tHuron Capital Partners in Detroit has formed a partnership with Phil Bomrad, an executive specializing in clean technology and energy efficiency, to form a new company in the energy services industry.
tCalled Albiero Energy, the holding firm will invest in and partner with regional and niche energy service providers throughout North America.
t“We believe that the (energy services) market has significant tailwinds,” says Jim Mahoney of Huron. “There are a number of factors — economic, legislative, and social — that are driving (energy efficiency). The market is growing and is relatively fragmented, which is good for a buy-and-build strategy.”
tMahoney says the collaboration began when the company was first introduced to Bomrad through an operating partner last year. “Phil is a key part of this initiative, given his background experience. He had an idea, and we worked together to develop a market entry plan,” he says.
tSpecifically, Albireo is targeting companies with:
- ttStrong expertise in building automation, control systems integration, energy efficiency retrofit projects, or demand response programs
- ttExisting commercial building customer base serving property managers, corporate clients, or public entities
- ttAnnual revenues of $15 million or greater, with no earnings before interest, taxes, depreciation, and amortization minimum
- ttStrong recurring service revenue base with high customer retention
t“We’re very bullish,” Mahoney says. “We think there's a number of targets out there, and we’ve been in dialogue with some of them.”
tFounded in 1999, Huron has raised over $1.1 billion in capital through four committed private equity funds, and its portfolio companies have employed over 7,500 people throughout North America.