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Deal Wrap: EQT's fund to acquire Statera Energy; Comvest to sell Systems Control


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Deal Wrap: EQT's fund to acquire Statera Energy; Comvest to sell Systems Control

Deal Wrap is updated as of 4 p.m. ET.

– EQT AB's EQT Infrastructure VI fund agreed to purchase battery storage and flexible generation developer and operator Statera Energy Ltd. from Infrared Capital Partners Ltd. and expects to close by year-end. DC Advisory acted as the financial adviser and Simpson Thacher & Bartlett LLP was the legal adviser to EQT Infrastructure.

– Comvest Advisors LLC agreed to sell Systems Control, which manufactures substation control and relay panels, to Hubbell Inc. and expects to close by year-end. Harris Williams LLC and Lincoln International LLC are the financial advisers to Systems Control and McDermott Will & Emery LLP is acting as legal adviser. Morgan Stanley & Co. LLC is the financial adviser to Hubbell while Wachtell Lipton Rosen & Katz is its legal adviser.

– CapVest Partners LLP acquired marketer and distributor of aftermarket transportation and household fluids Recochem Corp. from HIG Capital LLC, which will retain a minority interest in the company. Harris Williams, Robert W. Baird and CG Sawaya Partners acted as financial advisers to Recochem while McDermott Will & Emery LLP and Blake Cassels & Graydon LLP represented HIG Capital and Recochem as legal counsel. Jefferies LLC, Truist Securities Inc. and Lincoln International LLC are financial advisers to CapVest, with Willkie Farr & Gallagher LLP and Kirkland & Ellis LLP as its legal counsel.

– Private equity firm Sentinel Capital Partners LLC made a minority structure equity and junior debt investment in Sodexo SA's worldwide home care division for an undisclosed amount. The investment supports the acquisition of Sodexo's unit by private equity firm The Halifax Group.

– ArcLight Capital Partners LLC completed the acquisition of indirect ownership interests in Kleen Energy Systems LLC, which owns a 620-megawatt natural gas-fired power plant, from Sojitz Corp. of America. The transaction includes all the preferred equity and a minority common equity ownership interest. Latham & Watkins LLP acted as legal counsel to ArcLight.

For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.