M&A: Resource Innovations Acquires Clean Energy Consulting Firm Cadeo

Resource Innovations (RI), backed by private equity firm Morgan Stanley Capital Partners, has acquired Cadeo, a clean energy consulting firm that focuses on transforming the way energy is used, generated, and managed. Financial terms of the deal were not disclosed.

This is M&A deal number 241 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

Clean Energy Consulting M&A: About the Businesses

Resource Innovations (RI), founded in 2016, is based in San Francisco, California. The company provides advisory services, program management services and software to utility, government and corporate clients. Key focus areas include assisting customers with energy efficiency, decarbonization, cutting greenhouse gas emissions and improving grid resiliency.

Morgan Stanley Capital Partners has owned Resource Innovations since April 2024 or so. BV Investment Partners had owned a majority stake in Resource Innovations since 2021. Key moves from there included acquiring Nexant in 2021 and TechbiArt in 2022.

Cadeo, founded in 2014, is based in Portland, Oregon. Key consulting services involve energy efficiency, electrification, and distributed energy resources. The company had 40 employees listed on LinkedIn as of June 2024.

Clean Energy Consulting M&A: Executive Perspectives

In a prepared statement about the RI-Cadeo deal, RI Founder and CEO Lauren Casentini said: “We have seen Cadeo’s team of passionate, tenacious experts deliver results first-hand through collaborative projects. Bringing Cadeo’s market transformation and emerging technology capabilities to RI offers our utility, government, and corporate clients unmatched innovation as they face evolving energy challenges.”

Added Cadeo CEO Harrison Grubbs: The opportunity to increase our impact with this combination expands the possibilities for both our clients and our team members, who share a passion for helping communities on their energy transition journey. I’m looking forward to watching our team thrive within Resource Innovations’ supportive culture.”

Morgan Stanley: Private Equity and Sustainability Focus

RI's owner, Morgan Stanley Capital Partners (MSCP), has experience in the sustainability sector. In 2023, the private equity business acquired Apex Companies, a provider of end-to-end environmental consulting and engineering solutions. The seller was Sentinel Capital Partners. Sentinel will maintain a minority stake in Apex. Financial terms of that deal were not disclosed.