AUSTIN, Texas–(BUSINESS WIRE)–Today CLEAResult, North America’s largest energy efficiency, energy transition and energy sustainability services provider, announced a majority investment by funds managed by Kohlberg & Company (“Kohlberg”), a leading U.S. middle market private equity firm with 37 years of experience and an extensive background in the infrastructure services and energy efficiency sectors. Kohlberg acquired its position in CLEAResult from TPG Growth and TPG’s The Rise Fund, with CLEAResult’s management team and employee shareholders retaining a minority stake. The terms of the transaction were not disclosed.
Headquartered in Austin, Texas, CLEAResult works with utility, government, and commercial customers to design and implement comprehensive energy efficiency programs that reduce energy usage, costs, and emissions. With over 2,700 employees operating across more than 60 cities across 46 states and eight Canadian provinces, CLEAResult’s expertise in energy efficiency, electrification, and sustainability is highly valued by its diverse base of customers as well as end-users who benefit from the cost savings generated by energy efficiency programs.
“This investment demonstrates confidence in CLEAResult’s strategy and leading market position, and marks our next phase of sustained growth,” said Rich McBee, President and CEO of CLEAResult. “Our team is excited to partner with Kohlberg & Company, which brings considerable depth of energy efficiency and utility services experience and strategically aligns with CLEAResult’s vision to invest in solutions that drive a sustainable and resilient energy future. Following a strong and successful partnership with TPG, we are proud to be the newest member of Kohlberg’s portfolio and look forward to continuing CLEAResult’s industry leading approach to energy efficiency and sustainability services.”
Scott Gilbertson, Partner at TPG, added, “When we invested in CLEAResult in 2018, we were excited to partner with a leading provider of energy efficiency solutions, and since then, we have been proud to play a role in the remarkable growth trajectory that the company has achieved. We are excited to see the next phase of the company’s growth and look forward to following their progress towards driving further energy and emission savings for consumers and businesses across the country.”
“CLEAResult has immense potential for additional expansion,” said Benjamin Mao, Partner and Head of Infrastructure Services at Kohlberg. “The company’s strong foothold and extensive knowledge in the North American energy and utility sectors align perfectly with our existing investments and growth focus, and we are honored to partner with the CLEAResult management team in supporting the next phase of the company’s growth.”
Gus Harwood, Partner at Kohlberg said, “Over the last 15-plus years, we have invested in multiple businesses that serve energy utilities and have extensive experience in the energy efficiency sector. We continue to focus on companies that support energy efficiency initiatives and the ongoing energy transition, and look forward to contributing our team’s experience and insight as well as our capital base to support CLEAResult.”
With this investment, CLEAResult enters an exciting new phase of growth. Joining forces with Kohlberg will help accelerate the expansion of CLEAResult’s comprehensive suite of programs and capabilities, reinforcing the company’s market-leading position and enabling teams to deliver even greater value to commercial and industrial, government, utility and residential customers as they navigate the energy transition. Leveraging the significant opportunities presented by the Inflation Reduction Act and other government incentives, CLEAResult will further solidify its position as the go-to partner for innovative solutions that drive down energy costs, reduce emissions and enhance grid reliability.
Harris Williams acted as financial advisor to CLEAResult and Kirkland & Ellis acted as legal counsel to TPG and CLEAResult in connection with the transaction. Guggenheim Securities, LLC and Jefferies LLC served as financial advisors and Ropes & Gray acted as legal counsel to Kohlberg.
About CLEAResult
CLEAResult is the largest provider of energy efficiency, energy transition and energy sustainability services in North America. Since 2003, our mission has been to change the way people use energy. Today, our experts lead the transition to a sustainable, equitable, and carbon-neutral future for our communities and our planet. Our hometown teams collaborate with a diverse network of local partners to deliver world-class technology and personalized services that make it easy for commercial and industrial businesses, governments, utilities, and residential customers to reduce their energy use and greenhouse gas emissions. CLEAResult is headquartered in Austin, Texas, and has over 2,700 employees in more than 60 cities across the U.S. and Canada. Explore all our energy solutions at https://www.clearesult.com/.
Contacts
For CLEAResult:
[email protected]
Marjorie Bonga
Silverline Communications
(540) 746-2385
For Kohlberg:
Sophia Templin and Elizabeth Chaconas
[email protected]