DETROIT (WWJ) — Detroit-based Huron Capital Partners LLC wants to get into the energy business.
The private equity firm has partnered with veteran energy executive Phil Bomrad to form a holding company, Albireo Energy. Through this company, Huron Capital says it will invest in and partner with regional and niche energy services providers.
Companies that provide energy efficiency and grid services for commercial and institutional buildings are the target. The goal is to help building owners reduce costs — as well as the environmental footprint of their buildings.
Jim Mahoney of Huron Capital called the move an “exciting opportunity and added: “There has been significant growth in this space, and Phil is a proven executive in this market segment.”
Added Bomrad: “Huron has a philosophy of partnering with strong executives to execute buy-and-build strategies through which they seek to source good opportunities and support growth with needed capital and operational expertise.”
Albireo Energy will target companies with the following characteristics:
* Strong expertise in building automation, control systems integration, energy efficiency retrofit projects or demand response programs
* Existing commercial building customer base serving property managers, corporate clients or public entities
* Annual revenues of $15 million or greater, and no EBITDA minimum
* Strong recurring service revenue base with high customer retention
Founded in 1999, Huron Capital has raised more than $1.1 billion through four private equity funds. Its portfolio companies have employed over 7,500 people throughout North America. With offices in Detroit and Toronto, Huron sponsors recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs and management buyouts of companies having revenues up to $200 million.
More at http://www.huroncapital.com.
Bomrad has spent more than 20 years in cleantech and energy efficiency. He is former CEO of Clean Urban Energy, and before that was an executive for Siemens Industry Inc. and Tridium. Phil’s experience spans demand response, energy procurement, monitoring based commissioning, energy and sustainability reporting, retro commissioning, and energy retrofits.