Brookfield Business Corporation
Brookfield Business Corporation是Brookfield私募股权业务的上市平台，拥有和经营工业及商业服务企业。其官网记载，2026年初完成结构简化，将原有有限合伙单位与可交换股份按一比一转换为新的加拿大上市公司股份。
本页目录20 节
词条资料
2026年上市平台简化
Brookfield Business Corporation是Brookfield私募股权业务的上市平台，拥有和经营工业及商业服务企业。其官网记载，2026年初完成结构简化，将原有有限合伙单位与可交换股份按一比一转换为新的加拿大上市公司股份。[1]
待核验资料附录｜第39章｜转录说明
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。 来源章节最后更新时间：2026-07-08 22:12:43.066796+00。资料中的教学问题、推演及待办仍属于课程材料。 课程导读明确限定BBU/BBUC运营平台，归入其延续上市主体，历史名称不改写为现时法人，不作为Brookfield全集团持仓。[2]
待核验资料附录｜第39章｜导读
公开资料显示，Brookfield Asset Management旗下与本章最相关的是Brookfield Business Partners / Brookfield Business Corporation（BBU/BBUC）这一私募股权和实业运营平台。本章覆盖47个公开可核验案例，分为当前持有、权益法或少数权益、已退出或历史权益、签约待交割、失败/受压和部分退出后继续持有等口径；其中42个案例能看到某种金额或权益披露，但金额层级并不相同。[2]
本章边界要先讲清楚：Brookfield全集团还管理房地产、基础设施、可再生能源、信贷、保险等大量资产，本章不是全集团底层资产清单，也不把每栋楼、每条管网或每个电站纳入逐项案例。课程只训练BBU/BBUC公开披露的私募股权/实业运营平台案例，未披露的买入价、卖出价、持股比例、IRR或MOIC一律写“未披露”或“需继续核验”。[2]
待核验资料附录｜第39章｜关键结论
1. Brookfield的私募股权平台不是单纯LBO模板，而是“运营型控股 + 机构共同投资 + 资本循环”的组合打法。[2]
2. BBU通常只承担大型交易的一部分股权出资，其余由Brookfield机构客户共同投资；所以企业价值、总对价和BBU份额必须分开读。[2]
3. Westinghouse体现困境买入、去施工风险、服务化现金流和战略买家退出；Clarios体现现金流平台通过债务再融资先回收资本。[2]
4. GrafTech说明周期低点买入后，可通过债务分红、IPO和二级市场减持分阶段变现。[2]
5. BRK Ambiental属于更偏基础设施属性的长周期资产，期限和现金流逻辑不同于典型五年退出型私募。[2]
6. Healthscope提醒学员，sale-leaseback和杠杆能降低初始股权占用，但在成本、入院量和医保谈判压力下也会放大脆弱性。[2]
待核验资料附录｜第39章｜覆盖口径
待核验资料附录｜第39章｜覆盖口径
| 口径 | 数量 | 课程读法 |
|---|---|---|
| 本章案例总数 | 47 | 只覆盖BBU/BBUC公开可核验的私募股权/实业运营平台案例。 |
| 当前持有及处置路径中 | 28 | 包括控股、权益法、少数权益、部分出售后继续持有和处置路径中的资产。 |
| 已退出或历史权益 | 15 | 包括战略出售、公开市场减持、资产切割出售和退出细节有限的历史权益。 |
| 失败/受压案例 | 1 | Healthscope是核心压力案例，体现杠杆、租约和行业成本压力。 |
| 已签约/待交割 | 1 | 签约金额或对价不等于已完成交割或已实现回款。 |
| 有金额或权益披露 | 42 | 含企业价值、总对价、BBU出资、经济权益、处置价或分红，不可互相替代。 |
| 重点深读案例 | 5 | Westinghouse、Clarios、GrafTech、BRK Ambiental、Healthscope用于拆解成功、再资本化和失败边界。 |
| 排除范围 | 不适用 | 不枚举Brookfield全集团房地产、基础设施、可再生能源、信贷、保险等底层资产。 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜状态分布
待核验资料附录｜第39章｜状态分布
| 分类 | 数量 |
|---|---|
| 已退出 | 14 |
| 当前持有 | 14 |
| 当前权益法持有 | 6 |
| 不再列为当前持有/待核验 | 3 |
| 当前持有/部分退出 | 3 |
| 历史权益/退出细节有限 | 1 |
| 大部分退出/剩余金融资产 | 1 |
| 失败/受压退出 | 1 |
| 已签约/待交割 | 1 |
| 当前少数权益 | 1 |
| 当前持有/处置路径中 | 1 |
| 非运营平台投资/状态有限 | 1 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜状态聚合
待核验资料附录｜第39章｜状态聚合
| 分类 | 数量 |
|---|---|
| 当前持有及处置路径中 | 21 |
| 当前权益法/少数权益 | 7 |
| 已签约/待交割 | 1 |
| 已退出/历史权益 | 15 |
| 大部分退出/剩余金融资产 | 1 |
| 失败/受压 | 1 |
| 非运营平台投资/状态有限 | 1 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜金额披露口径
待核验资料附录｜第39章｜金额披露口径
| 分类 | 数量 |
|---|---|
| 金额未披露或不适用 | 5 |
| 有金额或权益披露 | 42 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜全量案例表（47个）
待核验资料附录｜第39章｜全量案例表（47个）
| 资产 | 状态 | 板块 | 进入或交易 | 买入金额或权益 | BBU权益 | 改造或价值创造 | 退出或当前边界 | 公开资料口径 |
|---|---|---|---|---|---|---|---|---|
| Multiplex Global Limited | 当前持有 | 商业服务 / 建筑服务 | Pre-spin initial 组合资产; Brookfield acquired Multiplex in 2007 and BBU received the construction platform at 2016 spin-off | Not a new 2016 acquisition; 2016 report lists 100% economic interest | 100% economic interest in 2016; still listed in 2025 as construction operation | Global landmark construction platform; subcontractor model; risk controls; backlog and repeat-client discipline; 2025 report describes two-stage proc… | 未披露 exit; 当前持有 | BBU/BBUC 2016 20-F年报； BBU/BBUC 2025 20-F年报 |
| RPS / Bridgemarq / Royal LePage real estate services | 当前权益法持有 | 商业服务 | Pre-spin initial real estate services platform; later consolidation into Bridgemarq structure | 未披露 as single buy-in | 2016 Brookfield RPS listed at 100%; 2024 transaction increased Bridgemarq ownership from 28% to about 42% | Canadian brokerage franchise services, valuation and analytics platform; 20,500+ brokers and 200,000+ annual appraisals/valuations in 2025 report | 2018 sold 33% brokerage JV and recorded $46m gain; 2024 sold GP interest and brokerage 组合资产 to Bridgemarq for LP units, raising o… | BBU/BBUC 2016, 2018, 2024, 2025 20-F年报年报 |
| Sagen MI Canada / Genworth MI Canada | 当前持有 | 商业服务 / 按揭保险 | Acquired 57% control in Dec 2019; took remaining public shares private in Apr 2021 | 2019: about $1.7b equity for 48.9m shares/57%; 2021: $1.3b total for remaining 43% | 2019 BBU contributed about $941m before syndication; 2021 BBU funded about $185m; economic interest rose to about … | Largest Canadian private-sector residential mortgage insurer; recurring insurance revenue plus investment income; Brookfield noted opportunity to enh… | 未披露退出；当前持有 | BBU/BBUC 2019, 2021, 2025 20-F年报年报 |
| La Trobe Financial | 当前持有 | 商业服务 / 资产管理与贷款 | 已收购 May 2022 with institutional partners | Total consideration $1.1b | Expected BBU economic ownership 28% | Australian credit and investment platform serving 27,000+ borrowers and 120,000+ investors; focuses on specialized underwriting for underserved borro… | 未披露退出；当前持有 | BBU/BBUC 2022 20-F年报； BBU/BBUC 2025 20-F年报 |
| First National Financial | 当前持有 | 商业服务 / 按揭贷款 | Privatization completed Oct 2025 with institutional partners | Total consideration $2.6b | BBU share of equity $146m for 11% economic ownership | Canadian residential and multifamily mortgage origination, underwriting and servicing; recurring revenue from mortgage administration base | 未披露退出；当前持有；Fosber 在同一年报期间仍待交割 | BBU/BBUC 2025 20-F年报 |
| CDK Global | 当前持有/部分退出 | 商业服务 / 软件 | 已收购 Jul 2022 with institutional partners | Total consideration $8.3b | Expected BBU economic ownership about 20% at acquisition | Mission-critical dealer management software and ERP for auto dealerships and OEMs; subscription-based platform; sold non-core heavy equipment divisio… | May 2023 sold non-core heavy-equipment division for about $490m, gain $87m; Jul 2025 sold 7% interest to Brookfield evergreen PE … | BBU/BBUC 2022, 2023, 2025 20-F年报年报 |
| Everise Holdings | 当前少数权益 | 商业服务 / customer management technology services | 已收购 Jan 2021 with institutional partners | Total consideration $282m including $219m equity and $63m contingent consideration | Initial BBU share $80m for 36%; syndicated down to 29%; after 2023 partial sale remaining 17% | Customer interaction outsourcing for healthcare and technology clients; growth focus in healthcare and technology verticals | Dec 2023 sold a portion, BBU share of proceeds about $120m, pre-tax gain $524m; remaining 17% equity-accounted | BBU/BBUC 2021, 2023, 2025 20-F年报年报 |
| Ontario Gaming GTA / One Toronto | 当前权益法持有 | 商业服务 / entertainment | Closed Jan 2018 transaction with Ontario Lottery and Gaming Corporation and gaming partner | BBU share of equity about C$8m | Approx. 13% BBU ownership at entry | Operate and manage GTA entertainment facilities under long-term OLG contract; modernization strategy adds hotels, event venues, restaurants, retail a… | 未披露退出；当前持有 | BBU/BBUC 2018 20-F年报； BBU/BBUC 2025 20-F年报 |
| Ouro Verde / Unidas Locadora | 当前持有 | 商业服务 / fleet management and car rental | Ouro Verde acquired Jul 2019; Unidas acquired Oct 2022 and combined into Brazil fleet/rental platform | Ouro Verde: BBU funded about $50m; Unidas: about $726m total consideration | Ouro Verde 38% at entry; Unidas 35% economic ownership with BBU $125m | Brazil heavy equipment and light vehicle leasing/car rental; inflation-linked corporate leasing contracts; fleet scale above 115,000 vehicles by 2025… | 未披露退出；当前持有 | BBU/BBUC 2019, 2022, 2025 20-F年报年报 |
| IndoStar Capital Finance | 当前持有 | 商业服务 / non-bank finance | Acquired 31% in May 2020 and additional 26% in Jul 2020 | $162m first tranche plus $133m second tranche | BBU share about $105m for 20% economic ownership | Focused on commercial vehicle lending and small business loans; 2025 report says proceeds from home-finance sale support core commercial vehicle lend… | Jul 2025 sold non-core home financing operation for $196m, net gain $110m; core holding remains | BBU/BBUC 2020, 2024, 2025 20-F年报年报 |
| Network International / Magnati | 当前权益法持有 | 商业服务 / 支付 | Magnati acquired Aug 2022; Network acquired Sep 2024 and combined | Magnati total consideration $763m; Network total consideration $2.7b | Magnati BBU $68m for 22%; Network BBU equity about $156m; combined ownership about 11% | Built combined Middle East and Africa payments platform for acquiring, issuing and processing; digital commerce/payment rails | 未披露退出；当前持有 | BBU/BBUC 2022, 2024, 2025 20-F年报年报 |
| Nielsen Holdings | 当前持有 | 商业服务 / 受众测量 | Participated in Nielsen privatization Oct 2022 | BBU invested about $400m through convertible preferred equity | About 7% common equity on converted basis | Market-leading audience measurement/data service provider; treated as financial asset in 2025 report | 未披露退出；当前持有 financial asset | BBU/BBUC 2022； BBU/BBUC 2025 20-F年报 |
| Scientific Games Lottery | 当前持有 | Infrastructure services / 彩票技术 | 已收购 Apr 2022 with institutional partners | Total consideration $5.8b | BBU acquired 36% for $860m | Government lottery service provider across 50+ countries; systems, terminals, instant lottery, iLottery; management working through margin initiative… | 未披露退出；当前持有 | BBU/BBUC 2022； BBU/BBUC 2025 20-F年报 |
| Modulaire | 当前持有 | Infrastructure services / modular building leasing | Acquired Dec 2021 with institutional partners; add-on acquisition Jan 2023 | Entry total consideration $4.8b; 2023 add-on $419m | BBU funded $581m for 36% economic ownership | Scaled modular workspace fleet; 319,000 units, 23 countries, 53,000+ customers; add-on storage-container acquisition expanded UK scale and products | 未披露退出；当前持有 | BBU/BBUC 2021, 2023, 2025 20-F年报年报 |
| Altera Infrastructure / Teekay Offshore | 当前持有/处置路径中 | Infrastructure services / 海上油服 | Initial 60% stake Sep 2017; control actions in 2018; bought Teekay remaining interests in 2019; privatized in 2020; Chapter 11 em… | 2017 BBU share $317m; 2019 total $100m for Teekay remaining interests; 2020 privatization $165m aggregate | BBU 25% at entry; 31% after 2019; 43% after 2020; about 53% after 2023 restructuring | Debt reprofiling, deleveraging, asset sales; fee-based FPSO/FSO and shuttle-tanker operations with fixed-rate contracts | Jan 2025 sold shuttle tanker operation for $484m, net gain $214m; Sep 2025 agreed to sell FPSO operation, expected close first ha… | BBU/BBUC 2017, 2018, 2019, 2020, 2023, 2025 20-F年报年报 |
| BrandSafway / Brand Industrial Holdings | 当前持有/部分退出 | Infrastructure services / work access services | 已收购 49% ownership interest Jan 2020 | Purchase price $1.3b | BBU share about $445m for 17% ownership | Global scaffolding, access and specialty services; Brookfield reports 10 acquisitions under ownership across multi-craft, scaffolding, coatings, cath… | Jul 2025 sold 5% interest to Brookfield evergreen PE fund as part of $688m fund-unit transaction; remains equity-accounted | BBU/BBUC 2020； BBU/BBUC 2025 20-F年报 |
| Clarios | 当前持有 | Industrials / advanced energy storage | Acquired Johnson Controls Power Solutions Apr 2019 with CDPQ and institutional partners | Purchase price about $13.2b; about $3b equity and $10.2b debt/long-term financing at announcement | BBU initially $860m for 29%, later syndicated portion | Global battery leader; 150m+ batteries/year; powers one in three cars; higher-margin AGM/EFB batteries; closed-loop recycling; IRA/advanced manufactu… | Jan 2025 raised $5b first-lien debt; $4.5b special distribution to owners, BBU share about $1.2b; 当前持有 holding | BBU/BBUC 2018, 2019； BBU/BBUC 2025 20-F年报 |
| DexKo | 当前持有/部分退出 | Industrials / engineered components | 已收购 Oct 2021 with institutional partners | Total consideration $3.8b, including $1.1b equity, $2.6b debt, $30m contingent | BBU funded $396m for 35% economic interest | Global engineered components for trailers and towable equipment; margin optimization and commercial discipline noted in 2025 results | Jul 2025 sold 12% interest to Brookfield evergreen PE fund as part of $688m fund-unit transaction; 当前持有 consolidated subsidiary | BBU/BBUC 2021； BBU/BBUC 2025 20-F年报 |
| BRK Ambiental | 当前持有 | Industrials / 水务与污水处理 | Acquired Odebrecht Ambiental Apr 2017 and related JV assets May 2017 | About $1b for 70% control plus possible R$350m earn-out; related assets $116m | BBU equity commitment $383m for about 26% economic ownership | Brazil sanitation platform with long-term inflation-linked concessions, PPPs and take-or-pay contracts; serves 16m+ people across 100+ municipalities | 未披露退出；当前持有 | BBU/BBUC 2017； BBU/BBUC 2025 20-F年报 |
| Chemelex | 当前持有 | Industrials / electric heat tracing | Carve-out acquisition completed Jan 2025 | Total consideration $1.7b | BBU share of equity $212m for 26% economic ownership | Electric heat management systems, floor heating, fire-rated wiring and leak detection; 18 facilities in 12 countries and durable aftermarket replacem… | 未披露退出；当前持有 | BBU/BBUC 2025 20-F年报 |
| Cupa | 当前权益法持有 | Industrials / slate roofing products | 已收购 May 2022 with institutional partners | Total consideration $879m | BBU equity $100m for 23% economic ownership | Largest global slate roofing tile provider; 29 quarries; renovation and heritage-building demand supported by local regulations | 未披露退出；当前持有 | BBU/BBUC 2022； BBU/BBUC 2025 20-F年报 |
| Aldo | 当前持有 | Industrials / distributed solar solutions | 已收购 Aug 2021 with institutional partners | Total consideration $623m, including $295m equity and $328m contingent consideration | BBU funded about $104m for 35% economic interest | Brazil distributed generation solar distributor; positioned for distributed solar growth | 未披露退出；当前持有 | BBU/BBUC 2021； BBU/BBUC 2025 20-F年报 |
| Antylia Scientific | 当前权益法持有 | Industrials / lab consumables and equipment | 已收购 May 2025 | Total consideration $1.3b | BBU share of equity $168m for 26% economic interest | Critical consumables and testing equipment for diagnostics, environmental and life-sciences labs; 50,000+ customers | 未披露退出；当前持有 | BBU/BBUC 2025 20-F年报 |
| Ember 公开资料 | 当前持有 | Industrials / 天然气 production | Pre-spin Canadian natural gas platform; additional capital May 2019 | 2019 additional capital about $75m | BBU share about $45m; ownership increased to 46% in 2019; 2025 report says about 35,000 BOE/d | Long-life, low-decline natural gas reserves; commodity-price exposed | No exit disclosed; 当前持有, with 2023/2024 impairments tied to gas price outlook | BBU/BBUC 2016, 2019； BBU/BBUC 2025 20-F年报 |
| IPL Schoeller / Schoeller Allibert | 当前权益法持有 | Industrials / returnable plastic packaging | Acquired Schoeller Allibert May 2018; merged Jul 2025 with North American packaging provider | 2018 acquisition for 70% control; BBU share of equity about $45m for 14% economic interest | Post-2025 merger: recognized $180m equity-accounted investment for 45% interest; BBU economic ownership 10% | Returnable packaging platform with sustainability and logistics tailwinds; scale and product innovation | Jul 2025 merger deconsolidated former operation; 当前持有 minority/equity-accounted position | BBU/BBUC 2018； BBU/BBUC 2025 20-F年报 |
| Fosber | 已签约/待交割 | Industrials / 瓦楞包装机械 | Agreement reached Dec 2025; expected close first half 2026 | Approx. $950m total consideration; about $480m equity expected | Expected BBU share about $170m for 35% economic ownership | 瓦楞包装行业先进机械、零部件和服务; 2025 年材料尚未披露转型计划 | 2025 年材料显示仍待交割；未见交割公告前不计为已确认当前持有 | BBU/BBUC 2025 20-F年报； 2026-07-04 公开检索 |
| MAAX bath and shower products | 已退出 | Industrials / manufacturing | Acquired before BBU spin-off near U.S. housing crisis low point; sold Jan 2017 | Original purchase not in reviewed 2017 table | Approx. 40% BBU interest at exit | Repositioned business by appointing new management, redefining strategy, reducing costs and focusing on new product development; 2016 sales strong an… | Sold Jan 2017; BBU share of proceeds $141m; accounting gain about $84m net of tax | BBU/BBUC 2017 20-F年报 |
| Insignia Energy | 已退出 | Energy / 油气 | First invested in 2008; sold Aug 2017 | Original purchase not in reviewed 2017 table | Approx. 38% ownership at exit | Assembled Western Canada natural gas properties and drilling inventory; commodity price decline made additional capital unattractive | Sold Aug 2017; BBU share of proceeds $9m; net loss about $16m net of tax | BBU/BBUC 2017 20-F年报 |
| Westinghouse Electric | 已退出 | Infrastructure services / nuclear technology | 已收购 Aug 2018 after Jan 2018 agreement | Closed purchase price about $4b; Jan agreement described initial $4.6b including assumed obligations | BBU funded about $405m for 44% ownership | 已退出 nuclear plant construction; focused on recurring fuel, maintenance, engineering and decommissioning services; add-ons included BHI Energy; strong… | Power delivery business sold Feb 2023 for $275m, gain $14m; core Westinghouse sold Nov 2023 at about $8b EV including BHI power-d… | BBU/BBUC 2017, 2018, 2022, 2023 20-F年报年报 |
| BGIS | 已退出 | 商业服务 / facilities management | Pre-spin platform built from Brookfield-Johnson Controls FM JV; Brookfield took control in 2015 | 未披露 as single BBU buy-in | 2016 report listed Australian and Canadian BGIS economic interests at 26% | Expanded hard facilities management, IFM, data-center FM and government contracts; 300m+ sq ft managed in 2016 | Sold May/Jun 2019 to CCMP for about $1b; BBU after-tax net proceeds about $171m | BBU/BBUC 2016, 2019 20-F年报年报 |
| BGRS relocation services | 已退出 | 商业服务 / relocation | Pre-spin global relocation platform | 未披露 as single BBU buy-in | Not separately disclosed in 2019 exit table beyond BBU proceeds | Global employee relocation services with 3-5 year contracts and supplier-network management | Sold Jun 2019 to Relo Group; net proceeds about $231m to BBU | BBU/BBUC 2016, 2019 20-F年报年报 |
| North American Palladium / NAP | 已退出 | Industrials / 钯矿 | Acquired through senior secured loan conversion/recapitalization in 2015 before BBU spin | 未披露 in reviewed annual transaction table | BBU had about 20% after Apr 2019 secondary; earlier economic exposure was part of mining group | Expanded production/reserves and reduced cash costs at Lac des Iles mine; benefited from strategic scarcity of palladium supply | Apr 2019 secondary sale of 5.7m shares generated about $15m BBU proceeds; Dec 2019 sold remaining interest to Impala for about $5… | BBU/BBUC 2016, 2019 20-F年报年报 |
| Nova Cold | 已退出 | 商业服务 / 冷链物流 | Held before sale; entry terms not in reviewed table | 未披露 | 未披露 | Canadian cold storage owner/operator/logistics provider | Sold Jan 2020 to Americold for gross proceeds about $255m; BBU net proceeds about $45m; gain about $42m | BBU/BBUC 2019, 2020 20-F年报年报 |
| GrafTech International | 大部分退出/剩余金融资产 | Industrials / 石墨电极 | Acquired Aug 2015 at low point in electrode cycle | Original purchase not in reviewed 2021 table | 2016 report lists 34% economic interest; later 27%, 25%, 13%, 8%, then 3% after 2023 sales | Vertical integration into needle coke; rode EAF steel electrode cycle; refinancing and IPO created liquidity | Feb 2018 $1.5b debt recap, $1.1b distribution, $380m to BBU; Apr 2018 IPO gross proceeds $571m, $197m to BBU; Dec 2019 share sale… | BBU/BBUC 2016, 2018, 2019, 2021, 2023 20-F年报年报 |
| Quadrant Energy | 已退出 | Energy / Australia 油气 | Pre-spin Australian oil and gas equity affiliate | 未披露 | 未披露 | Australian offshore oil and gas 组合资产 | Sold Nov 2018 to Santos for $2.15b; BBU share of net proceeds $130m after tax | BBU/BBUC 2018 20-F年报 |
| Greenergy / road fuels / Canadian fuel marketing | 已退出 | 商业服务 / road fuels | Greenergy acquired May 2017; Canadian 213 gas-station 组合资产 acquired Jul 2017; merged in 2020 | Greenergy BBU equity about GBP36m/$45m; fuel marketing acquisition about $423m funded with debt/equity, BBU e… | Greenergy BBU economic ownership about 14%; fuel marketing about 26%; merged ownership 18% in 2020 | Built integrated fuel distribution and fuel marketing platform across UK, Canada, Ireland, Brazil; terminal expansions; Canadian Mobil-branded retail… | Nov 2023 sold North American retail gas station assets for about $460m, gain $42m; Jul 2024 sold road fuels operation for $250m, … | BBU/BBUC 2017, 2020, 2023, 2024 20-F年报年报 |
| Healthscope | 失败/受压退出 | 商业服务 / healthcare | 已收购 Jun 2019 with institutional partners | Purchase price about $4.1b: $1b equity, $1.4b debt, $1.7b hospital sale-leaseback financing | BBU funded about $295m for 28% ownership | Australian private hospital platform; used sale-leaseback at acquisition; sold NZ pathology business; attempted to stabilize post-pandemic admissions… | Nov 2020 sold NZ pathology for $390m, gain about $55m; 2023/2024 impairments; May 2025 entered receivership after default and fai… | BBU/BBUC 2019, 2020, 2023, 2024； BBU/BBUC 2025 20-F年报 |
| Cardone Industries | 已退出 | Industrials / automotive aftermarket remanufacturing | Initial secured loan Oct 2018; recapitalizations in 2019 and 2020 | 2018 senior secured loan $240m, BBU $30m; 2019 recap $195m; 2020 recap $180m, BBU $95m | 2020 BBU 52% economic ownership | Restructuring/recapitalization of aftermarket parts remanufacturer; liquidity support and junior debt extinguishment | Sold Oct 2023, pre-tax gain $49m; 2025 report notes earn-out write-down after sale | BBU/BBUC 2018, 2019, 2020, 2023, 2025 20-F年报年报 |
| Hammerstone Infrastructure Materials | 已退出 | Industrials / Canadian aggregates | Pre-spin aggregates/limestone mine platform | 未披露 | 未披露 | Limestone aggregates for Alberta oil sands infrastructure | Sold Jun 2024 for $140m; pre-tax net gain $84m | BBU/BBUC 2016, 2024 20-F年报年报 |
| WatServ Holdings | 已退出 | 商业服务 / digital 云服务 | Listed as 当前持有 interest in 2022; listed as prior interest by 2023/2025 | 未披露 | 未披露 | Digital cloud services operation; no detailed transformation found in reviewed major transaction tables | Sold by 2022/2023 period; 2022 MD&A references gain from sale but no amount in Recent Business Developments table | BBU/BBUC 2022, 2023, 2025 20-F年报年报 |
| CWC Energy Services | 历史权益/退出细节有限 | Energy / drilling and well servicing | Pre-spin initial energy platform | 未披露 | 2016 report listed 72% voting / 39% economic interest | Western Canadian drilling and well servicing exposure | No longer listed as 当前持有 by 2023/2025; exact exit amount 未找到 in reviewed major transaction tables | BBU/BBUC 2016, 2023, 2025 20-F年报年报 |
| Imagine Communications Group | 不再列为当前持有/待核验 | 商业服务 / rural broadband | 已收购 50.1% control Oct 2018 | Consideration 未披露 in extracted table | BBU had 30% ownership interest at entry | Irish fixed wireless broadband rollout using 3.6GHz spectrum | Listed through 2023; absent from 2025 当前持有 terms; exact exit 未找到 in reviewed major transaction tables | BBU/BBUC 2018, 2022, 2023, 2025 20-F年报年报 |
| Superior Plus convertible preferred | 不再列为当前持有/待核验 | 商业服务 / propane and specialty chemicals | Subscribed Jul 2020 | $260m convertible preferred shares | BBU share $45m | Financial/preferred security investment rather than control platform | No later 当前持有 listing found in reviewed 2025 当前持有 terms; exit 未找到 in major transaction tables | BBU/BBUC 2020 20-F年报； BBU/BBUC 2025 20-F年报 |
| Sera Global | 不再列为当前持有/待核验 | 商业服务 / 顾问服务 | Listed in 2022 当前持有 terms | 未披露 | 未披露 | M&A/advisory services in real assets | Absent from 2025 当前持有 terms; exit 未找到 in reviewed major transaction tables | BBU/BBUC 2022； BBU/BBUC 2025 20-F年报 |
| Total Environment secured loan | 非运营平台投资/状态有限 | 商业服务 / credit investment | First lien secured loan provided Oct 2017 | $123m loan | BBU share about $32m | Credit investment to Indian homebuilding group, not a control operating platform in later 当前持有 list | No exit found in reviewed major transaction tables | BBU/BBUC 2017 20-F年报 |
| Residential property management operation | 已退出 | 商业服务 / 物业管理 | Held before 2023 sale | 未披露 | 未披露 | Residential property management services | Sold Mar 2023; pre-tax gain $67m | BBU/BBUC 2023 20-F年报 |
| BHI Energy power delivery business | 已退出 | Infrastructure services / 核服务 | Westinghouse acquired BHI Energy May 2022 | Not separately disclosed in Recent Business Developments amount | Part of Westinghouse 44% economic interest | Add-on created broader nuclear services platform; power delivery was later non-core | Sold Feb 2023 for gross proceeds about $275m; pre-tax gain $14m | BBU/BBUC 2022, 2023 20-F年报年报 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜重点案例拆解
本节为原课程的分组标题，具体资料见其后的细分章节；相关内容保留为待核验研究记录。[2]
待核验资料附录｜第39章｜1. Westinghouse：困境买入、去施工风险与战略退出
公开资料显示，Brookfield在2018年完成Westinghouse收购，交易完成口径约$4bn，BBU出资约$405m并取得约44%经济权益。买入背景不是普通成长资产，而是核电站施工风险拖累后的困境资产。投后关键不是继续承接高风险施工，而是退出核电站施工业务，聚焦核燃料、维护、工程、退役等经常性服务收入，并通过BHI Energy等补强核服务能力。[2]
退出路径也分层：2023年先出售BHI Energy的power delivery业务，随后将Westinghouse核心业务出售给Cameco与Brookfield Renewable牵头的财团，公开资料显示企业价值约$8bn，并确认约$3.9bn税前收益。课程读法是：困境买入价、BBU初始出资、企业价值和税前收益是不同层级，不能直接写成某只基金的IRR或MOIC。[2]
待核验资料附录｜第39章｜2. Clarios：现金流平台与再资本化
Clarios来自Johnson Controls电池业务，2019年交易金额约$13.2bn，属于Brookfield买入全球汽车电池龙头的代表案例。公开资料显示，业务逻辑不只看新车销量，还包括售后替换需求、先进电池、闭环回收和全球渠道。BBU初始出资和经济权益只是总交易的一部分，因为Brookfield机构客户也共同投资。[2]
2025年Clarios通过约$5bn债务再融资向股东作出约$4.5bn特别分配，BBU份额约$1.2bn。课程要强调：这不是完全退出，而是dividend recapitalization。它说明现金流平台可以先回收部分资本，同时仍继续持有，但也必须关注杠杆、利率和周期风险。[2]
待核验资料附录｜第39章｜3. GrafTech：周期低点买入后的分阶段变现
GrafTech是Brookfield周期性工业资产交易的经典样本。公开资料显示，Brookfield在2015年石墨电极行业低点买入，随后受益于EAF steel周期、石墨电极供需和针状焦垂直整合。2018年GrafTech通过债务再融资向股东分配约$1.1bn，并完成IPO；后续Brookfield又通过公开市场和区块交易持续减持。[2]
课程读法是：GrafTech不是一次性卖出，而是“债务分红 + IPO + 二级减持”的资本循环。对学员来说，最重要的是把周期改善带来的估值扩张、现金回收节奏和剩余金融资产状态分开记录。[2]
待核验资料附录｜第39章｜4. BRK Ambiental：基础设施属性的长周期私募资产
BRK Ambiental来自巴西水务和污水处理平台。公开资料显示，Brookfield在2017年收购Odebrecht Ambiental控制权，另收购相关合资权益，BBU承诺出资约$383m，经济权益约26%。这个案例的底层现金流来自长期特许经营、PPP、通胀挂钩合同和市政服务需求。[2]
这类资产不适合用普通软件买断的退出逻辑套用。它更像“基础设施型PE”：持有期更长，改造重点在治理、资本开支、合同执行、区域扩张和服务人口覆盖。未退出时，不能因为有长期资产价值就推算卖出价格。[2]
待核验资料附录｜第39章｜5. Healthscope：失败/压力案例的边界
Healthscope是本章必须保留的反面案例。公开资料显示，Brookfield在2019年以约$4.1bn收购澳洲私立医院平台，交易结构包含医院sale-leaseback和债务。投后曾出售新西兰病理业务以偿债，但疫情后澳洲私立医院面临入院量、劳动力成本和医保费率压力，后续出现大额减值。[2]
2025年Healthscope因信用协议违约进入receivership，BBU去并表。课程读法是：金融工程可以降低初始股权占用，但不能替代医疗服务需求、成本结构和付款方谈判能力。这个案例应写成失败/受压退出，而不是用Brookfield整体品牌掩盖单项资产损失。[2]
待核验资料附录｜第39章｜Brookfield私募平台打法
待核验资料附录｜第39章｜Brookfield私募平台打法
| 打法 | 代表案例 | 课程读法 | 风险边界 |
|---|---|---|---|
| 困境或复杂资产买入 | Westinghouse、Altera | 先清理风险，再把业务重心转到可重复现金流 | 法律、债务和非核心业务处置时间可能超预期 |
| 现金流平台再资本化 | Clarios、GrafTech | 用债务市场、IPO或分红先回收部分资本 | 杠杆和周期拐点会改变风险收益 |
| 基础设施属性PE | BRK Ambiental、Sagen、Scientific Games Lottery | 重视长期合同、监管准入、通胀挂钩和服务刚性 | 监管、资本开支和政治风险需要单独定价 |
| 平台并购与整合 | BrandSafway、Modulaire、Network/Magnati | 用补强收购扩大区域、客户和服务品类 | 整合失败会侵蚀协同 |
| 资产切割和部分退出 | CDK、Greenergy、BHI Energy、Everise | 出售非核心或部分权益，保留平台上行 | 部分出售不是完全退出 |
| 失败/受压处置 | Healthscope、Insignia、部分油服资产 | 承认周期、成本、杠杆和行业压力 | 不能只写成功案例 |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜金额口径框架
待核验资料附录｜第39章｜金额口径框架
| 金额口径 | 正确使用 | 代表案例 | 常见误判 |
|---|---|---|---|
| 企业价值或总对价 | 表示交易整体规模 | Westinghouse、Clarios、CDK、Scientific Games Lottery | 写成BBU单独出资 |
| BBU出资或经济权益 | 表示BBU承担的股权份额 | Sagen、Westinghouse、BRK Ambiental、Healthscope | 写成全平台买入价 |
| 债务分红或特别分配 | 表示持有期间部分资本回收 | Clarios、GrafTech | 写成已完全退出 |
| 业务切割出售 | 表示非核心业务或子资产出售 | Greenergy、BHI Energy、CDK非核心业务 | 写成母公司全部退出 |
| 公开市场减持 | 表示上市后逐步流动性 | GrafTech | 写成一次性战略出售 |
| 未披露 | 只写未披露或需继续核验 | 多数当前持有和退出细节有限资产 | 用估算补齐IRR/MOIC |
待核验资料附录：以下保留ABAB Club课程的研究记录。表中“当前”“已退出”、金额、估值、回报及证据等级均沿用原资料日期与口径，未逐项完成本次独立核验，不能视为现时持仓或机构实际回款。
[2]
待核验资料附录｜第39章｜学员分析模板
1. 先划范围：这是BBU/BBUC私募股权/实业运营平台案例，还是Brookfield集团其他资产类别。[2]
2. 再拆状态：当前控股、权益法、少数权益、部分退出、已退出、处置路径中、失败/受压或待交割。[2]
3. 拆金额层级：企业价值、总对价、BBU出资、经济权益、债务分红、出售价、税前收益和基金回款分别记录。[2]
4. 看投后动作：去风险、资产切割、sale-leaseback、平台并购、合同重定价、运营改善、再融资和公开市场流动性。[2]
5. 写边界：未披露就写未披露；有企业价值不代表有基金净回款；签约不等于交割；部分退出不等于完全退出。[2]
待核验资料附录｜第39章｜阅读边界
本章用于训练Brookfield公开可核验私募股权/实业运营平台案例的识别、金额拆分和退出路径分析，不构成投资建议或基金评价。所有金额只保留公开资料可直接识别的原始层级；未披露买入价、卖出价、持股比例、IRR或MOIC时，一律写“未披露”或“需继续核验”。[2]
来源
- Brookfield Business Corporation（在新窗口打开）
- ABAB Club VC课程｜第39章：Brookfield Asset Management案例库：从实业运营平台到资产剥离与资本循环（待核验研究快照）