BlackRock has acquired a majority stake in Environmental 360 Solutions (E360S), a waste management services company in Canada.
BlackRock, has invested an undisclosed sum on behalf of its BlackRock Global Infrastructure Fund IV fund, to buy its equity interest in E360S from majority shareholder Almada. BlackRock said it has also acquired OPSEU Pension Plan Trust Fund and Oaktree Capital Management’s stake in E360s.
Donato Ardellini, the founder and CEO of E360S, will continue in his leadership role and will maintain his significant ownership stake.
E360S provides waste management, environmental, and recycling/circular economy services to over 30,000 Canadian municipal, commercial and industrial customers.
Mark Florian, global head of diversified infrastructure at BlackRock, said: “E360S provides critical, non-discretionary services that generate resilient cash flows, supported by contracts with inflation escalators.
“The company’s infrastructure, key permits and scale alongside increasingly stringent regulation result in substantial barriers to entry. We look forward to partnering with Danny and E360S’ highly experienced management team to support the company’s ongoing growth.”
Adi Blum, managing director of diversified infrastructure at BlackRock, said: “In addition to capital, BlackRock will provide E360S with the right strategic support to achieve its growth plans.
“There is significant white space to grow the Company’s sustainability and circularity services, as well as continuing to grow in traditional solid waste and environmental services.”
Ardellini said: “We now have over 1,500 dedicated employees across five provinces in Canada and over 30,000 customers. BlackRock’s investment is a reflection of the hard work of all of our employees – without them, our continued success would not be possible.”
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