TPG Growth and The Rise Fund have agreed to acquire CLEAResult, a provider of energy efficiency solutions for utility companies, from General Atlantic.
TPG Growth, the middle-market and growth equity platform within TPG, and The Rise Fund, a global impact investing fund managed by TPG, will be co-investors in the acquisition of CLEAResult.
Financial terms of the agreement have not been disclosed. The transaction is expected to be closed later this year, subject to customary closing conditions, including regulatory approval.
CLEAResult is an Austin, Texas-headquartered company, founded in 2003. It claims to serve hundreds of utility customers in the US. It has a workforce of 2,500 employees and serves more than 70 cities across the US and Canada.
The company 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 its programs, CLEAResult helps in lowering energy and grid load requirements, reduces energy bills for consumers and cuts carbon emissions through reduced heating and electricity usage.
TPG principal Christopher Yip said: “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.”
Goldman Sachs & Co., UBS Investment Bank, Credit Suisse and KeyBanc Capital Markets are providing financing for the transaction.
General Atlantic principal Peter Munzig said: “Over the past five years CLEAResult has meaningfully expanded their leadership position in the energy efficiency and demand-side management space.
“It has been an honor to work with Aziz Virani, Terry Moore, Jonathan Seltzer, and the entire team at CLEAResult and we look forward to the company’s next phase of growth with TPG.”