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KKR & Co. has agreed to buy sustainability advice ERM Group Inc. At a time when the business world is increasingly paying attention to green issues under pressure from investors.

The private equity firm has acquired a majority stake in ERM from Canada Omers private equity and Alberta Investment Management Corp., According to a statement confirming an earlier Bloomberg News report. ERM’s management team and partners remain minority investors.

Financial details were not disclosed. The deal values ​​ERM at around $ 2.7 billion, including debt, as those familiar with the matter said, asking not to be identified in order to discuss sensitive information.

“This long-term partnership with KKR will enable us to expand and accelerate the impact of our customers and bring new skills and technologies to the sustainability business.” Keryn JamesThe chief executive officer of ERM said in the statement.

ERM advises companies in industries from mining to manufacturing on the environmental and social impact of their business operations. The group employs more than 5,500 people in over 40 countries. In 2020, net sales were $ 792 million, 9% more than the previous year.

“It’s a very thematic investment and only goes in one direction,” said KKR-Partner Tim Franks.

Omers and Aimco bought ERM from in 2015 for $ 1.7 billion, including debt Charterhouse Capital Partners.

KKR has invested in ERM as part of its core investment strategy, which typically holds assets for extended periods of time. There are plans to grow the business through mergers and acquisitions, people said.

The deal is KKR’s largest in Europe this year and has contributed to nearly $ 13 billion in acquisitions since early 2021, according to Bloomberg. KKR was one of the world’s most acquisitive buyout companies during the coronavirus pandemic and is currently in discussions about acquiring public sector infrastructure investors John Laing Group Plc.