CLEAResult, which is North America’s largest energy efficiency, energy transition and energy sustainability services provider, announced a majority investment by funds managed by Kohlberg & Company, 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 had 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 deal were not disclosed.
Based 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 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.
Joining forces with Kohlberg will help accelerate the expansion of CLEAResult’s comprehensive suite of programs and capabilities, enhancing 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. Utilizing 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 worked as financial advisor to CLEAResult and Kirkland & Ellis acted as legal counsel to TPG and CLEAResult in connection with the deal. Guggenheim Securities and Jefferies served as financial advisors and Ropes & Gray acted as legal counsel to Kohlberg.
KEY QUOTES:
“This investment demonstrates confidence in CLEAResult’s strategy and leading market position, and marks our next phase of sustained growth. 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.”
– Rich McBee, President and CEO of CLEAResult
“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.”
– Scott Gilbertson, Partner at TPG
“CLEAResult has immense potential for additional expansion. 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.”
– Benjamin Mao, Partner and Head of Infrastructure Services at Kohlberg
“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.”
– Gus Harwood, Partner at Kohlberg
