Blackstone has completed an agreement to acquire Enverus, an upper-tier energy data analytics and intelligence solution, from Hellman & Friedman and Genstar Capital. The terms of the deal were not disclosed.
Enverus, founded in 1999, provides real-time analytics, insights, and benchmark data across the energy value chain to help inform capital allocation and asset optimization decisions. It serves 8,000 customers in 50 countries with over 95% of U.S. energy producers and 40,000 suppliers that it is connected to. It is the largest and fastest-growing SaaS player exclusively in the energy industry.
"This is more than a transaction – it's a launchpad," stated Manuj Nikhanj, CEO, Enverus. "Blackstone believes the future of energy will be AI, real-time intelligence, and execution-driven boldness. Their global scale and deep energy, infrastructure, and data-intensive industries expertise will accelerate our velocity – allowing us to grow faster, build smarter, and deliver transformational outcomes to our customers.". It's due to tight collaboration with H&F that Enverus is the business we are today. I'm so thankful for what our individuals have created – particularly our early innovation in power markets – and hungrier than ever for what's to come."
Blackstone added that Enverus' pioneering analytics are more vital than ever as customers see AI-driven electricity demand growth and the transformation in energy.
With the most robust energy-focused SaaS platform, Enverus' leading analytics and technology solutions are mission-critical to its customers amidst navigating unprecedented AI-driven electricity demand growth and the energy transition at large," commented Eli Nagler and Bilal Khan, senior managing directors at Blackstone. "We think Blackstone's expertise and connectivity across the energy verticals can contribute even further to the company's growth story, and look forward to working with Manuj and the Enverus team.".
Hellman & Friedman and Genstar Capital, which backed Enverus' growth in global presence and innovation during the past four years, said the company is now the market leader in generative AI-based solutions in the energy sector.
The deal is Blackstone's newest investment in power demand growth and energy transition following Potomac Energy Center, Sediver, Westwood Professional Services and Trystar. The deal is anticipated to close by year-end on typical terms. Enverus and Hellman & Friedman were advised by Citi and Morgan Stanley, and Blackstone was advised by RBC Capital Markets.