Carrier Global announced it has signed a definitive agreement to sell its NORESCO business to OPTERRA Energy Services, a subsidiary of LS Power. The transaction is expected to close shortly, with financial terms not disclosed.
The sale reflects Carrier’s continued focus on portfolio simplification, a strategy the company has pursued in recent periods to concentrate its resources and management attention on its core climate and energy solutions businesses. By divesting NORESCO, Carrier is aiming to sharpen its operational focus and free up capital and organizational bandwidth to invest in growth and innovation across the segments most central to its long-term strategy. NORESCO, which has built a track record delivering energy-efficiency solutions to its customers, will transition to OPTERRA Energy Services as part of the deal, with Carrier expressing confidence that the business is well positioned to continue serving its existing customer base under its new ownership.
The transaction also underscores continued consolidation in the energy services and efficiency space, as strategic buyers and infrastructure-backed platforms like OPTERRA, which operates under LS Power, seek to expand their footprints by acquiring established businesses with existing customer relationships and operational expertise.
For Carrier, the divestiture is the latest step in an ongoing effort to streamline its portfolio following a series of similar moves to reshape the company around its highest-priority businesses. Jefferies LLC served as financial advisor to Carrier on the transaction, with Akerman LLP serving as external legal counsel.
KEY QUOTE:
“The sale of NORESCO represents Carrier’s continued commitment to portfolio simplification, allowing us to remain laser-focused on growth and innovation within our core businesses. I want to thank the NORESCO team for their dedication and contributions to Carrier. We are confident that with OPTERRA, NORESCO is exceptionally well-positioned to continue delivering energy-efficiency solutions and long-term sustainable value to its customers.”
David Gitlin, Chairman and CEO, Carrier
