Harris Williams & Co. Advises Comverge, Inc. on its Pending Sale to Itron, Inc.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the pending sale of Comverge, Inc. (Comverge) to Itron, Inc. (Itron; NASDAQ: ITRI). Comverge is a leading provider of cloud-based, demand response and energy efficiency solutions. Harris Williams & Co. is serving as the exclusive advisor to Comverge, a portfolio company of H.I.G. Capital (H.I.G). The transaction, which is subject to customary closing conditions, is being led by Brian Lucas, Andrew Spitzer, Luke Semple, Ian Thomas and Will Forston of Harris Williams & Co.’s Energy, Power & Infrastructure (EPI) Group and Tyler Dewing of the firm’s Technology, Media & Telecom (TMT) Group.
“Comverge is an industry-leading provider of outcome-based energy management solutions with an outstanding management team and the strongest software, product and service offering in the industry. The team has done an exceptional job building a platform which allows utilities to better manage energy load and customers to monitor and consume energy more efficiently. We are thrilled to represent the company’s shareholders and management on this pending combination,” said Brian Lucas, a managing director at Harris Williams & Co.
“We continue to see strong interest in the convergence of North American demand response, energy efficiency and distributed energy solutions providers, and Comverge extends our deep track record of M&A advisory to the sector,” said Luke Semple, a director at Harris Williams & Co. “We are excited about Comverge’s pending combination with Itron and look forward to following this powerful combination and its growth in the energy technology and energy management markets.”
Comverge is an industry-leading provider of integrated cloud-based demand response, energy efficiency and customer engagement solutions that enable electric utilities to ensure grid reliability, lower energy costs, meet regulatory demands and enhance the customer experience. Through its combination of software, hardware and services, Comverge helps utilities optimize every aspect of a demand management program, from participant recruitment and device installation to call center support, control events, and measurement and verification. Comverge has enrolled and deployed nearly three million energy management devices into mass market demand management programs.
H.I.G. is a leading global private equity and alternative assets investment firm with $21 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion.
Itron is a world-leading technology and services company dedicated to the resourceful use of energy and water. Itron provides comprehensive solutions that measure, manage and analyze energy and water. Its broad product portfolio includes electricity, gas, water and thermal energy measurement devices and control technology; communications systems; software; as well as managed and consulting services. With thousands of employees supporting nearly 8,000 customers in more than 100 countries, Itron applies knowledge and technology to better manage energy and water resources.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Harris Williams & Co.’s EPI Group has experience across a broad range of sectors, including energy efficiency and clean tech, power products and technology, industrial and infrastructure services, oil and gas equipment and services, engineering and construction and environmental services. For more information on the firm’s energy, power and infrastructure experience, please visit the EPI Group’s section of the Harris Williams & Co. website.
Harris Williams & Co.’s TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including data & analytics, AdTech & marketing solutions, eCommerce, and digital media & content. Across verticals it also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.