BlackRock-Led Investors Take Majority Interest in Canadian Waste Solutions Company E360S

BlackRock Alternatives, through its BlackRock Global Infrastructure Fund IV, has acquired a majority interest in Ontario-based Environmental 360 Solutions (E360S), a waste management company, for an undisclosed amount.

BlackRock acquired the equity interests from Almada Group, E360S’ founding investor and majority owner, as well as existing investors Oaktree Capital Management and OPSEU Pension Plan Trust Fund.

One of E360S’ early investors, Canadian Business Growth Fund, increased its existing equity position as part of the transaction, although the specific amount was not disclosed.

Donato Ardellini, E360S founder and CEO, will continue in his leadership role at E360S and will maintain a significant ownership stake.

“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,” noted Ardellini.

“The company’s infrastructure, key permits and scale alongside increasingly stringent regulation result in substantial barriers to entry,” added Mark Florian, BlackRock’s head of diversified infrastructure.

BMO Capital Markets acted as financial advisor and Miller Thomson LLP served as legal advisor to E360S in connection with the transaction. RBC Capital Markets acted as financial advisor and Blake, Cassels & Graydon LLP served as legal advisor to BlackRock.