M&A Deal Summary

I Squared Capital Acquires Enva

On April 21, 2023, infrastructure investor I Squared Capital acquired environmental company Enva from Exponent Private Equity

Acquisition Highlights
  • This is I Squared Capital’s 3rd transaction in the Environmental sector.
  • This is I Squared Capital’s 2nd transaction in Ireland.

M&A Deal Summary

Date 2023-04-21
Target Enva
Sector Environmental
Buyer(s) I Squared Capital
Sellers(s) Exponent Private Equity
Deal Type Secondary Buyout

Target

Enva

Ireland
Enva is an environmental services platform providing mission-critical, highly specialized, and regulated waste management services in the UK and Ireland. The company conducts waste collection, processing, and resource recovery at 34 facilities across the UK and Ireland, serving more than 20,000 industrial, energy, automotive, and other customers. It focuses on waste streams with complex technical and regulatory characteristics, requiring specialized expertise and licenses. Enva was formed in 1972 and is based in Ireland.

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Buyer(S) 1

DESCRIPTION

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


DEAL STATS #
Overall 41 of 53
Sector: Environmental M&A 3 of 5
Type: Secondary Buyout M&A Deals 6 of 10
Country: Ireland M&A 2 of 2
Year: 2023 M&A 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Whistler Pipeline

United States

Whistler Pipeline is an core energy infrastructure system connecting the Permian Basin’s growing natural gas supply to LNG, Mexico, and Gulf Coast demand. Whistler Pipeline is based in United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 RPower

The Woodlands, Texas, United States

RPower is a power generation company focused on prime and backup power generation solutions. RPower specializes in providing backup generation to companies with mission critical loads; with a focus on serving energy intensive business including the Data Center and Oil & Gas segments. RPower was founded in 2021 and is based in The Woodlands, Texas.

Buy -

Seller(S) 1

SELLER

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.8B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from €150 to €500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.


DEAL STATS #
Overall 24 of 26
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 15 of 16
Country: Ireland M&A 2 of 2
Year: 2023 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Natara

Hartlepool, United Kingdom

Natara is a manufacturer of synthetic and natural base aroma chemicals used in the flavor market. Natara is based in Hartlepool, United Kingdom.

Buy $220M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 Sofius

Veenendaal, Netherlands

Sofius is an independent software testing provider in the Netherlands. It provides comprehensive software testing and quality engineering solutions for its blue-chip clients and their mission-critical systems. Sofius is based in Veenendaal, Netherlands.

Buy -