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Thursday, February 25, 2021

Fort Worth’s TPG, Rise Fund acquire Austin-based utility efficiency company

TPG Growth and The Rise Fund on June 19 announced an agreement to acquire Austin-based CLEAResult, a provider of energy efficiency solutions for utility companies.

TPG Growth, the middle-market and growth equity platform within Fort Worth and San Francisco-based TPG, and The Rise Fund, a global impact investing fund managed by TPG, will be co-investors in acquiring the company from General Atlantic, a global growth equity firm. Financial terms of the transaction were not disclosed.

Serving hundreds of utility customers across the country, CLEAResult partners with utilities and local governments to design, implement and maintain services and programs that provide energy optimization and efficiency to residential, institutional, commercial and industrial organizations. Through these programs, CLEAResult helps lower energy and grid load requirements, reduces energy bills for consumers and cuts carbon emissions through reduced heating and electricity usage.

“CLEAResult has a strong position in the utility demand-side management market and is committed to investment in innovation and technology development to enhance its offerings,” said Christopher Yip, Principal at TPG. “We look forward to supporting management to further build the platform and benefit all stakeholders.”

The transaction, which is expected to close later in 2018, is subject to customary closing conditions, including regulatory approval.

“CLEAResult has experienced tremendous growth over the past few years, positioning us as the leading provider of energy efficiency services and allowing us to deliver over 4,500 GWh and 54 million therms of energy savings in 2017. With TPG as our partner, we look forward to continued growth in our energy management offerings and further innovation in our technology platforms to deliver exceptional value to our clients,” said CLEAResult CEO Aziz Virani.

Financing for the transaction is being provided by Goldman Sachs & Co. LLC, UBS Investment Bank, Credit Suisse and KeyBanc Capital Markets.

KeyBanc Capital Markets Inc. and Robert W. Baird & Co. served as financial advisors to TPG, and Vinson & Elkins served as legal advisor to TPG and The Rise Fund.

J.P. Morgan and Piper Jaffray served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to General Atlantic.

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