New York-based
Aquarian Holdings announced Wednesday that it has acquired a majority stake in Milwaukee-based
PACE Equity.
Terms of the deal were not disclosed.
PACE Equity provides funding for clean energy real estate development and renovation projects that have measurable water, energy, or renewable resource savings.
Aquarian Holdings is a global holding company with a portfolio of insurance and asset management solutions. It has about $19.5 billon in assets under management.
Aquarian will take a majority share in PACE Equity and provide up to $1 billion of financing, allowing the firm to significantly scale its capacity and expand the reach and size of its debt financing projects.
“At Aquarian, we look for investments that are built to last;” said
Rudy Sahay, founder and managing partner of Aquarian Holdings. “The long-term stability of C-PACE projects are a highly attractive opportunity, and we are very pleased to be entering into this partnership with PACE Equity.”
“PACE Equity has a history of strong growth,” said
Beau Engman, founder and president of PACE Equity. “We are excited about working with a great partner in Aquarian who can help us expand our market reach and increase our velocity as we unlock new opportunities.”
DLA Piper served as legal advisor to Aquarian in connection with the transaction. Gibson, Dunn & Crutcher LLP served as legal advisor to PACE Equity in connection with the transaction. Guggenheim Securities, LLC served as financial advisor to PACE Equity in connection with the transaction.
