BlackRock-backed Vanguard Renewables buys Generate Upcycle unit

Vanguard Renewables, a company backed by BlackRock, is acquiring the North American organics recycling operations of Generate Upcycle.

The transaction expands the network of organics recycling facilities operated by Vanguard Renewables across the United States and Canada. The deal gives BlackRock added exposure to organics recycling and renewable energy infrastructure through its existing stake in Vanguard Renewables.

BlackRock has a market value of about $177.1 billion. The asset manager has expanded into private markets and alternative assets through acquisitions that include HPS Investment Partners, GIP, and ElmTree to capture higher-fee revenue streams.