Bloomfield Hills-based O2 Investment Partners has sold its portfolio company, Mantis Innovation Group in Houston, Texas, to Gemspring Capital in Connecticut. Terms of the transaction were not disclosed.
Mantis provides solutions to deliver better building performance and improved energy efficiency for its customers. The company relies on proprietary software tools to offer a full suite of services, including energy procurement and demand management; solar, roofing, building envelope, and pavement assessment and maintenance; LED lighting, HVAC/mechanical, and building automation systems design and implementation.
Since O2’s initial investment in May 2018, O2 and the Mantis management have created value through organic and inorganic growth initiatives, with a focus on developing and utilizing best-in-class software-enabled solutions. Mantis completed and integrated four add-on acquisitions, enhancing and diversifying the company’s service offerings, customer base, and geographic reach.
“We are incredibly proud and thankful for all of the Mantis team’s hard work, dedication, and innovation made since 2018,” says Joe Vallee, a partner with O2. “Together, we created an industry leader with a truly differentiated service offering, supported by the company’s collaborative mentality and strong culture. We are grateful to have had the opportunity to partner with the Mantis team and believe they are in good hands with Gemspring to take the business to the next level.”
Dan Marzuola, CEO of Mantis, says, “O2 has been a great partner in helping Mantis grow to the level we are today. From the first day of our partnership, they believed in our strategic vision and philosophy of growth. Joe Vallee, in particular, was unwavering in his pursuit to assist Mantis in achieving success.
“We are also excited about our next chapter in partnership with Gemspring and believe their operational expertise, network of advisors, and M&A support will help us strengthen our platform and drive transformational growth.”