Select Energy Management M&A Transactions

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Align Capital Partners with E Source | Consulting

  • Align Capital Partners has acquired a majority share of E Source, a provider of market intelligence services and solutions to utility customers
  • Headquartered in Boulder, CO, E Source provides customer-focused research, data, and consulting services in key areas including demand side management, customer experience, and marketing to help utilities adapt to changing market conditions
  • Following the acquisition, Gino Porazzo, a veteran operating executive and former COO of CLEAResult will join the Board of Directors and help E Source achieve strategic initiatives and execute upon a buy and build strategy

 

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Duquesne Light Holdings Acquires The Efficiency Network | Energy Management

  • Duquesne Light Holdings has acquired The Efficiency Network (“TEN”), a Pittsburgh, PA-based provider of customized energy solutions for commercial and government customers
  • TEN’s programs enables its customer to meet energy efficiency and sustainable goals
  • This acquisition provides DLH a platform for growth and expansion, with a focus on energy efficiency services, distributed generation projects, and smart street lighting and smart city solutions in Pennsylvania and surrounding geographies

 

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Resideo Technologies Acquires Innovative EE Technology from Whisker Labs | Software and Technology

  • Spun out from Honeywell in 2018, Resideo is a leading provider of critical comfort and security solutions in residential environments
  • The technology creates a thermodynamic model of a home to accurately predict home heating and air conditioning run time and energy use to enable a homeowner to use less energy while maintaining comfort
  • Resideo will look to strategically integrate the energy efficiency technology into the company's smart-home comfort offerings

 

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Audax Announces the Acquisition of Reedy Industries | Building Automation

  • Audax Private Equity has partnered with Reedy Industries, a Glenview, IL based provider of commercial HVAC services, mechanical services, and energy solutions primarily serving commercial and industrial buildings
  • Audax will oversee Reedy’s continued growth across its core geographies and will look to enhance the platform through acquisitions, as evidenced by Reedy Industries' acquisition of Bihun Commercial Services, a provider of HVAC and building automation services in May 2019

 

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Tendril Acquires EnergySavvy | Energy Management

  • Following last year’s investment from Rubicon Technology Partners, Tendril has completed its second acquisition
  • Boulder, CO-based EnergySavvy is a leading provider of energy management customer engagement solutions
  • This acquisition enhances Tendril’s current set of capabilities to the residential energy efficiency, demand, and customers engagement programs it manages for customers

Public Market Observations1

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Public Valuation Multiples by Sector1

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What We’re Reading

2019 Grid Edge Investment Landscape

The 2019 Grid Edge Innovation Summit conference covered a broad range of technologies that are changing the nature of the electricity system, from distributed energy resources (DERs) like rooftop solar PV, behind-the-meter batteries and plug-in electric vehicles, to the software, systems and services meant to optimize and orchestrate their operations for end customers, utilities and grid operators alike.

Over the past decade, the appetite of investors for these broad technology sectors has grown, albeit at different paces. Some sectors, such as energy storage, EV charging and mass-market smart home technologies, have brought in hundreds of millions of dollars from venture capitalists and private equity firms. Others, like utility-specific technologies to manage distributed energy resources (DERs) at scale, have tended towards smaller and more focused investments. Increasingly over the past several years, they’ve been led by strategic utility and energy infrastructure investors with an eye on using the technologies being developed themselves, as well as fostering them through the potentially decade-long process of winning commercial deployment in the slow-moving utility field.

GreenTech Media

Building the Wind Turbines Was Easy. The Hard Part Was Plugging Them In

For years, the wind and the sun were widely dismissed as niche sources of power that could never fill America’s vast need for energy. But now the cost of solar and wind power had fallen so much that the U.S. could substantially reduce harmful emissions while also lowering the price of electricity. Put it all on a big enough grid, one that could use the ample sunshine from the desert Southwest to keep Atlanta’s office towers cool, or the persistent wind in the Great Plains to run Midwestern factories, and you’d address the often-repeated critique of renewable energy: The sun isn’t always shining and the wind isn’t always blowing. On a big enough grid, that’s not an issue. There is wind somewhere and the clouds don’t cover the entire U.S.

The U.S. has 21st-century technology to produce the power but still utilizes a 20th-century power grid that can’t move it from the windy and sunny parts of the country to the urban markets. The American power grid isn’t set up for it. It’s old-fashioned and parochial when it needs to be continental and forward-looking.

Wall Street Journal

To Double Down on Clean Energy, Remember These Initials: R&D&D

As the world’s energy and commerce ministers came out of the Clean Energy Ministerial in Vancouver in May, there's a good-news-bad-news message they need to hear. Bad news first: Both heat-trapping carbon dioxide emissions and energy consumption hit global record highs last year, according to the International Energy Agency and the U.S. Department of Energy.

The good news: The shift to clean, lower-emissions energy is not only possible, but it can also be profitable, starting with the relatively low-hanging fruit of the move toward energy efficiency. To encourage this shift, leaders need to focus on three initials: R&D&D.

R&D is research and development, of course. But to activate R&D, the second D — deployment — is essential. And for deployment, governments and businesses need to work in concert to create incentives for clean energy innovation to avoid locking in high-carbon infrastructure.

GreenTech Media

Select Recent M&A Transactions

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Select HW EPI Transactions

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Harris Williams (“HW”) Overview

Global Advisory Platform

  • Founded in 1991
  • 330+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 21st record year in 2018
  • 10 industry groups

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Energy, Power, & Infrastructure  (“EPI”) Group

  • 15 professionals based in Richmond, VA
  • 15+ closed transactions in the last 24 months

Vertical Focus Areas

  • Energy Management
  • Renewables and Distributed Energy
  • Industrial and Infrastructure Services
  • Outsourced Utility Services
  • Oilfield Services
  • Engineering and Construction
  • Environmental Services
  • TIC & Integrity Services

Energy Management

  • ESCOs
  • Utility Program Management
  • Building Optimization
  • Energy Management Systems
  • LED and Smart Lighting Systems
  • Energy Storage
  • Electric Submeters
  • Demand Response / Smart Grid
  • Billing & Workforce Management
  • Distribution Automation
  • Microgrids / Asset Management
  • EV charging

Select HW Transactions

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Develops and markets transportation analysis software for improving traffic flow

 

 

 

 

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Provider of integrated cloud-base demand response, energy efficiency, and customer engagement solutions for utility customers

 

 

 

 

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Leading implementer and administrator of energy efficiency programs

 

 

 

 

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Leading independent ESCO serving the Federal, MUSH, and commercial and industrial end markets

 

 

 

 

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Leading cloud-based provider of Energy Services Management software and Behavioral Energy Efficiency solutions

 

 

 

 

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Leading provider of energy efficiency and renewable energy services in the Southwestern U.S.

 

 

 

 

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Leading designer of smart submeter systems and integrated energy intelligence software

 

 

 

 

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Manufacturing process automation technologies for energy storage and other applications

Our Firm

Harris Williams has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Industry Group Expertise

1. CapIQ

 

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