Simpson Thacher & Bartlett advised BlackRock Real Assets on a BlackRock managed fund’s acquisition of Vanguard Renewables, a Wellesley, Massachusetts-based company that produces renewable natural gas from agricultural and food waste.
Simpson Thacher said partner Christopher May led its deal team.
Ropes & Gray advised the seller, Vision Ridge Partners. Ropes said the team representing Vision Ridge was led by private equity partner Carl Marcellino, and included tax partner Elaine Murphy, benefits partner Loretta Richard, and intellectual property transactions partner Regina Sam Penti.
Founded in 2014, Vanguard said in a statement that it owns and operates on-farm anaerobic digester facilities in the US Northeast and currently operates manure-only digesters in the South and West for Dominion Energy.
BlackRock’s acquisition will enable Vanguard Renewables to drive its next phase of growth, including plans to commission more than 100 anaerobic digesters to produce renewable natural gas across the country by 2026, the statement said.
No financial details were disclosed for the deal. The Wall Street Journal, citing an unnamed source close to the deal, reported it was worth $700 million.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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