OMERS Private Equity and the Alberta Investment Management Corporation (AIMCo) have sold a controlling stake in consultancy Environmental Resources Management (ERM) to private equity firm KKR, the Canadian funds said on Monday.

The 60% stake sale gives ERM an enterprise value of $2.85 billion, a source familiar with the matter said.

UK-headquartered ERM operates in 40 countries and has more than 5,500 staff, advising clients on sustainability challenges and commercial opportunities. OMERS had a little over 40% of the business while AIMCo had slightly under 20%, with ERM management holding the balance, the source added.

Read more/Source: Reuters