Private equity firm Kohlberg & Company has acquired CLEAResult, a provider of energy efficiency, energy transition and sustainability services in North America. Financial terms of the deal were not disclosed. The seller was TPG, which had owned CLEAResult since mid-2018.
CLEAResult has grown organically and through acquisition. The company previously acquired:
February 2024:Energetics -- an energy-focused sustainability consultancy that has deep expertise in the U.S. federal government market.
June 2022:Ecofitt, a residential energy efficiency program implementer for utilities, retailers and distributors in Canada.
May 2022:ChooseEV, a provider of electric vehicle (EV) market awareness and education tools across North America.
January 2018: The Utility Division of Ecova (known as ENGIE Insight), aj energy and sustainability management company.
New CLEAResult owner Kohlberg is based in Mount Kisco, New York. The middle market private equity firm, founded in 1987, has completed 94 platform investments and roughly 289 add-on acquisitions since launch.
In a prepared statement about the Kohlberg deal, CLEAResult President and CEO Rich McBee said: “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.”
Benjamin Mao, partner and head of Infrastructure Services, Kohlberg
Added Scott Gilbertson, partner at TPG: “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.”
Noted Benjamin Mao, partner and head of Infrastructure Services at Kohlberg: “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.”
Gus Harwood, partner, Kohlberg
Gus Harwood, partner at Kohlberg, concluded: “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.”
Next Moves?
We're curious to see if CLEAResult further expands from energy services to sustainable IT services. President and CEO Rich McBee has extensive experience leading technology businesses. He previously led enterprise network performance company Riverbed Technology, and communications and collaboration company Mitel.
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