Blackstoneβs energy-focused private equity business is acquiring a majority stake in environmental engineering and design consulting firm Geosyntec Consultants.
Blackstone Energy Partners has agreed to buy the undisclosed majority investment in Geosyntec a company which operates from more than 90 offices in the US, Canada, Europe, Australia, and the Middle East. Terms of the transaction were not disclosed.
Geosyntec is focused on delivering technical solutions to a wide range of clients to address their environmental restoration, geotechnical, coastal, water quality and supply, infrastructure, and energy transition needs.
Darius Sepassi, a managing director at Blackstone, said: βAs demand for environmental engineering and consulting services continues to rise, we believe Geosyntecβs trusted reputation for quality and technical expertise makes the company exceptionally well-positioned to further scale to meet this growing opportunity.β
David Foley, global head of Blackstone Energy Partners, said: βThe transition to a more environmentally sustainable future is a core investment theme for Blackstone and since 2019, the firm has committed approximately $16bn in projects and companies that we believe are consistent with the broader energy transition. Todayβs announcement builds on recent investments including Aypa, Array, Therma, Sabre and TDI.β
Peter Zeeb, president and CEO of Geosyntec Consultants, said: βOur partnership with Blackstone Energy Partners will fuel continued leadership in our core markets while accelerating our growth and success in new and emerging markets and geographies.
βIt will also strengthen our ability to grow through strategic acquisitions and recruiting of top talent while enhancing our position as a preferred employer for innovative engineers and scientists.β
Rudolph Bonaparte, chairman of the Board of Geosyntec Consultants, said: βCountries around the world face enormous technical challenges in the energy transition, infrastructure renewal and development, climate change mitigation and adaptation, disaster response, and water supply.
βThe scale and complexity of these challenges require transformational change, technical innovation, and creative partnerships.
βWith Blackstone Energy Partners, we are ideally positioned to help our clients respond to these urgent and complex challenges while continuing our tradition of providing vibrant and rewarding career and ownership opportunities to our employees.β
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