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M&A Deal Summary

Qualitas Energy Acquires Heelstone

On January 30, 2024, private equity firm Qualitas Energy acquired renewable energy company Heelstone from Ares Private Equity Group

Acquisition Highlights
  • This is Qualitas Energy’s 1st transaction in the Renewable Energy sector.
  • This is Qualitas Energy’s 1st transaction in the United States.
  • This is Qualitas Energy’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2024-01-30
Target Heelstone
Sector Renewable Energy
Buyer(s) Qualitas Energy
Sellers(s) Ares Private Equity Group
Deal Type Secondary Buyout
Advisor(s) Jefferies
Guggenheim Securities (Financial)
Morgan Lewis (Legal)

Target

Heelstone

Chapel Hill, North Carolina, United States
Heelstone is a utility-scale solar developer with expertise in development, construction, operation and finance. Heelstone has developed a portfolio of 500 MW and is actively developing a project pipeline of over 1.5 GW. Heelstone was founded in 2012 and is based in Chapel Hill, North Carolina.

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Buyer(S) 1

Buyer

Qualitas Energy

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 12.0B EUR
Size Mega
Type Sector Focused
DESCRIPTION

DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1

Seller(S) 1

SELLER

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 57 of 59
Sector (Renewable Energy) 3 of 4
Type (Secondary Buyout) 17 of 17
State (North Carolina) 3 of 3
Country (United States) 45 of 47
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-25 AIR

Rochester Hills, Illinois, United States

AIR is an industrial automation company focused on acquiring and facilitating the growth of industrial automation companies serving diverse end markets with strong operational histories and tenured management teams. AIR is based in Rochester Hills, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-08 99¢ Only Stores

Commerce, California, United States

99¢ Only Stores is a unique deep-discount retailer of primarily name-brand consumable general merchandise. We have always delivered great value to our customers, and in these challenging economic times. 99¢ Only Stores was founded in 1982 and is based in Commerce, California.

Sell -
Mergr

Product

Company

Legal