Brookfield Business Partners

Last updated

Brookfield Business Partners L.P.
Type Publicly traded partnership
NYSE:  BBU
TSX:  BBU.UN
Industry Private equity
FoundedJune 2016;7 years ago (2016-06)
Headquarters,
Area served
Worldwide
Key people
Cyrus Madon (CEO)
Services Financial services
AUM US$15.8 billion (2017) [1]
Parent Brookfield Corporation
Website bbu.brookfield.com

Brookfield Business Partners L.P. is a publicly traded limited partnership and the primary public vehicle through which Brookfield Corporation, its parent company, owns and operates the business services and industrial operations of its private equity group. [2] It was formed through a spin-off from Brookfield Asset Management (now named Brookfield Corporation) in June 2016. [2]

History

Its units trade on the Toronto Stock Exchange (BBU.UN) and New York Stock Exchange (BBU). Brookfield Business Partners is led by Chief Executive Officer Cyrus Madon, who joined Brookfield Asset Management in 1998, leads its global private equity group, and is a managing partner of the parent company. [3] [4]

In 2016, the company made its first major acquisition, agreeing to acquire a 70% stake in Brazil's largest private water and sewage company, Odebrecht Ambiental, with the remaining 30% continuing to be held by Fundo de Investimento do Fundo de Garantia do Tempo de Servico. [5] The company was renamed BRK Ambiental. [6]

In 2017, the company sold Maax, a bathroom fixtures maker, to American Bath for more than twice the value it acquired it for in 2008. [3] In the first quarter of 2017, the company announced an agreement to acquire an approximate 85% stake in Greenergy, a supplier of road fuels in the UK, [3] and an agreement to purchase Loblaw Companies' network of gas stations (which were rebranded afterwards to Mobil under a franchise agreement with Imperial Oil). [7] [8]

On April 6, 2018, Toshiba completed its sale of Westinghouse Electric Company to Brookfield Asset Management, through its subsidiary, Brookfield Business Partners, and other partners. [9] [10]

In 2019, Brookfield Business Partners bought 45% of the company BrandSafway. BrandSafway was valued at $6.7 billion at the time of the purchase. [11]

In October 2021, Brookfield announced that it would acquire Scientific Games' lottery division for $6.05 billion. [12] [13]

In April 2022, Brookfield acquired the auto dealer services company CDK Global for $6.41 billion. [14]

Related Research Articles

Westinghouse Electric Company LLC is an American nuclear power company formed in 1999 from the nuclear power division of the original Westinghouse Electric Corporation. It offers nuclear products and services to utilities internationally, including nuclear fuel, service and maintenance, instrumentation, control and design of nuclear power plants. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. Brookfield Renewable Partners, a Canadian private equity fund and a subsidiary of Brookfield Asset Management is the majority owner of Westinghouse.

<span class="mw-page-title-main">Brookfield Corporation</span> Canadian asset management company

Brookfield Corporation is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto. It also has corporate offices in New York City, London, São Paulo, Mumbai, Shanghai, Dubai, and Sydney.

<span class="mw-page-title-main">Providence Equity</span> American global private equity investment firm

Providence Equity Partners L.L.C. is a specialist private equity investment firm focused on media, communications, education, and technology investments across North America and Europe. The firm specializes in growth-oriented private equity investments and has invested in more than 170 companies globally since its inception in 1989.

<span class="mw-page-title-main">Cameco</span> Canada uranium company

Cameco Corporation is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada. In 2015, it was the world's second largest uranium producer, accounting for 18% of world production.

<span class="mw-page-title-main">Apax Partners</span> British private equity firm

Apax Partners LLP is a British private equity firm, headquartered in London, England. The company also operates out of six other offices in New York, Hong Kong, Mumbai, Tel Aviv, Munich and Shanghai. As of December 2023, the firm had raised and advised funds of approximately $65 billion (USD). Apax Partners is one of the oldest and largest private equity firms operating on an international basis.

<span class="mw-page-title-main">Westinghouse Licensing Corporation</span> Subsidiary that manages the Westinghouse brand

The Westinghouse Licensing Corporation was a Delaware General Corporation Law organized subsidiary that was founded in 1998 by Westinghouse-CBS in managing the intellectual property assets relating to the Westinghouse trademarks produced from 1886 until 1996. The Westinghouse name and trademarks were purchased from ViacomCBS in 2021 by a new company Westinghouse Electric Corporation.

<span class="mw-page-title-main">Clayton, Dubilier & Rice</span> American private equity company

Clayton, Dubilier & Rice (CD&R) is an American private equity company. It is one of the oldest private equity investment firms in the world. Founded in 1978, CD&R has managed the investment of more than $30 billion in approximately 90 businesses, representing a broad range of industries with an aggregate transaction value in excess of $140 billion. Approximately half of CD&R's investments have involved corporate divestitures.

<span class="mw-page-title-main">Oaktree Capital Management</span> American global asset management firm

Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2023, the company managed $172 billion for its clientele.

<span class="mw-page-title-main">CVC Capital Partners</span> British private equity and investment advisory firm

CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately US$155 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European and Asian private equity, secondaries and credit funds. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 650 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.

<span class="mw-page-title-main">Perella Weinberg Partners</span> U.S.-based financial services firm

Perella Weinberg Partners L.P. is an American global financial services firm focused on investment banking advisory services.

Platinum Equity, LLC is an American private equity investment firm founded by Tom Gores in 1995, headquartered in Beverly Hills, California. The firm focuses on leveraged buyout investments of established companies in the U.S., Europe and Asia.

Lexington Partners is one of the largest manager of secondary acquisition and co-Investment funds in the world, founded in 1994. Lexington manages approximately $55 billion of which an unprecedented $14 billion was committed to the firm's ninth fund, the largest dedicated secondaries pool of capital ever raised at the time.

<span class="mw-page-title-main">BC Partners</span> Private equity firm

BC Partners is a British international investment firm with over $40 billion of assets under management across private equity, credit and real estate in Europe and North America. Its global headquarters are in London. The firm invests across all industries. BC Partners was founded in 1986 and has offices in New York, Paris and Hamburg. Since inception, BC Partners has completed 113 private equity investments in companies with a total enterprise value of €145 billion.

Charterhouse Capital Partners is a London based private equity investment firm focused on investing in European mid-market companies valued between €200m and €1.5bn. The company targets investments across the services, healthcare, specialised industrials and consumer sectors.

Avista Capital Partners is an American private equity firm headquartered in New York City focused on growth capital and leveraged buyout investments in middle-market companies in the domestic healthcare sector.

Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.

Brookfield Renewable Partners L.P. is a publicly traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Ontario, Canada. It is 60% owned by Brookfield Asset Management.

BrandSafway is a construction and civil engineering company in the United States. BrandSafway has customers in 30 countries and has annual sales of 5 billion per year. The company provides Safety equipment to businesses around the world. They have 114 locations in the United States and Canada. The company has a total of 253 locations around the world.

Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.

CDK Global Inc. is an American multinational corporation based in Hoffman Estates, Illinois, providing data and technology to the automotive, heavy truck, recreation, and heavy equipment industries.

References

  1. "2017 Annual Report" (PDF). Brookfield. 31 December 2017. Retrieved 27 June 2018.
  2. 1 2 Smith, Ryan. "Brookfield Asset Management completes spin-off". Wealth Professional Canada. Retrieved 2017-05-07.
  3. 1 2 3 "Brookfield doubles its money with sale of Maax, will acquire Greenergy - PE Hub". PE Hub. 2017-02-06. Retrieved 2017-05-07.
  4. "Cyrus Madon". Brookfield.
  5. "Brookfield Agrees to Buy 70% Stake in Odebrecht for $768 Million". Bloomberg.com. 2016-10-27. Retrieved 2017-05-07.
  6. "Brookfield closes $908 mln buy of Odebrecht Ambiental, renames - PE Hub". PE Hub. 2017-04-26. Retrieved 2018-06-27.
  7. "Loblaw to sell gas station business to Brookfield in $540-million deal". The Globe and Mail. Retrieved 2017-05-07.
  8. "Mobil brand of gas stations to launch in Canada after deal for 213 Loblaws-owned locations". CBC News. Retrieved 2017-10-28.
  9. "Toshiba sells Westinghouse-related assets in USA". World Nuclear News. 6 April 2018. Retrieved 12 April 2018.
  10. "Brookfield to buy Westinghouse's global nuclear business in $4.6-billion deal | Financial Post". January 4, 2018.
  11. Khan, Shariq. "Brookfield to take 45% stake in BrandSafway for $1.3 bln". nasdaq.com. Nasdaq, Inc. Retrieved 26 January 2020.
  12. Richard N. Velotta (October 29, 2021). "Scientific Games selling lottery division for $6.05B". Las Vegas Review-Journal. Retrieved 2021-10-31.
  13. "Brookfield Acquires Scientific Games' Global Lottery Services". Gambling News. 5 April 2022. Retrieved 3 May 2022.
  14. Balu, Nivedita; Mathews, Eva (2022-04-07). "Brookfield to buy automotive software maker CDK Global for $6.41 bln". Reuters. Retrieved 2022-04-30.