Home Industries Real Estate New York firm acquires majority stake in Milwaukee-based PACE Equity

New York firm acquires majority stake in Milwaukee-based PACE Equity

Beau Engman

New York-based Aquarian Holdings announced Wednesday that it has acquired a majority stake in Milwaukee-based PACE Equity. Terms of the deal were not disclosed. PACE Equity provides funding for clean energy real estate development and renovation projects that have measurable water, energy, or renewable resource savings. Aquarium Holdings is a global holding company with a

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.
New York-based Aquarian Holdings announced Wednesday that it has acquired a majority stake in Milwaukee-based PACE Equity. Terms of the deal were not disclosed. PACE Equity provides funding for clean energy real estate development and renovation projects that have measurable water, energy, or renewable resource savings. Aquarium Holdings is a global holding company with a portfolio of insurance and asset management solutions. It has about $19.5 billon in assets under management. Aquarian will take a majority share in PACE Equity and provide up to $1 billion of financing, allowing the firm to significantly scale its capacity and expand the reach and size of its debt financing projects. “At Aquarian, we look for investments that are built to last;” said Rudy Sahay, founder and managing partner of Aquarian Holdings. “The long-term stability of C-PACE projects are a highly attractive opportunity, and we are very pleased to be entering into this partnership with PACE Equity.” “PACE Equity has a history of strong growth,” said Beau Engman, founder and president of PACE Equity. “We are excited about working with a great partner in Aquarian who can help us expand our market reach and increase our velocity as we unlock new opportunities.” DLA Piper served as legal advisor to Aquarian in connection with the transaction. Gibson, Dunn & Crutcher LLP served as legal advisor to PACE Equity in connection with the transaction. Guggenheim Securities, LLC served as financial advisor to PACE Equity in connection with the transaction.

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