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Blackstone-backed Legence buys rival ESG firm Lord Green

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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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