Alternative investment manager Blackstone announced today an agreement by its energy-focused private equity business Blackstone Energy Partners to make a majority investment in environmental engineering and design consulting firm Geosyntec.
Geosyntec provides technical solutions in areas including environmental restoration, geotechnical, coastal, water quality and supply, infrastructure, and energy transition. The company operates from more than 90 offices in the US, Canada, Europe, Australia, and the Middle East, with a team of over 1,700 engineers, scientists, and other key employees.
Darius Sepassi, Managing Director at Blackstone, said:
“As demand for environmental engineering and consulting services continues to rise, we believe Geosyntec’s trusted reputation for quality and technical expertise makes the company exceptionally well positioned to further scale to meet this growing opportunity. We are excited to work with their experienced management team and highly accomplished engineers and scientists in the years ahead to help power their continued expansion.”
The agreement comes as sustainability and energy transition have emerged as a key investment themes for Blackstone. Earlier this year Blackstone 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 Partners, said:
“The transition to a more environmentally sustainable future is a core investment theme for Blackstone and since 2019, the firm has committed approximately $16 billion in projects and companies that we believe are consistent with the broader energy transition. Today’s announcement builds on recent investments including Aypa, Array, Therma, Sabre and TDI.”
According to Geosyntec President and CEO Peter Zeeb, the new partnership will help fuel the company’s operations in existing markets, while enabling accelerated growth in new markets and geographies through strengthened acquisition and recruiting capabilities. Zeeb said, “we foresee substantial benefits to our employees and clients as we expand our capabilities and service offerings, and as we support our clients in larger and more complex projects.”
Rudolph Bonaparte, Chairman of the Board of Geosyntec, added:
“Countries 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. The scale and complexity of these challenges require transformational change, technical innovation, and creative partnerships. With 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.”