M&A Deal Summary

PSP Investments and IMCO Acquire NeXtWind Capital

On August 9, 2023, pension PSP Investments and asset manager IMCO acquired renewable energy company NeXtWind Capital from Crestline Investors for 750M USD

Acquisition Highlights
  • This is PSP Investments’ 4th and IMCO’s 1st transaction in the Renewable Energy sector.
  • This is PSP Investments’ 10th and IMCO’s largest (disclosed) transaction.
  • This is PSP Investments’ 5th and IMCO’s 3rd transaction in the United Kingdom.

M&A Deal Summary

Date 2023-08-09
Target NeXtWind Capital
Sector Renewable Energy
Buyer(s) PSP Investments
IMCO
Sellers(s) Crestline Investors
Deal Type Secondary Buyout
Deal Value 750M USD

Target

NeXtWind Capital

London, United Kingdom
NeXtWind Capital is a renewable energy company specializing in acquiring and repowering onshore wind farms. NeXtWind Capital is based in London, United Kingdom.

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Buyer(S) 2

Buyer

PSP Investments

Investor Investor Investor Investor Investor


Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 29 of 29
Sector (Renewable Energy) 4 of 4
Type (Secondary Buyout) 9 of 9
Country (United Kingdom) 5 of 5
Year (2023) 2 of 2
Size (of disclosed) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Radius Global Infrastructure

Bala Cynwyd, Pennsylvania, United States

Radius Global Infrastructure is an owns and acquires critical digital infrastructure, including ground, tower, rooftop and in-building cell sites, in over 20 countries across North and South America, Europe, and Australia. Radius Global Infrastructure is based in Bala Cynwyd, Pennsylvania.

Buy $3.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-22 Galderma

Zug, Switzerland

Galderma is a global skincare company offering medical and consumer skin health solutions through three business units; aesthetics and prescription and consumer health. Galderma was founded in 1981 and is based in Zug, Switzerland.

Sell -
Buyer

IMCO

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2016
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investment Management Corporation of Ontario (IMCO) is an asset manager focused on North American and European companies. IMCO invests in a variety of strategies including credit, infrastructure, private equity, and real estate. Within private equity, the Firm invests in a range of sectors including business services, consumer products, technology, media and communications, healthcare, and financial services. IMCO was founded in 2016 and is headquartered in Toronto, Ontario.


DEAL STATS #
Overall 5 of 5
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 3 of 3
Country (United Kingdom) 3 of 3
Year (2023) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-20 Northvolt

Stockholm, Sweden

Northvolt is a European supplier of sustainable, high-quality battery cells and systems. Northvolt has made swift progress on its mission to deliver lithium-ion battery with a minimal CO2 footprint and has grown to over 4,500 people from over 110 different nationalities. Northvolt was founded in 2016 and is based in Stockholm, Sweden.

Buy -

Seller(S) 1

DESCRIPTION

Crestline Investors is an alternative investment firm that specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. The Firm was formed in 1997 and is based in Forth Worth, Texas.


DEAL STATS #
Overall 3 of 3
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 3 of 3
Country (United Kingdom) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-27 Ntiva

Mclean, Virginia, United States

Ntiva provides a full suite of outsourced IT services, including onsite support, remote monitoring, cloud services, backup and disaster recovery, and strategic consulting. The company enables its customers to outsource their IT infrastructure, allowing them to improve their performance, reduce costs and enhance security. Ntiva was founded in 2004 and is based in Mclean, Virginia.

Sell -