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Blackstone Acquires Majority Stake in Renewable Energy-Focused E&C Firm Westwood – ESG Today
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Energy Transition/ Private Equity & Venture Capital
Blackstone Acquires Majority Stake in Renewable Energy-Focused E&C Firm Westwood
Mark Segal
August 7, 2024
Alternative investment manager Blackstone’s energy-focused private equity business, Blackstone Energy Transition Partners, announced today the acquisition of a majority stake in renewables and power infrastructure-focused engineering and consulting firm Westwood Professional Services.
Founded in 1972, Westwood is a professional engineering firm specializing in areas including wind energy, solar energy, energy storage, power delivery, EV infrastructure, commercial, institutional, residential, and public infrastructure projects. The company provides front-end engineering design services supporting the development of renewable energy generation, investment in the power grid and the buildout of public and private infrastructure across the U.S., with a team of more than 1,600 employees.
Bryan Powell, CEO of Westwood, said:
“We are excited about this new partnership with Blackstone as it positions the Company to continue expanding its capabilities in Westwood’s key end markets of renewable energy, power, land development, and public infrastructure, which are each poised to benefit from long-term growth tailwinds.”
The transaction marks the latest in a series of energy transition focused investments for Blackstone, including recent acquisitions of power solutions provider Trystar in July, and of electrical insulator solutions company Sediver Group in June.
Blackstone has stated that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade.
David Foley, Global Head of Blackstone Energy Transition Partners, said:
“Our partnership with the exceptional Westwood management team builds upon our recent energy transition investments including Trystar and Sediver, providing critical services and equipment needed to facilitate the transition to more reliable, affordable and cleaner energy. With the signing of this investment, Blackstone Energy Transition Partners will have committed approximately $1.3 billion in control-oriented equity investments in the energy transition since June.”
Blackstone will acquire its position in Westwood from Endurance Partners, with Westwood’s management team and employee shareholders retaining a minority stake. Terms of the transaction were not disclosed.
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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