Brookfield Business Partners

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Brookfield Business Partners L.P.
Public, Limited partnership
Traded asNYSEBBU
TSXBBU.UN
IndustryPrivate equity
FoundedJune 2016; 2 years ago (2016-06)
Headquarters,
Area served
Worldwide
Key people
Cyrus Madon (CEO)
ServicesFinancial services
AUMUS$15.8 billion (2017)[1]
ParentBrookfield Asset Management
Websitebbu.brookfield.com

Brookfield Business Partners L.P. is a publicly traded limited partnership and the primary public vehicle through which Brookfield 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 in June 2016.[2] 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 in 1998 and leads its global private equity group.[3]

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.[4] The company was renamed BRK Ambiental.[5]

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).[6][7]

On April 6, 2018 Toshiba completed its sale of Westinghouse Electric Company to Brookfield Business Partners and some partners.[8]

References[edit]

  1. ^ "2017 Annual Report" (PDF). Brookfield. 31 December 2017. Retrieved 27 June 2018.
  2. ^ a b Smith, Ryan. "Brookfield Asset Management completes spin-off". Wealth Professional Canada. Retrieved 2017-05-07.
  3. ^ a b c "Brookfield doubles its money with sale of Maax, will acquire Greenergy - PE Hub". PE Hub. 2017-02-06. Retrieved 2017-05-07.
  4. ^ "Brookfield Agrees to Buy 70% Stake in Odebrecht for $768 Million". Bloomberg.com. 2016-10-27. Retrieved 2017-05-07.
  5. ^ "Brookfield closes $908 mln buy of Odebrecht Ambiental, renames - PE Hub". PE Hub. 2017-04-26. Retrieved 2018-06-27.
  6. ^ "Loblaw to sell gas station business to Brookfield in $540-million deal". The Globe and Mail. Retrieved 2017-05-07.
  7. ^ "Mobil brand of gas stations to launch in Canada after deal for 213 Loblaws-owned locations". CBC News. Retrieved 2017-10-28.
  8. ^ "Toshiba sells Westinghouse-related assets in USA". World Nuclear News. 6 April 2018. Retrieved 12 April 2018.