Blackstone to Buy Enverus

In a statement posted on its website recently, Blackstone announced that private equity funds affiliated with the company have entered into a definitive agreement to acquire Enverus from Hellman & Friedman and Genstar Capital.

Terms of the transaction were not disclosed in the statement, which noted that the deal is expected to close by the end of the year, subject to customary conditions. Citi and Morgan Stanley & Co. LLC acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Enverus and Hellman & Friedman. RBC Capital Markets, LLC served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.

Blackstone’s core private equity strategy, Blackstone Energy Transition Partners, and Blackstone’s private equity strategy for individual investors are each expected to invest in Enverus as part of this transaction, Blackstone revealed in the statement.

“Enverus represents the latest in a number of recent transactions Blackstone has announced behind its high-conviction investment themes in electricity demand growth and the ongoing energy transition,” Blackstone said in its statement, highlighting its deals with Potomac Energy Center, Sediver, Westwood Professional Services, Trystar, and others.

Eli Nagler and Bilal Khan, Senior Managing Directors at Blackstone, said in the statement, “as the leading energy-dedicated SaaS platform, Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition”.

“We believe Blackstone’s energy market expertise and network can further enhance the company’s growth trajectory, and look forward to partnering with Manuj [Nikhanj, Enverus CEO] and the Enverus team,” they added.

In the statement, Nikhanj said, “this is more than a transaction – it’s a launchpad”.

“Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution. Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum – helping us scale faster, build smarter, and deliver transformational outcomes for our customers,” Nikhanj added.

“It is thanks to a strong partnership with H&F that Enverus is the company we are today. I am incredibly proud of what our team has built – especially our breakthrough work in power markets – and more excited than ever for what comes next,” Nikhanj continued.

Ben Farkas, Partner at Hellman & Friedman, said in the statement, “after four years of tremendous partnership, Enverus stands as the clear SaaS, data, and analytics leader empowering the energy market”.

“We set out with a mission to build on the company’s core strengths, accelerate innovation, and expand its reach across the energy value chain. Today they are pioneering GenAI-powered solutions, scaling into new markets, and enabling smarter and more efficient decisions for customers worldwide,” he added.

“The company’s growth and culture of innovation have set a new standard for the industry. It’s been a privilege to partner with Manuj Nikhanj, Jeff Hughes, and the full Enverus team. We are confident Enverus is exceptionally well-positioned to shape the future of global energy,” he went on to state.

Eli Weiss, Managing Partner of Genstar Capital, said in the statement, “supporting Enverus through this exciting period of innovation and growth has been a great journey”.

“We’re proud of the team’s achievements and are confident they are well positioned for continued success,” Weiss added.

In a statement posted on its site back in January, Blackstone announced that Blackstone Energy Transition Partners had agreed to acquire Potomac Energy Center, “a 774-megawatt natural gas power plant in Loudoun County, Virginia”.

“The transaction represents Blackstone’s most recent investment in the power infrastructure supporting data centers and AI revolution – one of the firm’s highest-conviction areas,” Blackstone said in that statement, which did not disclose the terms of the transaction.

In a statement posted on its site in August 2024, Blackstone announced that private equity funds affiliated with the company had agreed to make a majority investment in Westwood Professional Services, Inc. “a leading engineering and design firm focused on renewables, power, real estate and public infrastructure end markets”.

Blackstone said at the time that it will acquire its position in Westwood from Endurance Partners, with Westwood’s management team and employee shareholders retaining a minority stake.

In a statement posted on its site in July last year, Blackstone announced that private equity funds affiliated with the company entered into a definitive agreement to acquire Trystar, “a premier provider of electrical equipment used for backup power solutions”. In a statement posted on Blackstone’s site during June 2024, the company announced that private equity funds affiliated with Blackstone had entered into a definitive agreement to acquire SEVES Group S.à r.l, the parent company of SEDIVER Group, from Triton Partner.

Blackstone describes itself as the world’s largest alternative asset manager. The company notes on its site that its $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

Enverus describes itself on its website as “the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95 percent of U.S. energy producers, and more than 40,000 suppliers”.

Back in March, Enverus announced in a statement posted on its site that it had acquired Pearl Street Technologies, which it described at the time as “a leading provider of automation solutions that streamline interconnection studies for transmission providers, utilities and energy developers”.

Enverus noted in that statement that, with the addition of Pearl Street Technologies, the company “strengthens its suite of solutions, backed by 25 years of proprietary data, analytics and intelligence”.

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