NEW YORK, Aug. 7, 2025 — Blackstone announced Wednesday that its affiliated private equity funds have signed a definitive agreement to acquire Enverus, a leading energy data analytics company, from Hellman & Friedman and Genstar Capital.
Enverus, founded in 1999, is a leading data analytics platform empowering its customers’ capital allocation and asset optimization decisions across the entire energy ecosystem.
Today, it is the largest and fastest-growing SaaS company and analytics provider dedicated to the energy market. It enables its 8,000 customers across 50 countries with real-time access to analytics, insights, and benchmark data from generative AI and partnerships with more than 95 percent of US energy producers and 40,000 suppliers, Blackstone said in a statement.
What the Company Heads Have to Say
Manuj Nikhanj, CEO of Enverus, said that this is more than a transaction.
“It’s a launchpad,” Manuj said. “Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution. Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum – helping us scale faster, build smarter, and deliver transformational outcomes for our customers. It is thanks to a strong partnership with H&F that Enverus is the company we are today. I am incredibly proud of what our team has built – especially our breakthrough work in power markets – and more excited than ever for what comes next.”
Eli Nagler and Bilal Khan, Senior Managing Directors at Blackstone, said: “As the leading energy-dedicated SaaS platform, Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition. We believe Blackstone’s energy market expertise and network can further enhance the company’s growth trajectory, and look forward to partnering with Manuj and the Enverus team.”
“After four years of tremendous partnership, Enverus stands as the clear SaaS, data, and analytics leader empowering the energy market,” said Ben Farkas, Partner at Hellman & Friedman.
“We set out with a mission to build on the company’s core strengths, accelerate innovation, and expand its reach across the energy value chain. Today, they are pioneering GenAI-powered solutions, scaling into new markets, and enabling smarter and more efficient decisions for customers worldwide. The company’s growth and culture of innovation have set a new standard for the industry. It’s been a privilege to partner with Manuj Nikhanj, Jeff Hughes, and the full Enverus team. We are confident Enverus is exceptionally well-positioned to shape the future of global energy.”
“Supporting Enverus through this exciting period of innovation and growth has been a great journey,” said Eli Weiss, Managing Partner of Genstar Capital. “We’re proud of the team’s achievements and are confident they are well positioned for continued success.”
Key Factors Driving Enverus Takeover by Blackstone
Blackstone Entities to Invest: Enverus represents the latest in a number of recent transactions Blackstone has announced behind its high-conviction investment themes in electricity demand growth and the ongoing energy transition, such as Potomac Energy Center, Sediver, Westwood Professional Services, Trystar, and others. Blackstone’s core private equity strategy, Blackstone Energy Transition Partners, and Blackstone’s private equity strategy for individual investors are each expected to invest in Enverus as part of this transaction.
Transaction Contours: Terms of the transaction were not disclosed. The transaction is expected to close by the end of the year, subject to customary conditions. Citi and Morgan Stanley & Co. LLC acted as financial advisors, and Kirkland & Ellis LLP acted as legal advisor to Enverus and Hellman & Friedman. RBC Capital Markets, LLC served as financial advisor, and Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.
Forces Behind the Merger: Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries, and hedge funds.
Enverus is the energy industry’s most trusted source for decision intelligence. With petabytes of proprietary data, deep domain expertise, and AI-native technology, Enverus empowers customers to invest smarter, operate more efficiently, and scale faster across upstream, midstream, minerals, power, and renewables – all while navigating the most complex energy market in history.
Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses.
Genstar Capital is a leading private equity firm that has been actively investing in high-quality companies for over 35 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $50 billion of assets under management and targets investments focused on targeted segments of the financial services, software, healthcare, and industrials industries.
Under Blackstone’s ownership, Enverus is positioned to deepen its influence as the intelligence backbone of today’s complex and data-driven energy economy.
Inputs from Saqib Malik
Editing by David Ryder
