Key Takeaways
- • Blackstone Energy Transition Partners, through Blackstone private equity funds, agreed to make a majority investment in Westwood Professional Services, Inc., acquiring its position from Endurance Partners, per Blackstone's August 7, 2024 announcement.
- • Westwood is an engineering and design firm with more than 1,600 employees serving renewables, power, real estate and public infrastructure end markets.
- • Terms of the transaction were not disclosed; Westwood's management team and employee shareholders retain a minority stake.
- • Blackstone Energy Transition Partners will have committed approximately $1.3 billion in control-oriented equity investments in the energy transition since June, according to Global Head David Foley.
- • Morgan Stanley & Co. LLC advised Blackstone financially and Kirkland & Ellis advised legally; Perella Weinberg Partners was Westwood's exclusive financial advisor.
Summary
Blackstone announced on August 7, 2024 that private equity funds affiliated with the firm have agreed to make a majority investment in Westwood Professional Services, Inc., a leading engineering and design firm focused on renewables, power, real estate and public infrastructure. Blackstone is acquiring its position from Endurance Partners, while Westwood's management team and employee shareholders will retain a minority stake. Westwood employs more than 1,600 people and provides front-end engineering design services supporting renewable energy generation, power grid investment and the buildout of public and private infrastructure across the United States. The company was established in 1972, and its primary publisher materials describe a focus on wind energy, solar energy, energy storage, power delivery and EV infrastructure projects.
Blackstone Energy Transition Partners senior managing director Darius Sepassi and managing director Mitchell Nimocks said the investment supports the growing adoption of renewables and power system investment in the U.S., and that Blackstone's global scale and resources would be combined with Westwood's talent to expand client partnerships across renewables, power, land development and public infrastructure. David Foley, Global Head of Blackstone Energy Transition Partners, said the deal builds on recent energy transition investments in Trystar and Sediver, and that the arm will have committed approximately $1.3 billion in control-oriented equity investments in the energy transition since June.
Westwood CEO Bryan Powell said the partnership positions the company to expand capabilities in its key end markets, which he described as poised for long-term growth, and thanked Endurance Partners for helping scale the business. Gerald Parsky, Chairman of Endurance, and Larry Bossidy, Chairman of Westwood, described Westwood as an established leader in multidisciplinary professional services for the architecture, engineering and construction industry.
Terms of the transaction were not disclosed. Morgan Stanley & Co. LLC served as financial advisor and Kirkland & Ellis as legal advisor to Blackstone. Perella Weinberg Partners LP was exclusive financial advisor to Westwood, and Gibson, Dunn & Crutcher LLP acted as counsel to Westwood and Endurance Partners. Blackstone describes itself as the world's largest alternative asset manager with more than $1 trillion in assets under management.
Blackstone Energy Transition Partners senior managing director Darius Sepassi and managing director Mitchell Nimocks said the investment supports the growing adoption of renewables and power system investment in the U.S., and that Blackstone's global scale and resources would be combined with Westwood's talent to expand client partnerships across renewables, power, land development and public infrastructure. David Foley, Global Head of Blackstone Energy Transition Partners, said the deal builds on recent energy transition investments in Trystar and Sediver, and that the arm will have committed approximately $1.3 billion in control-oriented equity investments in the energy transition since June.
Westwood CEO Bryan Powell said the partnership positions the company to expand capabilities in its key end markets, which he described as poised for long-term growth, and thanked Endurance Partners for helping scale the business. Gerald Parsky, Chairman of Endurance, and Larry Bossidy, Chairman of Westwood, described Westwood as an established leader in multidisciplinary professional services for the architecture, engineering and construction industry.
Terms of the transaction were not disclosed. Morgan Stanley & Co. LLC served as financial advisor and Kirkland & Ellis as legal advisor to Blackstone. Perella Weinberg Partners LP was exclusive financial advisor to Westwood, and Gibson, Dunn & Crutcher LLP acted as counsel to Westwood and Endurance Partners. Blackstone describes itself as the world's largest alternative asset manager with more than $1 trillion in assets under management.
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