BlackRock Alternatives, through its BlackRock Global Infrastructure Fund IV, has bought a majority stake in Environmental 360 Solutions Inc., a Canadian-based waste management company.
Based in Aurora, Ontario, E360S offers garbage collection, recycling and related services in five of Canada’s provinces. Investors led by the BlackRock Inc. division acquired the stake from owners including Almada Inc., OPSEU Pension Plan Trust Fund and Oaktree Capital Management, reported Bloomberg News. The Canadian Business Growth Fund increased its equity position in the company as part of the transaction. According to Bloomberg, E360S’s founder and chief executive officer Donato Ardellini will continue his leadership role at the company with a significant ownership stake.
“E360S provides critical, non-discretionary services that generate resilient cash flows, supported by contracts with inflation escalators,” comments Mark Florian, BlackRock’s head of diversified infrastructure, as reported by Bloomberg. “The company’s infrastructure, key permits and scale alongside increasingly stringent regulation result in substantial barriers to entry.”
BlackRock Alternatives was advised on the E360S transaction by RBC Capital Markets, with Blake Cassels & Graydon providing legal advice. BMO Capital Markets Corp. was the financial adviser to E360S, with Miller Thomson serving as legal adviser.