-03 Solutions Beyond Technologies

Montreal, Quebec, Canada

Solutions Beyond Technologies specialized in SAP solution integration and business process optimization. We offer intelligent, practical, and innovative solutions that give our clients a competitive edge, in a timely and cost-effective manner. Solutions Beyond Technologies was founded in 2005 and is based in Montreal, Quebec.

Sell -
Mergr

Product

Company

Legal