Blackstone Energy Transition Partners Announces Majority Investment in Westwood Professional Services, Inc., Leading Engineering & Consulting Firm
2024年8月7日 - 9:00PM
ビジネスワイヤ(英語)
Blackstone (NYSE: BX) announced today that private equity funds
affiliated with Blackstone (“Blackstone”) have agreed to make a
majority investment in Westwood Professional Services, Inc.
(“Westwood”), a leading engineering and design firm focused on
renewables, power, real estate and public infrastructure end
markets. Blackstone will acquire its position in Westwood from
Endurance Partners, with Westwood’s management team and employee
shareholders retaining a minority stake. With a team of more than
1,600 employees, Westwood provides front-end engineering design
services supporting the development of renewable energy generation,
investment in the power grid and the continued buildout of public
and private infrastructure across the United States.
Darius Sepassi, Senior Managing Director, and Mitchell Nimocks,
Managing Director, at Blackstone Energy Transition Partners, said:
“Westwood provides crucial expertise and resources to support the
increasing adoption of renewables and investment in power systems
throughout the U.S. and is well positioned to continue building
upon its impressive growth. We look forward to combining the power
of Blackstone’s global scale and resources with Westwood’s talent
to expand and enhance its valued partnerships with new and existing
clients across the renewables, power, land development and public
infrastructure value chains.”
David Foley, Global Head of Blackstone Energy Transition
Partners, added: “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.”
“Throughout its 50+ year history, Westwood has sought to enhance
communities by providing critical engineering and design services
to our clients,” said Bryan Powell, CEO of Westwood. “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. We appreciate the support of Endurance
Partners in helping scale Westwood into the business that it is
today.”
Gerald Parsky, Chairman of Endurance, and Larry Bossidy,
Chairman of Westwood, said: “Westwood is an established leader in
multi-disciplined professional services for the AEC industry, and
we are pleased to have invested in and partnered with this
management team, who have built a business that is poised to
flourish in their new partnership.”
Terms of the transaction were not disclosed. Blackstone was
represented in the transaction by Morgan Stanley & Co. LLC as
financial advisor and Kirkland & Ellis as legal advisor.
Perella Weinberg Partners LP served as exclusive financial advisor
to Westwood. Gibson, Dunn & Crutcher LLP acted as counsel to
Westwood and Endurance Partners.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to deliver compelling returns for institutional and individual
investors by strengthening the companies in which we invest. Our
more than $1 trillion in assets under management include global
investment strategies focused on real estate, private equity,
infrastructure, life sciences, growth equity, credit, real assets,
secondaries and hedge funds. Further information is available at
www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter),
and Instagram.
About Westwood Professional Services, Inc. (Westwood)
Westwood is a leading, award-winning, full-service, professional
engineering firm specializing in wind energy, solar energy, energy
storage, power delivery, EV infrastructure, commercial,
institutional, residential, and public infrastructure projects.
Westwood was established in 1972. Through a focus on its people,
culture, and clients, Westwood has quickly expanded to serve
clients across the nation from multiple US offices. View more
Westwood facts.
About Endurance Partners
Endurance is an investment group focused on partnering with
exceptional management teams, bringing capital and resources to
growing middle market companies, with a flexible mandate to hold
for the long-term. Endurance brings together a world class group of
executives with decades of private and public company leadership in
the financial services, investment banking, private equity, and
industrial sectors. Further information is available at
www.endurance-partners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240807897752/en/
Mariel Seidman-Gati (646) 482-3712
Mariel.SeidmanGati@blackstone.com
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