Enviva Partners, LP’s $132 Million Acquisition of Enviva Pellets Greenwood Holdings II, LLC


Baker Botts L.L.P. represented the Conflicts Committee in the transaction. Bracewell LLP represented Evercore, financial advisor to the Conflicts Committee of the Board of Directors of the general partner of Enviva Partners, LP.

Enviva Partners, LP (NYSE: EVA) announced that it will acquire 100% of the interests in Enviva Pellets Greenwood Holdings II, LLC, which, through its wholly-owned subsidiaries, owns a wood pellet production plant in Greenwood, South Carolina, from a wholly-owned subsidiary of Enviva Holdings, LP pursuant to a Contribution Agreement dated as of June 18, 2020. The aggregate consideration for the transaction was approximately $132.0 million in cash and the assumption of a $40.0 million third-party promissory note bearing interest at 2.5 percent per year.

The terms of the transaction were unanimously approved by the board of directors of Enviva Partners GP, LLC, a subsidiary of Holdings and the general partner of the Partnership, based on the unanimous approval and recommendation of the Conflicts Committee of the Partnership Board, which is comprised of independent directors.

Enviva Partners, LP is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets.

The Baker Botts team was led by Michael Swidler (Picture), Michael Rosenwasser, Jonathan Kovacs, Michael Bresson, Jared Meier and Matthew Kuryla.

Bracewell represented Evercore with a team led by William Anderson.

Involved fees earner: Michael Bresson – Baker Botts; Jonathan Kovacs – Baker Botts; Matthew Kuryla – Baker Botts; Jared Meier – Baker Botts; Michael Rosenwasser – Baker Botts; Michael Swidler – Baker Botts; William Anderson – Bracewell;

Law Firms: Baker Botts; Bracewell;

Clients: Enviva Partners, LP (Conflicts Committee); Evercore Inc.;

Author: Ambrogio Visconti