I Squared Announces Acquisition of Texas-Based Energy Services Firm, Priority Power
2024年7月30日 - 10:00PM
ビジネスワイヤ(英語)
- Underscores I Squared’s commitment to advance sustainable
energy solutions
- Brandon Schwertner to remain as CEO of Priority Power
I Squared Capital (“I Squared”), a leading independent global
infrastructure investment manager, today announced that it has
entered into an agreement to acquire Priority Power Management,
LLC. (“Priority Power” or “the Company”).
Based in The Woodlands, Texas, Priority Power is one of the
largest independent providers of energy management services and
infrastructure solutions for commercial and industrial customers
across more than 40 U.S. states.
Gautam Bhandari, Chief Investment Officer and Managing Partner,
I Squared Capital said: “Priority Power has proven itself to be a
valued partner for customers seeking to reduce costs, manage
volatility and progress sustainability goals as they navigate the
increasingly complex power market. As access to grid
interconnections has become increasingly challenging, Priority
Power has been leading the movement to build private transmission
and distribution assets to support continued growth for its
customers.”
Mr. Bhandari continued: “Priority Power has a compelling range
of service offerings that are unique in the industry. We believe
that with I Squared’s partnership and guidance, the company will
accelerate both its internal and external growth plans in the
coming years and play an important role in supporting growth,
resiliency and sustainability in the power sector. We are very
excited about what we will be able to achieve working together with
the Priority Power team in the coming years.”
Today, business in the U.S. faces a set of challenging dynamics
on energy pricing and consumption – energy prices are more volatile
and the grid is less reliable but the demand for power has risen
significantly, driven by the growth in data centers and
manufacturing. Priority Power is at the forefront of helping
businesses and institutions to manage both their energy costs and
accelerate their expansion plans by delivering innovative solutions
that marry data, market expertise, infrastructure and
sustainability to create comprehensive solutions that lower energy
costs and reduce emissions.
I Squared’s investment will provide an opportunity for Priority
Power to expand its reach across the U.S. as well as make
additional investments in high-growth markets. The investment
underscores I Squared's commitment to expanding its presence in the
power sector by investing in innovative, comprehensive energy
solutions. In doing so, I Squared is shoring up the nation’s power
infrastructure, a cornerstone of economic growth for the United
States.
Founded in 2001, Priority Power is recognized for its innovative
and client-centric approach, offering a wide range of energy
services, including energy procurement, risk management,
interconnection services and renewable energy solutions. Through
its Infrastructure Services group, Priority Power addresses power
availability constraints by designing and constructing private
transmission and distribution assets, enabling customers to reduce
costs and accelerate their expansion plans. Priority Power serves a
wide range of commercial, industrial, institutional and government
customers. Since 2017, Priority Power’s sustainable infrastructure
assets have enabled clients to avoid emitting 8.8 million metric
tons of CO2e.
Brandon Schwertner, CEO of Priority Power added, “I Squared is
one of the world’s most capable and respected infrastructure
investors, partnering with them will position Priority Power to
further accelerate our growth and deliver even greater value for
our customers, shareholders and employees. We are grateful to our
past investors for their commitment to our mission and their
support in achieving this important milestone.”
I Squared has signed a definitive agreement to acquire the
company through its ISQ Global Infrastructure Fund III. I Squared
is acquiring Priority Power from Ara Partners Group, LLC, Oaktree
Capital Management, L.P. and certain other shareholders.
Brandon Schwertner will continue as the Chief Executive Officer
of the Company and remain an equity holder. Terms of the deal were
not disclosed.
BofA Securities served as exclusive financial advisor to I
Squared. Jefferies LLC served as lead financial advisor and BMO
Capital Markets served as financial advisor to Priority Power in
connection with the transaction. Latham & Watkins LLP served as
legal counsel to Priority Power and White & Case LLP served as
legal counsel to I Squared.
About I Squared
I Squared is a leading independent global infrastructure
investor with over $40 billion in assets under management. We are
known for the development of investment platforms in infrastructure
projects where we start small and grow big. We use global insights
and deep local intelligence to solve complex problems, foster
smarter businesses, serve local communities, and invest in a more
sustainable future to provide essential services to millions of
people around the world. We are a team of over 280 people,
headquartered in Miami with offices in Abu Dhabi, London, Munich,
New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a
diverse portfolio of 85 companies in 81 countries with over 66,000
employees in a variety of sectors including utilities, energy,
digital infrastructure, transport, environmental infrastructure,
and social infrastructure. You can find out more by
visiting:www.isquaredcapital.com.
About Priority Power
Priority Power is one of the largest independent providers of
turnkey energy management services for commercial and industrial
customers in the U.S. The Company helps businesses procure energy
that meets their cost and sustainability goals; monetize
flexibility in their load to reduce their energy costs; and upgrade
their facilities’ energy infrastructure to make their operations
less costly, more resilient and more sustainable. Founded in 2001
and headquartered in The Woodlands, Texas, Priority Power manages
energy for more than 8,500 clients across the U.S. and has
developed over $900 million of private transmission and
distribution infrastructure for its customers. For more information
on Priority Power, please visit https://prioritypower.com/.
Disclaimers
This document does not constitute advice or a recommendation or
offer to sell or a solicitation to deal in any security or
financial product. It is provided for information purposes only.
Investing involves risk, loss of principal is possible.
Specific investments described herein do not represent all
investment decisions made by ISQ. The reader should not assume that
investment decisions identified and discussed were or will be
profitable. Specific investment advice references provided herein
are for illustrative purposes only and are not necessarily
representative of investments that will be made in the future.
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