M&A Deal Summary

Upper Bay Infrastructure Partners and JPMorgan Chase Acquire Avantus

On December 11, 2018, infrastructure investor Upper Bay Infrastructure Partners and JPMorgan Chase acquired renewable energy company Avantus

Acquisition Highlights
  • This is Upper Bay Infrastructure Partners’ 1st and JPMorgan Chase’s 1st transaction in the Renewable Energy sector.
  • This is Upper Bay Infrastructure Partners’ 1st and JPMorgan Chase’s 13th transaction in the United States.
  • This is Upper Bay Infrastructure Partners’ 1st and JPMorgan Chase’s 4th transaction in California.
Investment Fate
  • Avantus was sold to a consortium of buyers in 2024.

M&A Deal Summary

Date 2018-12-11
Target Avantus
Sector Renewable Energy
Buyer(s) Upper Bay Infrastructure Partners
JPMorgan Chase
Deal Type Joint Venture
Advisor(s) Pillsbury Winthrop Shaw Pittman
Winston & Strawn
Orrick (Legal)

Target

Avantus

Los Angeles, California, United States
Avantus is a developer of solar PV and storage projects. The company supports solar and energy storage development throughout the project lifecycle from selecting a project site through operations and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. Avantus was founded in 2009 and is based in Los Angeles, California.

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Buyer(S) 2

DESCRIPTION

Upper Bay Infrastructure Partners is a private investment firm focused on infrastructure and other real assets throughout North America. Upper Bay targets both mature, stable assets and growth-oriented infrastructure investments in partnership with operators and developers. Specific areas of interest include transportation, power & utilities, midstream, and telecommunications. Upper Bay Infrastructure Partners was established in 2018 and is based in New York City.


DEAL STATS #
Overall 1 of 3
Sector: Renewable Energy M&A 1 of 2
Type: Joint Venture M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 3
Year: 2018 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-20 Tidewater

Vancouver, Washington, United States

Tidewater is an operator of a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest. Tidewater is an essential infrastructure provider with high barriers to entry due to permitting, scale requirements, and regulatory barriers. Tidewater was founded in 1932 and is based in Vancouver, Washington.

Buy -
Buyer

JPMorgan Chase

New York, New York, United States

Category Company
Founded 1799
Sector Financial Services
Employees311,921
Revenue 177.4B USD (2024)
DESCRIPTION
Entrance to Chase Tower in downtown Chicago, Illinois.
Entrance to Chase Tower in downtown Chicago, Illinois.

JPMorgan Chase is a financial institution provides investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. JPMorgan Chase was founded in 1799 and is based in New York, New York.


DEAL STATS #
Overall 14 of 27
Sector: Renewable Energy M&A 1 of 1
Type: Joint Venture M&A Deals 2 of 2
State: California M&A 4 of 6
Country: United States M&A 13 of 22
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-05 Schoeller Allibert Group B.V.

Hoofddorp, Netherlands

Schoeller Allibert Group B.V. is one of Europe’s largest manufacturers of returnable plastic packaging systems. Schoeller Allibert has a product portfolio of over 1,000 types of returnable plastic crates and containers used by a diversified, global customer base across essential industry sectors, including agriculture, beverage, food processing and retail, industrial and automotive manufacturing and container pooling and rental companies.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-17 InstaMed Communications

Philadelphia, Pennsylvania, United States

InstaMed Communications LLC is a healthcare payments network, connecting providers, payers and consumers on one platform. InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed Communications LLC was founded in 2004 and is based in Philadelphia, Pennsylvania.

Buy -