Sun European Partners, LLP Affiliate Agrees to Sell Adler & Allan to Goldman Sachs Alternatives

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Sun European Partners, LLP affiliate agrees to sell leading UK environmental risk reduction specialist, Adler & Allan, to Goldman Sachs Alternatives. The acquisition is expected to close in the next few months pending approvals. Adler & Allan, founded in 1926, operates in Environmental, Energy, and Water Services, with a focus on sustainability and climate transition. Sun European's buy & build strategy enhanced growth and value creation through strategic add-ons and diversification into renewable energy services. Goldman Sachs aims to accelerate growth organically and through targeted acquisitions.

Positive

• Adler & Allan, a leading UK environmental risk reduction specialist, has a strong reputation for high service quality and technical expertise.

• Sun European Partners' buy & build strategy with Adler & Allan led to growth acceleration and value creation through strategic add-ons and diversification.

• Goldman Sachs Alternatives' partnership with Adler & Allan is focused on accelerating growth organically and through targeted acquisitions in the UK and overseas.

Negative

• The sale of Adler & Allan to Goldman Sachs Alternatives is subject to customary anti-trust and NSIA approvals, potentially causing delays in the closing process.

• Although the acquisition is expected to bring growth opportunities, there may be challenges in integrating the operations of Adler & Allan within Goldman Sachs Alternatives.

• Adler & Allan is the UK’s leading environmental risk reduction specialist, providing preventative maintenance services and emergency response solutions.
• Sun European continues to demonstrate their strong buy & build capabilities in the services sector.

LONDON--(BUSINESS WIRE)-- An affiliate of Sun European Partners, LLP (“Sun European Partners” or “Sun European”), today announces that it has agreed to sell Adler & Allan (or the “Company”) a leading UK environmental risk reduction specialist to the private equity business at Goldman Sachs Alternatives (or “Goldman Sachs”). The sale is conditional on receipt of customary anti-trust and NSIA approvals and is expected to close in the next couple of months.

Founded in 1926 and headquartered in Harrogate, Adler & Allan is the leading UK environmental risk reduction specialist operating across three core divisions: Environmental Services, Energy Services, and Water Services. Adler & Allan is the only player in the UK of scale with the most sophisticated service offering and professionalised go to market approach, providing unique nationwide coverage and serving 2,500+ customers.

Adler & Allan was acquired by an affiliate of Sun European in November 2020. Following the acquisition, Sun European worked with Adler & Allan’s leadership team to accelerate growth and value creation by completing nine strategic add-ons, bolstering the management team, demonstrating the ability to cross-sell services into the existing customer base, and diversifying the business away from hydrocarbons and into renewable energy services. In addition, Adler & Allan created a new Water Division which is helping to address the major water and wastewater related challenges in the UK.

Alexander Wyndham, Managing Director at Sun European Partners, said: “It was a pleasure working alongside Bob, Henrik, and the whole Adler & Allan team. We were able to draw on our strong buy & build expertise and operational experience to drive growth and innovation. We look forward to watching them continue their growth trajectory with their new investor. We’d like to thank them for all their hard work and wish them all the success for the future.”

Henrik Pedersen, CEO at Adler & Allan, said: Our partnership with the Sun European team has been a great success. Our shared values and focus on high quality service has enabled Adler & Allan to continue to strengthen its leading position in the environmental risk management market. We look forward to our partnership with the Goldman Sachs team and a new growth phase for Adler & Allan.

Jose Barreto and Mihir Lal from the Private Equity business at Goldman Sachs Alternatives, commented: “Adler & Allan has a 100-year heritage in supporting operators of critical infrastructure assets with their most complex environmental challenges including pollution, climate change, sustainability and preventing environmental harm. We have been impressed with the Company’s leading reputation for high service quality, deep technical expertise, and the breadth of their service offering. We are delighted to partner with the Adler & Allan team and look forward to accelerating the company’s growth trajectory. We see tremendous value creation opportunity for the business via our platform both organically, and through a targeted acquisition strategy both in the UK and overseas with a continued focus on sustainability, climate transition, and water.”

Sun European was advised on the transaction by Houlihan Lokey (M&A), OC&C (Commercial), KPMG (Financial & Tax), Weil, Gotshal & Manges LLP (Legal) and Park Place (Management). Goldman Sachs was advised on the transaction by Linklaters (Legal), EY Parthenon (Commercial), and KPMG (Financial & Tax).

Sun European Partners, LLP is a leading private investment advisory firm, focused on partnering with outstanding management teams to accelerate value creation. Sun European Partners is a trusted partner that is recognised for its investment and operational experience, including particular expertise in the services, industrials & distribution and food & consumer sectors. Since 1995, affiliates of Sun European Partners have invested in more than 540 companies worldwide across a broad range of industries and transaction structures with turnover of approximately €40 billion. Sun European Partners has offices in London and affiliates with offices in Boca Raton, Los Angeles, and New York. Follow us on LinkedIn.

Adler & Allan provide market leading environmental risk reduction through preventative and responsive solutions, offering an expert 24-7 service to its customers. Adler & Allan’s customers include multinational blue-chip organisations across a wide range of sectors both private and public. Adler & Allan give its customers peace of mind in detecting and identifying the environmental risks posed to their business. Its broad range of risk mitigation products and services keep businesses strong, reducing the prospect of litigation, costly fines and bad publicity, as well as reducing the threat to the environment. In a world where the environment and legislation are in constant flux, Adler & Allan also provides emergency response in a variety of settings. Learn more about Adler & Allan https://www.adlerandallan.co.uk/

Private Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430714850/en/

Adler & Allan

Matt Hanson

Matt.Hanson@adlerandallan.co.uk



Sun European Partners, LLP.

Pia De Sousa

pdesousa@suncappart.com



Goldman Sachs Alternatives

Joseph Stein

Joseph.Stein@gs.com

T +44 207 774 4080

Source: Sun European Partners, LLP

FAQ

What is the main focus of the press release involving Goldman Sachs Alternatives and Adler & Allan?

The press release announces the sale of leading UK environmental risk reduction specialist, Adler & Allan, to Goldman Sachs Alternatives.

Who is involved in the sale of Adler & Allan to Goldman Sachs Alternatives?

The sale is being conducted by an affiliate of Sun European Partners, LLP, a leading private investment advisory firm, to Goldman Sachs Alternatives.

What are the core divisions in which Adler & Allan operates?

Adler & Allan operates in Environmental Services, Energy Services, and Water Services, providing nationwide coverage to 2,500+ customers.

When was Adler & Allan acquired by an affiliate of Sun European Partners?

Adler & Allan was acquired by an affiliate of Sun European Partners in November 2020.

What was the purpose of the nine strategic add-ons completed by Sun European Partners with Adler & Allan?

The strategic add-ons aimed to accelerate growth and value creation for Adler & Allan, diversifying the business into renewable energy services and creating a new Water Division.