Clearwater advises Babcock & Wilcox on the sale of Babcock & Wilcox Renewable Service to Hitachi Zosen Inova

Transaction

Babcock & Wilcox on its sale of Babcock & Wilcox Renewable Service to Hitachi Zosen Inova

Sell-side

€81m

Role

Adviser to Babcock & Wilcox on the sale of Babcock & Wilcox Renewable Service to Hitachi Zosen Inova

Sector

Industrial & Chemicals
Energy & Utilities

Region

Denmark

We have advised Babcock and Wilcox (B&W), a waste-to-energy (WtE) and biomass expert, on the sale of its subsidiary Babcock & Wilcox Renewable Service (BWRS), to green-tech company Hitachi Zosen Inova.

BWRS is based in Holsted, Denmark, employs more than 160 people and provides aftermarket services (AFM) and maintenance for waste- and biomass-to-energy plants. BWRS is owned by US-listed B&W Enterprises, Inc. headquartered in Ohio, a leader in energy and environmental products and services for power and industrial markets worldwide.

Hitachi Zosen Inova, a Japanese-listed global leader in solutions for the energy transition and circular economy, including WtE and renewable gas, operates as part of the Hitachi Zosen Corporation Group.

The sale supports B&W’s divestment strategy to sell non-core business. With the acquisition, Hitachi Zosen Inova gains a strong presence in the Nordics and a growing footprint in Western Europe. The region boasts the world’s highest density of WtE and biomass plants, presenting significant growth prospects in plant lifecycle solutions, service and retrofit.

With an American owner navigating the complexities of an international transaction, we knew from the start we needed assistance from a corporate finance house with extensive global experience. We are extremely grateful to Clearwater for the exceptional service and expertise in facilitating the sale. From the initial valuation to the final negotiations, Clearwater demonstrated professionalism, strategic insight, and meticulous attention to detail. BWRS is an important piece in strengthening Hitachi’s aftermarket service position in the Nordics, and we look forward to the new strong partnership with our skilled employees, unique culture, and expertise preserved.
Christoffer Nysted Sørensen, Chairman of the Board, B&W Renewables Service

It has been a true privilege advising the same company twice. B&W Renewable Services has a highly attractive digital business platform and is a market leader in AFM services for WtE and the biomass sector in Northern Europe. This became even more evident in the highly competitive process, with strong interest from both regional and international private equity, as well as global strategic players. We are pleased to have concluded with the preferred buyer who will support continued international growth and cement B&W Renewable Services’ position as the preferred AFM player in the sector.
Carsten Rydahl, Partner, Clearwater