TowerBrook earns B Corp certification
LONDON and NEW YORK – February 8, 2019 – TowerBrook Capital Partners L.P. (“TowerBrook”) announced today that it has become a Certified B Corporation (“B Corp”), becoming the first mainstream private equity firm in the world to receive this recognition.
B Corp certification is awarded to companies that are leaders in their commitment to ESG and responsible business practices. Certification is administered by the non-profit B Lab movement and follows a rigorous assessment and verification process that ensures B Corps meet the highest standards of social and environmental performance, transparency and legal accountability.
TowerBrook invests in companies that can deliver profitable growth and make a positive contribution to society. The firm partners with the management teams and employees of its portfolio companies to make operational improvements, embed responsible risk management processes, implement comprehensive ESG policies and set appropriate metrics to measure progress. TowerBrook is a signatory to the United Nations Principles for Responsible Investment.
“We have always believed that business has an important role to play in helping to address the many complex challenges faced by society”, said Ramez Sousou, Co-CEO of TowerBrook. “The certification of TowerBrook as a B Corp recognises the firm’s longstanding commitment to social and environmental stewardship and formalises our efforts to continue this work.”
“TowerBrook is committed to creating value for investors by building better businesses”, said Neal Moszkowski, Co-CEO of TowerBrook. “Responsible ownership is an integral part of the way we work, and we are proud that our approach and our practices have resulted in certification as a B Corp.”
Andy Fyfe, Senior B Corp Growth at B Lab said: “TowerBrook is the first mainstream private equity firm to become a Certified B Corp, and we trust it will not be the last. With some $3 trillion under management, private equity is a significant owner of business globally that can act as a powerful force for good. B Corps set the gold standard for good business and we at B Lab have created the performance standards and legal structures that are used by thousands of businesses around the world. We welcome TowerBrook to our community of demonstrated leaders and are delighted that they share our vision of an inclusive and sustainable economy that creates a shared prosperity for all.”
Tim Hames, Director General at the British Private Equity and Venture Capital Association (BVCA), said: “This is a significant development. It is the most ambitious and public move by one of the larger mainstream private equity funds in this area since the UNPRI was adopted by many in the sector around a decade ago. It takes a commitment to ESG to a new and more demanding level.”
Anders Stromblad, Head of External Management at AP2, an investor in TowerBrook’s funds, said: “AP2 is tasked with maximising long-term return at low risk to disbursements within the Swedish pension system. Our sustainability programme is designed to create and protect values, and one of the reasons we like TowerBrook’s approach to investment is that we share the idea that values can drive value. Both our organisations support and promote the UN’s Principles for Responsible Investment, and we both pursue a responsible and consistent approach to long-term value creation. I applaud the fact that TowerBrook is prepared to stand up and be counted in its efforts to build better businesses, and am delighted it has been awarded certification as a B Corp.”
Jörg Harbring, CEO of TowerBrook portfolio company AustroCel Hallein said: “Having received the award for being the most sustainable company in Austria in 2017 and being the largest green energy producer there, we could not be more pleased to be partnered with TowerBrook, whose commitment to values and purpose have been clear from our first meeting.
Alessandro Carlucci, Chair of BSR and a member of TowerBrook’s Senior Advisory Board said: “Having witnessed the commitment of TowerBrook to Responsible Ownership, I was honoured and enthusiastic to join the firm’s Senior Advisory Board. As a former CEO of a company deeply committed to sustainability and now Chair of BSR, I am inspired by the journey of an international private equity firm with such clear values and unambiguous purpose. I am delighted that this journey has now led TowerBrook to be certified as a B Corp.”Back