M&A Deal Summary

The Blackstone Group Acquires NRStor

On March 4, 2020, private equity firm The Blackstone Group acquired renewable energy company NRStor from Fengate Asset Managment

Acquisition Highlights
  • This is The Blackstone Group’s 4th transaction in the Renewable Energy sector.
  • This is The Blackstone Group’s 5th transaction in Canada.
  • This is The Blackstone Group’s 2nd transaction in Ontario.

M&A Deal Summary
Date 2020-03-04
Target NRStor
Sector Renewable Energy
Buyer(s) The Blackstone Group
Sellers(s) Fengate Asset Managment
Deal Type Secondary Buyout

Target

NRStor

Toronto, Ontario, Canada
NRStor is a developer of battery storage solutions, targeting scale storage deployment opportunities in North America. NRStor offers stand-alone, renewable coupled energy storage systems, as well as microgrids which are centrally managed through its state-of-the-art operational platform. NRStor was established in 2012 and is based in Toronto, Ontario.

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Buyer(S) 1

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.

DEAL STATS #
Overall 266 of 340
Sector (Renewable Energy) 4 of 4
Type (Secondary Buyout) 51 of 81
State (Ontario) 2 of 3
Country (Canada) 5 of 7
Year (2020) 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-04 Aypa Power

Austin, Texas, United States

Aypa Power is a developer, owner, and operator of MW-scale battery and renewable energy projects, Aypa’s turn-key approach delivers reliable electricity at lower prices than conventional solutions. With projects ranging from microgrids to industrial facilities and utility-scale systems, the company is committed to creating the robust, diverse, and sustainable grid of the future. Aypa Power is based in Austin, Texas and Toronto, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-09 HealthEdge Software

Burlington, Massachusetts, United States

HealthEdge Software is a provider of modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs and connect everyone in the healthcare delivery cycle. HealthEdge Software is based in Burlington, Massachusetts.

Buy -

Seller(S) 1

SELLER

Fengate Asset Managment

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1974
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Fengate Asset Management is an alternative asset management firm focused on real estate, infrastructure, and private equity investing. The Firm's private equity group looks to identify mid-market investment opportunities across North America. Fengate's infrastructure group focuses on public-private partnerships, contracted power and contracted utilities throughout Canada. The Firm's real estate group seeks to develop and manage office, retail, industrial, residential and commercial assets. Fengate Asset Management was formed in 1974 and is headquartered in Toronto.

DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-05 Longroad Energy Holdings - 72.6 Megawatt Weaver Wind Project

Massachusetts, United States

Longroad Energy Holdings's 72.6 Megawatt Weaver Wind Project is a provider of renewable energy. Longroad Energy Holdings's 72.6 Megawatt Weaver Wind Project is based in Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 York1

Vaughan, Ontario, Canada

York1 is a provider of environmental and infrastructure services The company has provided excavation, demolition, shoring, environmental remediation, contaminated soil treatment, and transfer, and waste collection and transfer services to some of the largest infrastructure, commercial, and residential projects in the Greater Toronto Area, including Rogers Centre, Scotiabank Arena, Scotia Plaza, Metro Toronto Convention Centre, Roy Thomson Hall, St. Joseph’s Hospital, Eaton Centre, and CN Tower, among others. York1 is based in Vaughan, Ontario.

Buy -
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