OMERS Private Equity and the Alberta Investment Management Corporation (AIMCo) have sold a controlling stake in consultancy Environmental Resources Management (ERM) to private equity firm KKR, the Canadian funds said on Monday.
The 60% stake sale gives ERM an enterprise value of $2.85bn, a source familiar with the matter said.
UK-headquartered ERM operates in 40 countries and has more than 5,500 staff, advising clients on sustainability challenges and commercial opportunities.
OMERS had a little over 40% of the business while AIMCo had slightly under 20%, with ERM management holding the balance, the source added.
OMERS Private Equity, a unit of the Ontario Municipal Employees Retirement System, and AIMCo started investing in ERM in 2015 in a deal that valued the company at $1.7bn.
KKR is due to close its stake purchase in the third quarter.
Source: Reuters
Can’t stop reading? Read more
Blackstone and Ares provide $3.6bn debt package for Warburg Pincus’ Park Place buyout
Blackstone and Ares provide $3.6bn debt package for Warburg Pincus’ Park Place buyout Blackstone...
EQT, Carlyle, and HongShan advance in bidding for Starbucks’ China operations
EQT, Carlyle, and HongShan advance in bidding for Starbucks’ China operations Carlyle Group, EQT,...
From rugby to LaLiga: CVC launches $14bn Global Sport Group
From rugby to LaLiga: CVC launches $14bn Global Sport Group CVC Capital Partners has unveiled...