In an announcement posted on its web site lately, Blackstone introduced that non-public fairness funds affiliated with the corporate have entered right into a definitive settlement to accumulate Enverus from Hellman & Friedman and Genstar Capital.
Phrases of the transaction weren’t disclosed within the assertion, which famous that the deal is predicted to shut by the tip of the 12 months, topic to customary situations. Citi and Morgan Stanley & Co. LLC acted as monetary advisors and Kirkland & Ellis LLP acted as authorized advisor to Enverus and Hellman & Friedman. RBC Capital Markets, LLC served as monetary advisor and Simpson Thacher & Bartlett LLP served as authorized advisor to Blackstone.
Blackstone’s core non-public fairness technique, Blackstone Vitality Transition Companions, and Blackstone’s non-public fairness technique for particular person traders are every anticipated to put money into Enverus as a part of this transaction, Blackstone revealed within the assertion.
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“Enverus represents the newest in various latest transactions Blackstone has introduced behind its high-conviction funding themes in electrical energy demand progress and the continuing power transition,” Blackstone stated in its assertion, highlighting its offers with Potomac Vitality Heart, Sediver, Westwood Skilled Companies, Trystar, and others.
Eli Nagler and Bilal Khan, Senior Managing Administrators at Blackstone, stated within the assertion, “because the main energy-dedicated SaaS platform, Enverus’ superior analytics and expertise options are crucial for its clients as they navigate unprecedented AI-driven electrical energy demand progress and the broader power transition”.
“We consider Blackstone’s power market experience and community can additional improve the corporate’s progress trajectory, and look ahead to partnering with Manuj [Nikhanj, Enverus CEO] and the Enverus group,” they added.
Within the assertion, Nikhanj stated, “that is greater than a transaction – it’s a launchpad”.
“Blackstone shares our conviction that the way forward for power might be outlined by AI, real-time intelligence, and daring execution. Their world attain and deep experience throughout power, infrastructure, and data-rich industries will speed up our momentum – serving to us scale quicker, construct smarter, and ship transformational outcomes for our clients,” Nikhanj added.
“It’s due to a powerful partnership with H&F that Enverus is the corporate we’re in the present day. I’m extremely pleased with what our group has constructed – particularly our breakthrough work in energy markets – and extra excited than ever for what comes subsequent,” Nikhanj continued.
Ben Farkas, Accomplice at Hellman & Friedman, stated within the assertion, “after 4 years of great partnership, Enverus stands because the clear SaaS, information, and analytics chief empowering the power market”.
“We set out with a mission to construct on the corporate’s core strengths, speed up innovation, and broaden its attain throughout the power worth chain. Right now they’re pioneering GenAI-powered options, scaling into new markets, and enabling smarter and extra environment friendly selections for purchasers worldwide,” he added.
“The corporate’s progress and tradition of innovation have set a brand new customary for the trade. It’s been a privilege to companion with Manuj Nikhanj, Jeff Hughes, and the complete Enverus group. We’re assured Enverus is exceptionally well-positioned to form the way forward for world power,” he went on to state.
Eli Weiss, Managing Accomplice of Genstar Capital, stated within the assertion, “supporting Enverus by means of this thrilling interval of innovation and progress has been a fantastic journey”.
“We’re pleased with the group’s achievements and are assured they’re nicely positioned for continued success,” Weiss added.
In an announcement posted on its web site again in January, Blackstone introduced that Blackstone Vitality Transition Companions had agreed to accumulate Potomac Vitality Heart, “a 774-megawatt pure fuel energy plant in Loudoun County, Virginia”.
“The transaction represents Blackstone’s most up-to-date funding within the energy infrastructure supporting information facilities and AI revolution – one of many agency’s highest-conviction areas,” Blackstone stated in that assertion, which didn’t disclose the phrases of the transaction.
In an announcement posted on its web site in August 2024, Blackstone introduced that non-public fairness funds affiliated with the corporate had agreed to make a majority funding in Westwood Skilled Companies, Inc. “a number one engineering and design agency targeted on renewables, energy, actual property and public infrastructure finish markets”.
Blackstone stated on the time that it’ll purchase its place in Westwood from Endurance Companions, with Westwood’s administration group and worker shareholders retaining a minority stake.
In an announcement posted on its web site in July final 12 months, Blackstone introduced that non-public fairness funds affiliated with the corporate entered right into a definitive settlement to accumulate Trystar, “a premier supplier {of electrical} gear used for backup energy options”. In an announcement posted on Blackstone’s web site throughout June 2024, the corporate introduced that non-public fairness funds affiliated with Blackstone had entered right into a definitive settlement to accumulate SEVES Group S.à r.l, the guardian firm of SEDIVER Group, from Triton Accomplice.
Blackstone describes itself because the world’s largest various asset supervisor. The corporate notes on its web site that its $1.2 trillion in belongings beneath administration embody world funding methods targeted on actual property, non-public fairness, credit score, infrastructure, life sciences, progress fairness, secondaries and hedge funds.
Enverus describes itself on its web site as “probably the most trusted, energy-dedicated SaaS firm, with a platform constructed to create worth from generative AI, providing real-time entry to analytics, insights and benchmark price and income information sourced from our partnerships to 95 % of U.S. power producers, and greater than 40,000 suppliers”.
Again in March, Enverus introduced in an announcement posted on its web site that it had acquired Pearl Avenue Applied sciences, which it described on the time as “a number one supplier of automation options that streamline interconnection research for transmission suppliers, utilities and power builders”.
Enverus famous in that assertion that, with the addition of Pearl Avenue Applied sciences, the corporate “strengthens its suite of options, backed by 25 years of proprietary information, analytics and intelligence”.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
