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Latham Advises in Connection With US$1.0+ Billion Preferred Equity Financing for Blue Source Sustainable Forests and US$1.8 Billion Forest Carbon Acquisition

November 3, 2022
A multidisciplinary team advises a consortium investor in the landmark transaction.

Latham & Watkins advises consortium investor in connection with US$1.0+ billion preferred equity financing for Blue Source Sustainable Forests Co. (BSFC) and BSFC’s acquisition of 1.7 million acres of timberland. The acquisition is valued at approximately US$1.8 billion, representing one of the largest private conservation-focused forest investments in US history. BSFC is a joint venture between TPG Rise-backed Anew Climate (Anew) and various preferred equity investors, focused on forest acquisitions and sustainable forest management for carbon projects.

Latham & Watkins LLP represents a consortium investor in the transaction with a Houston-based deal team led by partner Justin Stolte with associates Denny Lee, Morgen Seim, and Greg Sorensen. Advice was also provided on diligence matters by Chicago associate Jamie Friedland; on commercial matters by Orange County counsel Josh Bledsoe and Houston associate Cesar Leyva; on tax matters by New York partner Eli Katz and Houston partner Jim Cole, with associate Christine Mainguy; on finance matters by San Diego partner Omar Nazif and Houston counsel Bryce Kaufman; on insurance matters by Los Angeles partner Drew Levin, with San Diego associate Hannah Cary; on real estate matters by San Diego partner Bob Frances and San Diego counsel Aaron Friberg; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum and Houston counsel Krisa Benskin.