Fiera Infrastructure buys Cube District Energy from I Squared

Fiera Infrastructure has acquired Cube District Energy, an Atlanta-based landfill gas-to-energy platform, from I Squared Capital.

Fiera Infrastructure has acquired Cube District Energy, an Atlanta-based landfill gas-to-energy platform, from I Squared Capital. No financial terms were disclosed. Fiera Infrastructure, a mid-market infrastructure affiliate of Canadian asset manager Fiera Capital Corp, said Cube will be renamed Captis Energy.

PRESS RELEASE

December 15, 2021

NEW YORK & MIAMI–(BUSINESS WIRE)–Fiera Infrastructure Inc. (“Fiera Infrastructure”), a leading global mid-market direct infrastructure investor and an affiliate of Fiera Capital Corporation (TSX: FSZ) (“Fiera Capital”), announced today that it has acquired 100% of the equity interests in Cube District Energy (“Cube”), a premier US landfill gas-to-energy platform, from I Squared Capital.

Cube provides customers with dispatchable renewable power by capturing and repurposing methane emitted by landfills, reducing greenhouse gas emissions and providing an alternative to fossil fuel resources. Cube owns and operates eight assets across the Southeast region of the United States, all under long-term contracts with investment grade counterparties. One of the facilities supplies electricity, steam and chilled water to a corporate entity, while the other seven assets supply power to premier electric utilities.
Cube will be renamed Captis Energy, following the completion of the transaction.

Alina Osorio, President of Fiera Infrastructure, commented:
“Cube is a leading operator of landfill gas-to-energy assets in the United States, offering a replacement for fossil energy sources while supporting methane reduction targets and clean energy initiatives. We believe that the company is well positioned, with a strong management and operations team, to expand its current footprint through scale acquisitions and new development, including both landfill gas-to-power and RNG production projects. We are excited to add this platform to our existing portfolio of high-quality infrastructure assets and support its growth.”

Thomas Lefebvre, Partner of I Squared, remarked:
“Under I Squared’s ownership, Cube District Energy executed various operational initiatives that have positioned the company well for its next chapter of growth. We wish Chris Eastgate and his team every continued success and congratulate Fiera on the transaction.”
Chris Eastgate, Chief Executive Officer of Cube, said:

“I Squared’s ownership and leadership positioned Cube District Energy as a sustainable platform business in the renewable energy sector. Together with our new owners, Fiera, and a committed team at Cube District Energy, I look forward to building on this platform, continuing to grow a successful core business and leveraging off this into adjacent renewables activities.”

Moelis & Company LLC acted as financial advisor and Allen & Overy LLP as legal advisor to Fiera Infrastructure on this transaction. Houlihan Lokey Inc. acted as financial advisor and Troutman Pepper LLP as legal advisor to I Squared Capital on this transaction.

About Cube District Energy
Founded in 2014 and headquartered in Atlanta, Georgia, Cube owns and operates seven landfill gas-to-power assets and one cogeneration asset across the southeastern United States.