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Blackstone-backed Legence buys rival ESG firm Lord Green

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Illustration: Annelise Capossela/Axios

Legence, an ESG consulting firm backed by Blackstone, has acquired its rival, Lord Green. Legence says the deal makes it one of the largest sustainability firms in the U.S.

Why it matters: In beefing up its staff and client roster, Legence says it'll now be competing directly on ESG consulting with the Big Four — Deloitte, KPMG, PwC and EY.

What they're saying: "We're acquiring what I would consider to be my No. 1 competitor in the marketplace," Deb Cloutier, Legence's chief sustainability officer, said in an interview.

  • Cloutier's prior company, RE Tech Advisors, was itself acquired by Legence in 2020.

Details: Legence is made up of 11 companies, such as RE Tech Advisors, each with a rough specialty in the built environment. It's a portfolio company of Blackstone, the private equity and asset management giant.

  • Lord Green will add real estate sustainability consulting to the combined company, which will be around 125 people.

Of note: Lord Green's clients include UBS, Invesco, Carlyle, Bain Capital and Starwood.

  • RE Tech's client roster includes the EPA, Energy Department and MetLife Investment Management.
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