Environmental 360 Solutions announces closing of acquisition by BlackRock Alternatives
by CM Staff
Donato (Danny) Ardellini, the Company's Founder and CEO, will continue in his leadership role at E360S and will maintain his significant ownership stake.
AURORA — Environmental 360 Solutions Inc. and investors led by BlackRock Alternatives, through a fund managed by its Diversified Infrastructure business, jointly announced on Feb. 16, the closing of a transaction through which BlackRock has acquired a majority interest in E360S. Donato (Danny) Ardellini, the Company’s Founder and CEO, will continue in his leadership role at E360S and will maintain his significant ownership stake.
Mr. Ardellini, on behalf of E360S and its employees, said, “This partnership with BlackRock is a significant milestone for E360S and represents the next stage of the Company’s evolution. 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.”
Mr. Ardellini added, “Having founded the Company, it was important to me that we partner with an organization with the same strong values as E360S as we sought resources to support our growth. It was clear at our first meeting with the BlackRock team that they would be a great fit with the culture that has been established at the Company, and I welcome their partnership as we continue to deliver against our strategy to build a leading, integrated North American provider of solid waste and environmental services.”
BlackRock has acquired equity interests from the Company’s key institutional investors, including Almada Inc. As founding investor and majority shareholder, Almada provided the capital and partnership to E360S management to establish the Company. Additional investors whose interest Blackrock has acquired include OPSEU Pension Plan Trust Fund and Oaktree Capital Management L.P. One of E360S’ early investors, Canadian Business Growth Fund, increased its existing equity position as part of the transaction.
Mr. Ardellini commented, “We thank Almada and their whole team, as well as OPTrust and Oaktree, for their support and partnership.”
