PE Deals

BlackRock buys majority interest in Environmental 360 Solutions

Environmental 360 Solutions is an Aurora, Ontario-based provider of waste management, environmental, and recycling and circular economy services.

-
  • BlackRock acquired the equity interests of Almada Group, E360S’ founding investor and majority owner, as well as existing investors Oaktree Capital Management and OPTrust
  • Another existing investor, Canadian Business Growth Fund, increased its position as part of the deal
  • Donato Ardellini, founder and CEO of E360S, will continue to lead the business and retain his ownership stake

BlackRock Alternatives has acquired a majority interest in Environmental 360 Solutions (E360S), a Canadian provider of waste management, environmental, and recycling and circular economy services. No financial terms were disclosed.

BlackRock invested through a fund managed by its diversified infrastructure business.

BlackRock acquired the equity interests of Almada Group, E360S’ founding investor and majority owner, as well as existing investors Oaktree Capital Management and OPTrust. Another existing investor, Canadian Business Growth Fund, increased its position as part of the deal.

Canadian Business Growth Fund first invested in E360S in March 2020.

Headquartered in Aurora, Ontario, E360S provides its services to more than 30,000 Canadian municipal, commercial and industrial customers. Since its inception, the company has made more than 45 acquisitions.

Donato Ardellini, founder and CEO of E360S, will continue to lead the business and retain his significant ownership stake.

Concerning the deal, Mark Florian, BlackRock’s global head of diversified infrastructure, said in a statement: “E360S provides critical, non-discretionary services that generate resilient cash flows, supported by contracts with inflation escalators. The company’s infrastructure, key permits and scale alongside increasingly stringent regulation result in substantial barriers to entry. We look forward to partnering with Danny and E360S’ highly experienced management team to support the company’s ongoing growth.”

Based in New York, BlackRock Alternatives oversees a range of alternative asset strategies, including infrastructure, private equity, credit, real estate, hedge funds and multi-alternatives. It managed $318 billion in alternative investments and commitments as of 31 December.

BMO Capital Markets acted as financial advisor and Miller Thomson served as legal advisor to E360S in connection with the deal. RBC Capital Markets acted as financial advisor and Blake, Cassels & Graydon served as legal advisor to BlackRock.