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Brookfield Business Partners L.P. (BBU) is a global owner and operator of business services and industrial operations, listed on the New York Stock Exchange and the Toronto Stock Exchange. The company focuses on providing essential products and services across diverse industries, including business services, infrastructure services, and industrial operations. BBU aims to enhance cash flows, pursue acquisitions, and recycle capital into new investments to generate returns for its unitholders.
- Business Services - Offers a wide range of services, including residential mortgage insurance, dealer software and technology solutions, healthcare services, construction operations, fleet management and car rental services, non-bank financial services, road fuels distribution, payment processing, and entertainment operations.
- Industrials - Engages in advanced energy storage solutions, engineered components manufacturing, and water and wastewater management operations.
- Infrastructure Services - Provides offshore oil services, nuclear technology services, lottery services, modular building leasing, and work access services.
- Corporate and Other - Manages corporate cash and liquidity, along with activities related to the partnership's relationship with Brookfield.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anuj Ranjan ExecutiveBoard | Chief Executive Officer | None mentioned | Appointed CEO in February 2024, succeeding Cyrus Madon. Previously Global Head of Business Development and President of Brookfield Asset Management’s Private Equity business. Joined Brookfield in 2006. | View Report → |
Jaspreet Dehl Executive | Chief Financial Officer | Managing Partner of Brookfield Asset Management. | CFO of BBU. Joined Brookfield in 2011. Recognized as a Fellow (FCPA) by the Chartered Professional Accountant’s Association of Ontario in 2022. Holds a bachelor’s degree in economics from Wilfrid Laurier University. | |
Anne Ruth Herkes Board | Director | Partner at ELC European Leadership Consulting GmbH; Senior Advisor at eightyLEO Holding GmbH; Deputy Chair of Merck Finck Privatbankiers AG; Board member of Quintet Europe Private Bank. | Former State Secretary at the German Federal Ministry for Economic Affairs and Energy. Over 30 years of experience in politics, diplomacy, and economic affairs. | |
Cyrus Madon Board | Executive Chairman | Managing Partner of Brookfield Asset Management; Board member of the C.D. Howe Institute. | Former CEO of BBU until February 2024. Transitioned to Executive Chairman. Played a key role in building Brookfield’s Private Equity platform. Associated with Brookfield since 1998. | |
David Hamill Board | Director | Board member of Dalrymple Bay Infrastructure Limited. | Former Treasurer of Queensland, Australia. Held various ministerial roles. Serves on the board of Dalrymple Bay Infrastructure Limited. Holds a PhD from the University of Queensland. | |
Don Mackenzie Board | Director | Chairman and Owner of New Venture Holdings. | Chairman and owner of a private holding company with investments in Bermuda and Canada. No additional details provided in the documents. | |
Jeffrey Blidner Board | Director | Vice Chair of Brookfield Corporation; Chair of Brookfield Renewable Partners, Property Partners, and BBUC. | Former Chair of BBU’s Board. Currently serves as a Director. Holds an LLB from Osgoode Hall Law School and was called to the Bar in Ontario as a Gold Medalist. | |
John Lacey Board | Lead Independent Director | Chairman of Doncaster Consolidated Ltd. and Doncaster Foundation; Director of Whittington Investments Ltd.. | Former President and CEO of The Oshawa Group. Previously served as Chairman of Alderwoods Group and held board roles at Loblaw Companies, George Weston Ltd., and TELUS Corporation. | |
Patricia Zuccotti Board | Director | Chair of the Audit Committee for Brookfield Renewable Partners and Brookfield Renewable Corporation. | Former Chief Accounting Officer of Expedia, Inc. Holds an MBA in accounting and finance from the University of Washington and a BA in political science from Trinity College. | |
Stephen Girsky Board | Director | Chairman and CEO of VectoIQ Acquisition Corp.; Chairman of Nikola Motor Company; Board member of Clarios. | Director at BBUC. Consulted for Brookfield on its acquisition of Clarios. Not considered an independent director due to consulting role. |
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Given that DexKo's volumes remain challenging due to general market softness and inventory destocking, with weakness expected to persist through 2025, what specific strategies are you implementing to navigate this prolonged demand weakness, and what indicators should investors look for to signal a potential turnaround?
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Considering the ongoing challenges at Healthscope, with an unsustainable mismatch between revenue growth and cost escalations, particularly in wages, can you outline your plan to protect your invested capital, and what pivotal events or negotiations could influence the business's recovery trajectory?
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With CDK experiencing higher costs from accelerated modernization efforts and a slightly elevated customer churn, including a drop in gross retention rates to 90%, how do you intend to balance the short-term financial impact with the long-term benefits, and what measures are being taken to improve customer retention?
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Scientific Games continues to operate with financial leverage at the higher end of its range, and growth opportunities may require sizable upfront investments; how does this leverage position affect your ability to fund new contracts and growth initiatives, and will external capital injections be necessary?
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Regarding the $370 million in tax benefits recognized at Clarios under the Inflation Reduction Act, how confident are you in securing these funds before any potential policy changes, and can you provide a detailed timeline for when these credits will materialize into cash and impact your financials?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Chemelex | 2025 | In January 2025, Brookfield Business Partners completed the acquisition of Chemelex for an equity investment of approximately $210 million, gaining a leading manufacturer of electric heat tracing systems with durable cash flows for industrial applications. |
Network International Holdings Plc | 2024 | Completed on September 17, 2024, this deal involved a total acquisition cost of $2.7 billion (with a $156 million equity contribution for an 11% economic interest) and integrated the target’s digital payment processing capabilities across the Middle East and Africa, generating a pre-tax net gain of $110 million. |
nVent (Thermal Management Business) | 2024 | Brookfield Business Partners signed binding agreements in early August 2024 to acquire nVent’s thermal management business, a planned carve‐out closing in 4–5 months, aligning with its capital recycling strategy and contingent on liquidity and capital allocation priorities. |
Mobile Mini Solutions | 2023 | On January 31, 2023, Brookfield completed the acquisition of Mobile Mini Solutions for approximately $419 million, achieving a 100% economic and voting interest that included valuable customer relationship intangibles, property, and equipment, further diversifying its U.K. operations. |
Cupa Finance, S.L. | 2022 | Completed on May 31, 2022, the Cupa Finance, S.L. acquisition, valued at about $860 million (with Brookfield’s share of $100 million for a 23% economic interest), secured a leading slate roofing products provider to expand Brookfield’s diversified portfolio. |
La Trobe Financial Services Pty Ltd | 2022 | Finalized on May 31, 2022, this $1.1 billion deal (including non-cash and contingent considerations) provided Brookfield with a 30% economic interest and 100% voting rights in La Trobe Financial Services, enhancing its presence in Australia through significant intangible assets and growth prospects. |
Scientific Games Lottery | 2022 | Completed on April 4, 2022, the Scientific Games Lottery acquisition was executed for approximately $5.7 billion (via a combination of equity and debt), securing a 100% economic interest in a leading provider of lottery games and turnkey technology solutions, with recognized goodwill of about $1.2 billion. |
CDK Global | 2022 | On July 6, 2022, Brookfield completed the CDK Global acquisition—valued at around $8.3 billion—to gain a leading provider of automotive technology services, with an equity contribution that secured a 25% economic interest, along with significant recognized goodwill and intangible assets totaling nearly $4.6 billion and $4.8 billion respectively. |
Magnati | 2022 | In a deal valued at $763 million, Brookfield acquired a 60% economic interest in Magnati, a UAE-based technology-enabled essential services provider in the payment processing sector, with its direct equity contribution of $68 million for a 22% interest and significant recognition of $500 million in goodwill. |
Unidas | 2022 | The acquisition of Unidas as part of Brookfield's fleet management operations in Brazil was executed for approximately $700 million, with Brookfield’s share of $125 million for a 35% economic interest, effectively doubling its fleet platform to over 89,000 vehicles and expanding nationwide service capabilities. |
TexTrail | 2022 | Completed on October 5, 2022, the TexTrail acquisition, valued at $922 million (including $300 million in combined equity contributions with Brookfield’s share of about $100 million), secured a leading distributor of axles and trailer components, positioned to drive cost reductions amid challenging market volumes in North America and Europe. |
Recent press releases and 8-K filings for BBU.
- Financial Position: As at March 31, 2025, the statements report total assets of $75,887 million and liabilities of $61,032 million, with consolidated equity of $14,855 million, reflecting a stable balance sheet compared to December 31, 2024.
- Operating Results: For the three months ended March 31, 2025, revenues were $6,749 million and net income reached $256 million (or $0.38 per LP Unit), with key adjustments including a recognized tax benefit of $259 million at the advanced energy storage operation.
- Strategic Transactions: The period featured significant activity, including raising $5 billion in new first lien debt (with a $1.2 billion share to the partnership) and executing acquisitions and divestitures that materially impacted segment revenues and operating costs.
- Net income attributable to unitholders increased to $80 million ($0.38 per unit) in Q1 2025 versus $48 million ($0.23 per unit) in Q1 2024
- Adjusted EBITDA rose to $591 million (up from $544 million) with strong segment contributions: Industrials $304 million, Business Services $213 million, and Infrastructure Services $104 million
- Capital recycling initiatives generated over $1.5 billion and $370 million committed to acquiring market-leading industrial businesses, alongside repurchasing nearly 6 million units for $140 million under a $250 million program
- Capital actions: Announced a quarterly dividend of $0.0625 per unit, supporting liquidity of $2,414 million
- Strategic initiatives: Agreed to acquire Antylia Scientific for approximately $1.3 billion with an expected $160 million investment for a 25% economic interest
- Additional investment: Participation in the Barclays payments business to enhance financial infrastructure and digital capabilities
- The document presents the audited Statement of Assets Acquired and Liabilities Assumed for Chemelex, detailing the fair value of key assets and liabilities as of January 30, 2025.
- It outlines the acquisition of the Thermal Management Business of nVent Electric plc, including detailed classifications and reclassifications under U.S. GAAP for use in pro forma financial reporting.
- Brookfield Business Partners L.P. filed its 2024 annual report on Form 20-F with the SEC and Canadian securities authorities, including audited financial statements for the year ended December 31, 2024.
- The filing was announced via a press release issued on April 09, 2025 and is available on the company's website under Reports & Filings.