Huron Capital, a Detroit-based lower-middle-market private equity firm, has announced its building automation and energy services platform Albireo Energy in New Jersey has acquired Environmental Energy Corp., a New York-based provider of energy management systems for large commercial and higher education buildings.
Environmental was founded in 1982 and primarily serves the New York metropolitan area. The addition is the second tuck-in acquisition for Albireo’s New York division.
“Albireo’s past successes, especially in the New York market, give us confidence that the integration and growth potential will benefit our current customers and employees,” says Bob Estabrook, founder of Environmental. “I look forward to helping with the integration process and am excited about the combined company’s ability to capitalize on new opportunities through our pooled talent and capabilities.”
Huron Capital formed Albireo in 2014 to create an industry leader in the energy efficiency, building automation, and energy management market. It has since invested in 16 companies through 10 acquisitions.
“EEC represents a strong geographic and strategic fit for Albireo Energy,” says Jim Mahoney, senior partner at Huron Capital. “Its location and resources were an attractive addition for one of our fastest-growing portfolio companies, and we look forward to leveraging its expertise and network to help Albireo continue to grow in the New York metro market.”
Huron Capital works to grow lower-middle-market companies through its ExecFactor buy-and-build investment model. Over the past 20 years, it has established six investment funds totaling about $1.8 billion in capital and completed more than 175 transaction throughout North America. Huron Capital portfolio companies have had aggregate annual revenues exceeding $3 billion, 15,000 employees, and more than 325 facilities.