Significant Investment to Fuel Next Phase of Growth as RES Achieves National Scale, Targets Growing Infrastructure and Resiliency Drivers
All amounts in U.S. dollars unless otherwise stated
TORONTO and HOUSTON, Feb. 07, 2022 (GLOBE NEWSWIRE) — Resource Environmental Solutions, LLC (“RES” or “the company”), the nation’s largest ecological restoration company, today announced that Onex Partners V, Onex Corporation’s (“Onex”)(TSX:ONEX) $7.2 billion fund, has agreed to make a significant investment in RES, together with funds affiliated with the company’s existing investor, KKR. This investment, made in partnership with management, is in support of RES’ continued growth and development.
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RES’ mission is to restore a resilient earth for a modern world, project by project. The company supports the public and private sectors with solutions for environmental mitigation, stormwater, water quality, and climate and flooding resilience. RES delivers durable ecological uplift on its sites, based on science-led design, full delivery, long-term stewardship, and guaranteed performance.
“We could not be more excited to have these two firms backing us,” said Darrell Whitley, RES President and CEO. “In our first 14 years, we’ve proven that ecological restoration can be trusted to improve and preserve the environment in balance with human progress. Today, RES is the environmental employer of choice. With the backing of Onex Partners and KKR, we will continue to invest in talent and capabilities, and grow into new markets and new communities. Our access to additional investment capital will also help us to continue with product line expansion into coastal resiliency, large scale water quality projects, new mitigation banks and carbon solutions,” Whitley continued.
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Amir Motamedi, a Managing Director of Onex Partners, said: “RES is the nation’s leading provider of nature-based solutions and green infrastructure thanks to the contributions of every team member at the company. With its strong culture and can-do spirit, we’re confident RES will continue its growth trajectory both organically and through acquisitions. We are delighted to be partnered with Darrell, the entire RES team and KKR during this next chapter.”
Robert Antablin and Ken Mehlman, Co-Heads of KKR Global Impact, added: “We are thrilled to continue our relationship with RES and support them, alongside Onex Partners, on their mission to help communities navigate the impacts of climate change. While we have made great progress since KKR’s initial investment in helping to establish RES as an industry leader while growing the company’s operations, capabilities and team, we are looking forward to even more growth ahead.”
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Elliott Bouillion, Founder and Executive Chairman, concluded, “I am thrilled to see RES continue its journey and mission to restore a resilient earth for our modern world. I believe that Onex Partners and KKR will be formidable partners and dedicated stewards of our business during the next phase of ownership. I look forward to working closely with Onex Partners, KKR, Darrell and the rest of the RES management team as we aim to take RES to the next level and drive even more growth and transformation in the years ahead.”
The transaction is anticipated to close in the first quarter subject to customary conditions and regulatory approvals. Financial details for the transaction are not being disclosed at this time.
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About RES RES (Resource Environmental Solutions) is restoring a resilient earth for a modern world, project by project. As the nation’s largest ecological restoration company, RES provides environmental mitigation, stormwater and water quality, and climate and flooding resilience solutions with a focus on full delivery, long-term stewardship and guaranteed performance. RES designs, builds, and sustains sites that preserve the environmental balance, restoring our land and waters to enhance lives for generations to come.
About Onex Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of September 30, 2021, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
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Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com . Onex’ security filings can also be accessed at www.sedar.com .
About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Contacts:
RES Gaye Denley Director, Marketing gdenley@res.us +1.303.815.5211
Patrick Ryan VP, Corporate Development pryan@res.us
+1.713.325.7213
Onex Jill Homenuk Managing Director – Shareholder Relations and Communications jhomenuk@onex.com +1.416.362.7711
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
