Add-on Acquisition • Utilities

Veolia Energy Acquires Thermal North America/Trigen

On December 13, 2007, Veolia Energy acquired utilities company Thermal North America/Trigen from Denham Capital

Acquisition Context
  • This is Veolia Energy’s 1st transaction in the Utilities sector.
  • This is Veolia Energy’s 1st transaction in the United States.
  • This is Veolia Energy’s 1st transaction in Massachusetts.

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M&A Deal Summary

Date December 13, 2007
Target Thermal North America/Trigen
Sector Utilities
Buyer(s) Veolia Energy
Sellers(s) Denham Capital
Deal Type Add-on Acquisition

Target Company

Thermal North America/Trigen

Boston, Massachusetts, United States
Trigen holds the largest portfolio of privately owned and operated district heating and cooling systems in the United States. The business provides reliable steam, hot water and chilled water to several large urban markets across the U.S., largely through long-term contracts.
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Buyer Overview 1

Buyer

Veolia Energy

Pyrmont, Australia

Category Company
Sector Energy Services and Equipment
DESCRIPTION

Veolia Energy, through Dalkia, is the leading European provider of energy services to local authorities and businesses. Since its creation, Dalkia has focused on energy and environmental optimization.


Deal Context for Buyer #
Overall 1 of 2
Sector: Utilities 1 of 2
Type: Add-on Acquisition 1 of 1
State: Massachusetts 1 of 1
Country: United States 1 of 1
Year: 2007 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-27 Suez

Paris, France

Suez Environment supplies drinking water, provides waste water treatment services and collects the waste produced by more than 52 million people. Suez was founded in 1869 and is based in Paris, France.

Buy €13.0B

Seller Profile 1

SELLER

Denham Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 9.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Denham Capital Management is a specialist private investment firm focused on the energy and commodities sectors. Denham looks to invest in businesses and assets involving natural resources, metals and mining, power and utilities, and energy-related infrastructure and services. Denham will consider investments worldwide, with current projects in the US, Canada, South America, Europe, and Asia. Denham will also consider both development projects as well as mature, operating businesses. The Firm's target investment size is $50 to $200 million. Denham Capital Management was founded in 2004 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 3 of 22
Sector: Utilities 1 of 2
Type: Add-on Acquisition 1 of 12
State: Massachusetts 1 of 2
Country: United States 3 of 12
Year: 2007 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-16 Recycled Energy Development

Westmont, Illinois, United States

Recycled Energy Development's (RED) mission is to profitably reduce greenhouse gas emissions by developing and owning energy recycling facilities that focus on wasted heat resources, organic wastes, combined heat and power and other ways to reduce carbon footprint. For industrial 'host' partners, RED reduces energy costs and carbon footprint substantially, increases reliability, and offers the opportunity for emissions credits.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-18 Santonia Energy

Calgary, Alberta, Canada

Santonia Energy (formerly Fairborne Energy) is a oil and gas exploration and production company operating primarily in Alberta and Western Canada.

Buy -