• Demolition works have begun on the St Giles Quarter masterplan site in the West End, clearing a vacant Travelodge, NCP car park and derelict buildings to make way for a major regeneration
• Designed by DSDHA and brought forward by Simten and BC Partners, the scheme develops 220,000 sq ft including some prime office and retail floorspace, enough workspace to accommodate over 1,400 jobs in the heart of the West End, as well as residential accommodation
• The masterplan is led by One Museum Street, a 19-storey office tower to be the first new high-rise office building in the West End in over 50 years
• The scheme includes three additional blocks with retail space and 44 homes, as well as new public realm and a retail arcade linking Covent Garden and Bloomsbury.

Demolition has begun on St Giles Quarter. The site, also known as Museum Street, is a 0.53 ha freehold site within one of London’s most exciting West End districts close to Tottenham Court Road. The completed development will be known as St Giles Quarter and incorporates the One Museum Street workspace building as well as three low-rise residential blocks. The development’s name reflects the site’s position in the historic St Giles area.

Camden Council’s planning committee resolved to approve plans to redevelop the vacant site in November 2023, which currently comprises an empty Travelodge, NCP car park and derelict residential and commercial buildings. The demolition marks the implementation of the planning permission to redevelop the site, alongside the refurbishment and restoration of several buildings along West Central Street, including listed buildings.

Brought forward by developer Simten and investor BC Partners, the masterplan will deliver 220,000 sq ft (NIA) of mixed-use floorspace across four self-contained buildings. At the heart of St Giles Quarter is the One Museum Street tower, which will be the West End’s first new-build office tower in over 50 years. One Museum Street will deliver nearly 180,000 sq ft of Grade-A office and retail floorspace across 19 storeys – providing workspace for around 1,400 people.

Situated at the junction of Soho, Covent Garden, and Bloomsbury, tenants will have an array of state-of-the-art amenities and shops to visit, great transport connections such as the Elizabeth line, and spectacular 360° unobstructed views across central London, including the nearby British Museum.

The design has embedded sustainability and wellness throughout the development, fostering a positive work environment which meets the evolving needs of today’s workforce, promoting long-term satisfaction and retention. The scheme will target BREEAM ‘Outstanding’, WELL ‘Platinum’, Nabers 5* rating and Net Zero Carbon in operation. The basement of the existing Travelodge will be retained, representing a recycling of around 25% of the embodied carbon of the existing building.

In addition to One Museum Street, St Giles Quarter will feature three additional self-contained blocks located on Vine Lane (a newly created pedestrianised passage linking New Oxford Street and High Holborn), West Central Street and High Holborn, which will provide a variety of retail spaces as well as 44 new homes, including 25 affordable. The local community and visitors will also benefit from new and improved public routes around the site, including a retail pedestrianised arcade on Vine Lane connecting Covent Garden with Bloomsbury.

Laurian Douin, Partner at BC Partners, said:
“The start of works on-site represents a major step forward in delivering the St Giles Quarter masterplan. In a climate where many projects have stalled due to economic uncertainty, this milestone demonstrates our confidence in the West End’s long-term potential and our commitment to delivering future-ready, sustainable spaces. We’re proud to be shaping a place that will support over 1,400 jobs and strengthen the West End’s role as a dynamic, inclusive destination.”

Eleanor Wright, Development Associate at Simten, comments:
“We are excited to begin work on the West End’s first high-rise office building in over 50 years. The design of St Giles Quarter is a response to the evolving demands of the modern workplace and the growth of the district, where sustainability, wellbeing and urban integration are paramount. These principles have been embedded throughout the scheme, creating a building that not only delivers user-focused, high-quality workspace but also contributes meaningfully to the public realm. By introducing new public routes and a retail arcade that links Covent Garden and Bloomsbury, we’re enhancing connectivity and encouraging footfall through previously underused spaces.”

Demolition works are being undertaken by John F Hunt, with the masterplan practical completion scheduled for late 2028.

Launched by One Equity Partners, Warburg Pincus and Green Cement Investments in 2022, Eco Material Technologies is well-positioned under CRH’s stewardship to maintain its growth trajectory

New York – July 29, 2025 – One Equity Partners (“OEP”), a leading middle market private equity firm, Warburg Pincus, the pioneer of global growth investing, and Green Cement Investments today announced an agreement to sell Eco Material Technologies (“Eco Material”) to CRH (NYSE: CRH) for a total consideration of $2.1 billion. Eco Material Technologies is a leading independent supplier of Supplementary Cementitious Materials (“SCMs”) in North America.

Eco Material was formed in 2022 from the merger of Boral Limited’s North American fly ash business and Green Cement Inc, a manufacturer of near-zero-carbon cement alternatives. Eco Material is headquartered in Utah and operates a national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations distributed across a network of over 125 utility source locations, production facilities and terminals. The company partners with leading electric utilities to process and recycle approximately seven million tons of fly ash and three million tons of synthetic gypsum and other materials annually, with significant additional capacity currently under construction.

“During our partnership, Eco Material has achieved significant growth by scaling industry-leading technological solutions and continuing to expand its network of cement alternatives across North America,” said Matt Hughes, Partner at OEP. “We are proud of the progress our partnership has generated, and we are confident that CRH will shepherd in a new chapter of growth by leveraging its national distribution network and innovation capabilities to better serve the combined companies’ customers,” said Roy Ben-Dor, Managing Director and Head of Energy Transition and Sustainability at Warburg Pincus.

“We thank One Equity Partners and Warburg Pincus for their investment and partnership, which were instrumental in building the strong foundation from which we now embark on this next chapter,” said Grant Quasha, CEO of Eco Material. “We’re incredibly proud of the growth we have achieved together since 2022, and we are excited for our future with CRH and the opportunities ahead of our combined organizations.”

The proposed transaction is subject to regulatory approval and customary closing conditions and is expected to close in 2025.

Jefferies LLC is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to Eco Material.

About Eco Material Technologies

Eco Material is a leading producer, marketer and distributor of ash-based SCM products in North America. Eco Material is also a leading environmentally focused, near-zero carbon cement producer in the United States. SCMs are the most impactful, environmentally friendly alternative materials to portland cement that significantly reduce the CO2 footprint and improve the performance and longevity of cement’s end-product, concrete. Coal ash and volcanic ash are used to replace a portion of emissions intensive portland cement in concrete and can be further upgraded to its higher performance Green Cement products by the Company. Eco Material also supplies services to electric utilities related to management of coal ash and other coal combustion products and recycles over 10 million tons per year of material into beneficial use – reducing emissions and avoiding landfilling of material.

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam. For more information, please visit www.oneequity.com.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Media Contacts

Eco Material Technologies

Mindy Ward
Marketing Manager
Mindy.Ward@ecomaterial.com

Warburg Pincus

Kerrie Cohen
Global Head of Communications & Marketing
kerrie.cohen@warburgpincus.com

Equistone Partners Europe (“Equistone”), one of Europe’s most established mid-market private equity investors, today announces the full realisation of its investment in KWC Group (“KWC”) through the sale of KWC Professional to France-headquartered DELABIE Group, a fourth-generation family-owned European leader in tapware and sanitary equipment for public and commercial buildings. The transaction creates a leading pan-European industrial group with a significant additional footprint in the Middle East.

Headquartered in Unterkulm, Switzerland, KWC Professional serves (semi-)public institutions such as airports, shopping centres, schools, sports and leisure facilities, hospitals and security facilities. The company operates across multiple countries and regions, including Switzerland, Germany, Austria, the UK, Finland and the Middle East, and currently employs around 400 people.

Equistone Partners Europe acquired a majority stake in KWC Group (then Franke Group’s Water Systems division) in April 2021, in a carve-out transaction that brought together its Home, Professional and Medical business units, as well as Nokite, a well-established Chinese original equipment/design manufacturer (OEM) of stainless-steel faucets. Since then, Equistone has worked closely with the management team to execute a strategic realignment focused on fostering the strengths of each business division. As part of this strategy, in 2024, the company successfully sold its medical division to the Swedish Alumbra Group, its home division to Paini and its OEM division back to former owner, Franke Group. The sale of KWC Professional to DELABIE Group now marks the full realisation of Equistone’s investment in KWC.

Following the carve-out from the Franke Group, Equistone supported the rebranding of Franke Water Systems to KWC Group, with its business units renamed KWC Home, KWC Professional and KWC Medical. Nokite retained its original name, having always operated as an independently branded unit within the group. During the investment period, Equistone supported the acquisition of UK-based Newcastle Joinery Ltd, strengthening KWC Professional’s position in the specialised market for sanitary solutions in security and custodial facilities. The firm also drove a wide-ranging value creation program and operational improvements, including implementing a state-of-the-art public cloud enterprise resource planning (ERP) solution, which reduced costs, enhanced global process consistency and laid the foundation for future innovations.

David Zahnd, Partner at Equistone, said: “We are proud to have supported KWC Group over the past four years. In that time, the business has undergone an important strategic realignment, which leaves it in an exceptionally strong position. In DELABIE, KWC Professional has found the right long-term partner, and we wish the team continued success going forward.”

Roman E. Hegglin, Partner at Equistone, added: “When we invested in KWC Group in 2021, we recognised the significant potential within the business. Through strategic divestments and a clear focus on expanding the professional division, we’ve unlocked this potential, and the business is now primed for sustained future growth.”

The agreed transaction is subject to customary closing conditions.

The Equistone deal team consists of Stefan Maser, David Zahnd and Roman E. Hegglin. Equistone was advised on this transaction by Enqcor (M&A), Bär & Karrer (Legal & Tax) and Deloitte (Financial Due Diligence).

DELABIE Group was advised on this transaction by Natixis Partners (M&A & Financing), McDermott Will & Emery (Legal), 8Advisory (Financial & Operational Due Diligence), Arsène Taxand (Tax) and ERM (Environment).

Investment Will Support Leading Provider of Electric Utility Maintenance and Construction Services in its Mission to Address Growing US Power Demand and Needed Grid Improvements

HARTSELLE, Ala. and NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE:APO) today announced that Apollo-managed funds and affiliates associated with its hybrid strategies (the “Apollo Funds”) have agreed to acquire a majority stake in PowerGrid Services (“PGS”), a leading provider of maintenance and construction services to electric utilities across the United States. The Apollo Funds will partner with existing PGS investors, including company management and The Sterling Group, to support PGS’s continued growth.

PowerGrid Services keeps the lights on across America by delivering essential utility services—from routine construction and maintenance to emergency response. With over 1,400 skilled in-house professionals and thousands more through its national vendor network, PGS brings scale and speed to utility customers nationwide. Its hybrid service model supports construction, repair and maintenance of the full power grid, including transmission, distribution, substations and vegetation management. PGS’s safety-first culture and reliability has made it a go-to partner for grid modernization and resilience efforts in over 35 states.

Quentin Gillette, CEO of PGS, and Beth Gillette, PGS Board Member and Strategic Advisor, said, “We are thrilled to announce this transaction with Apollo, which marks an exciting milestone for our company. We founded PGS with a clear vision to be a trusted utility partner dedicated to solving challenges, strengthening our nation’s electric grid and improving quality of life in the communities where we operate. Apollo’s operational and strategic support will help us level up our capabilities and growth while remaining true to our culture and core mission of providing safe and reliable services to our customers. We are also grateful for The Sterling Group’s support over the past several years.”

Craig Horton, Partner at Apollo, said, “We are proud to partner with Quentin, Beth and the entire PGS leadership team to support PGS’s growth as a trusted partner to electric utility customers across the US. Apollo is focused on meeting the capital needs of industries that are driving a Global Industrial Renaissance, and we believe PGS is well positioned to help meet the growing demand for power across the country through its contributions to grid stability and electric infrastructure. The investment by the Apollo Funds enables us to bring the considerable resources of the Apollo platform to bear to help accelerate PGS’s geographic expansion, both organically and through its targeted acquisition strategy.”

Kent Wallace, Partner at The Sterling Group, said, “Since 2021, our team has worked closely with PGS’s leadership group to help the company triple in size and deliver the infrastructure needed to meet critical electric grid services. We look forward to supporting the company’s continued success.”

The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.

J.P. Morgan Securities LLC acted as financial advisor to the Apollo Funds on the transaction, while Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

Lincoln International acted as financial advisor to PGS and its shareholders, including management and The Sterling Group, while Kirkland & Ellis LLP served as legal counsel.

About PowerGrid Services

PowerGrid Services (“PGS”) is a national provider of mission-critical electric utility services, offering a uniquely integrated platform across planned infrastructure work and rapid emergency response. Leveraging a hybrid service model that combines an in-house team of more than 1,400 skilled professionals with access to thousands of additional resources through our national vendor network, the company is built to respond quickly and safely when it matters most. PGS supports the full electrical infrastructure lifecycle, providing construction, repair, and maintenance from distribution and transmission to substations and vegetation management. The company’s commitment to safety and service excellence has made it a trusted partner for grid modernization, hardening, and event response to investor-owned utilities, municipalities, and co-ops across 35 states.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity investment firm that targets investments in manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 74 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.4 billion of assets under management. For further information, please visit www.sterling-group.com.

Past performance is no guarantee of future results and all investments are subject to loss.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Franny Jones
Partner, Investor Relations
The Sterling Group
713-341-5756
IR@sterling-group.com

MEMPHIS, Tenn.–Redwood Services (“Redwood”), a leading national platform in the essential home services sector, today announced a significant equity investment from Altas Partners (“Altas”), a North American investment firm. The transaction, expected to close in the second quarter of 2025 pending regulatory approvals, marks the expansion of Redwood’s investor group alongside founding backer Union Main Group. Terms of the transaction were not disclosed.

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Today, Redwood supports over 2,500 employees and generates more than $500 million in annual revenue. Over the years, Redwood has built a proven partnership model and a robust national platform—with an emphasis on scaling with discipline, preserving culture, and driving and supporting consistent performance across its family of brands.

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“Altas is the ideal partner as we embark on our next phase of growth,” said Richard Lewis, Founder and CEO of Redwood Services. “We’ve built a nationwide, people-first platform that empowers elite contractors through local alignment and world-class support. Our Partner Support Center helps our Partners unlock their full potential, enabling them to deliver exceptional service and build lasting customer relationships. We’re proud of what we’ve built, and we’re just getting started.”

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The investment will enable Redwood to further strengthen its infrastructure, expand strategic partnerships, accelerate tuck-in acquisitions across the U.S., and continue to help its local brands operate at the highest level.

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“Altas shares our vision and deeply values what we’ve built,” said Adam Hanover, Co-Founder and CEO of Union Main Group and Chairman of Redwood’s Board. “Their experience scaling businesses from our size to several times larger—combined with their genuine respect for Redwood’s culture, partnership model, and Partner Support Center team—makes them an ideal partner for this next chapter. We’re excited to welcome them to the team.”

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Altas brings a distinct approach to partnerships given its focus on completing only one or two significant investments each year, allowing for deep engagement and meaningful collaboration. Altas has a strong track record of helping leading services businesses like Redwood grow significantly larger and more valuable—by enhancing capabilities while preserving each company’s unique culture. In recent years, this approach has led to the development of the leading commercial roofing service provider and the leading independent fire and life safety provider in the U.S.

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“We’ve spent several years studying the home services and residential HVAC space, and Redwood stands out as one of the premier platforms in the industry,” said Michael Korzinstone, Partner at Altas. “Redwood’s impressive team, disciplined approach to growth, strong local alignment, and mission-driven culture set it apart from others in the industry. Given our track record of helping scale leading services businesses in other sectors, we are confident we can provide the support and capabilities to help Redwood accelerate its growth while preserving what makes it exceptional.”

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Advisors

Piper Sandler & Co. served as Redwood’s financial advisor. Debevoise & Plimpton LLP and Burch, Porter & Johnson, PLLC served as legal counsel to Redwood. Baird and Deutsche Bank served as Altas’ financial advisors. Kirkland & Ellis LLP served as legal counsel to Altas.

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About Redwood Services

Founded in 2020 and headquartered in Memphis, Redwood Services is a nationwide people-focused platform dedicated to empowering elite contractors in the essential home services industry. Redwood provides world-class resources, coaching, and strategic partnerships to 19 leading companies across the United States, enabling its Partners to deliver exceptional HVAC, plumbing, and electrical services to residential customers. Redwood’s mission is to unleash the full potential of its Partners, supporting them in providing high-quality service and building lasting relationships with customers. For more information, visit www.redwoodservices.com.

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About Altas Partners

Altas Partners is a North American investment firm focused on selectively acquiring significant interests in high-quality businesses with meaningful growth potential. Altas focuses on sub-sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm’s patient investment philosophy and engaged approach to ownership distinguish Altas as a buyer of choice for many management teams and founders. The Firm was founded in 2012 and operates from offices in Toronto and New York. Altas manages more than $10 billion on behalf of leading institutional and family office investors from around the world. For more information, visit www.altas.com.

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About Union Main Group

Union Main Group is a long-term holding company that owns and operates a concentrated portfolio of essential business services companies. Founded and led by Marc and Adam Hanover, Union Main is backed by a close-knit group of entrepreneurial investors, including Bill Conway (Co-Founder, The Carlyle Group), Pitt Hyde (Founder, AutoZone), and Mitchell Blutt and Kevin Livingston (Founders, Consonance Capital). Union Main builds and scales businesses in partnership with exceptional operators, and has selectively partnered with large-cap investment firms—while continuing to hold significant stakes as its companies enter new chapters of growth. For more information, visit www.unionmain.us.

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