Albireo Energy, a building automation and energy services platform based in New Jersey whose parent company is Detroit private equity firm Huron Capital, has acquired Alabama Controls Inc., a provider of building automation and HVAC control solutions as well as equipment and parts. Terms of the agreement were not disclosed.
“Alabama Controls is an excellent strategic fit that we believe will expand Albireo’s fast-growing footprint across the U.S.,” says Jim Mahoney, senior partner at Huron Capital.
This is Albireo’s 15th investment through nine separate acquisitions. Albireo is an ExecFactor initiative launched by Huron Capital to provide energy efficiency, smart building automation, and energy services and management to commercial and institutional customers in the U.S. It was launched in 2014.
“Alabama Controls’ extensive relationships and diverse customer base speak to their strong reputation in the industry,” says Phil Rogers, CEO of Albireo Energy. “We believe their significant scale and complimentary geographic presence will help us accelerate our growth in new markets for Albireo, and we look forward to continuing to serve their existing customers while also pursuing new customers.”
Headquartered in Pelham, Ala. and founded in 1975, the company has more than 80 employees in seven offices across Alabama, Florida, and Tennessee. It provides building solutions for government agencies, large commercial buildings, and higher education. The company’s management will remain active in the company’s operations.
“We believe Albireo’s extensive energy solutions and building automations network will enhance Alabama Controls’ offerings and benefit our current customers,” says Bobby Reuse, owner, CFO, and treasurer of Alabama Controls. “Albireo’s previous successes growing businesses in the HVAC and building automation industry and dedicated capital instills confidence that they will support the company’s continued growth moving forward.”
Huron Capital grows lower middle-market companies through its ExecFactor buy-and-build investment model.