P2S Acquired by Legence, a Portfolio Company of Blackstone

IRVINE, California, March 1, 2024 – KCM Securities, LLC, d/b/a Keystone Capital Markets, is pleased to announce that its client P2S Inc. has been acquired by Legence, a portfolio company of Blackstone. Keystone served as the exclusive investment banking advisor to P2S.

P2S,Inc. is a highly sought-after and award-winning consulting engineering, commissioning and construction management firm based in California with a particular expertise and specialization in environmental and sustainable design services provided to critical sectors including higher education, federal and municipal institutions, health care facilities, ports/harbors, and more. P2S offers mechanical, electrical, plumbing/piping, fire protection, technology, automation & controls, security design, architectural lighting, building performance analysis, energy and carbon consulting, building certification, intelligent buildings, and other solutions. With offices in Long Beach, Seattle, San Diego, Irvine, Los Angeles, and San Jose, P2S designs high-performance building systems, infrastructure and central plants that reduce operating costs. P2S is committed to providing sustainable and innovative solutions by designing high-performance buildings that have measurable energy savings, provide optimal indoor conditions and user comfort, minimize natural resources, and reduce energy and carbon impacts. To learn more about P2S and its services, visit https://www.p2sinc.com/.

Legence, a Blackstone portfolio company, is North America’s leading, integrated provider of energy efficiency and sustainability solutions for the built environment. Legence’s engineering and consulting services are intended to solve clients’ challenges related to carbon emissions, implementing renewables and lowering utility costs through efficient consumption. Legence is an Energy Transition Accelerator™ that provides advisory services and implementation focused on financing, designing, building, and servicing complex systems in mission-critical and high-performance facilities. The company’s full-service design-build specialty mechanical contractor and maintenance services leverage its construction expertise, helping its clients build performance, decrease costs, and overcome project challenges. With five plus decades of expertise in the built environment, Legence has a proven track record of reducing carbon emissions, implementing renewables, lowering utility costs through efficiency consumption, and making systems run better at unmatched speed and scale. To learn more about Legence and its services, visit https://www.wearelegence.com/.

P2S has established a premier brand and presence in the environmental and sustainability specialty within the MEP engineering space. Its performance, reputation and culture attracts and retains the top clients and partners, as well as the best and brightest engineers and other professionals. The Company has reached an inflection point, with the velocity of growth accelerating, and is poised to substantially scale. The partnership with Legence allows P2S to accelerate its trajectory with additional resources, infrastructure and capabilities to implement its many growth strategies, and both firms to leverage cross-sell opportunities, technical expertise, blue chip client relationships, etc. The transaction allows Legence to expand its consulting engineering services on the West Coast, including leveraging P2S’s industry-leading work in the Pacific Northwest; deeper penetrate the higher education, municipal, federal, and healthcare markets; and strengthen its expertise in sustainably-focused, highly-efficient, low-carbon emissions building systems.

Brad Schreiber, Managing Director at Keystone Capital Markets, led the team advising P2S on the transaction