Albireo Energy, a portfolio company of Huron Capital Partners, has acquired Advanced Power Control (APC) and Energy Systems Technologies (EST). These add-ons represent the sixth and seventh transactions for Albireo since its launch by Huron in May of 2014.
APC and EST provide building automation systems, lighting controls, metering, fault detection and diagnostics systems to building owners. Customers include universities, the military, healthcare institutions, and commercial building operators and owners located in the Mid-Atlantic region of the US. Both APC and EST are led by CEO Paul Czerwin and are headquartered west of Wilmington in Newark, DE (www.adv-power.com) (www.estdistribution.com).
Huron Capital formed its Albireo Energy platform in 2014 by partnering with Phil Bomrad to make investments in the energy services and smart buildings sectors. Albireo Energy is headquartered in Edison, NJ (www.albireoenergy.com).
“The acquisition of APC/EST is a significant milestone for Albireo Energy as we continue our aggressive growth and expand our geographic footprint,” said Mr. Bomrad, CEO of Albireo Energy. “APC and EST have developed robust solutions in analytics and lighting controls that we believe will provide significant growth opportunities for Albireo, while improving our ability to serve key markets in the region.”
Albireo completed its fifth add-on acquisition in June 2015 when it acquired GxP Automation, a provider of environment control and monitoring systems primarily for companies operating in the life sciences industry.
“Albireo is a great example of Huron’s buy-and-build model,” said Jim Mahoney, a partner at Huron Capital. “We have been working closely with Phil and the Albireo team and have now completed seven transactions in just over two years, and we will continue to look for new opportunities to grow Albireo’s customer base and service offerings.”
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. Huron was founded in 1999 and currently manages over $1.1 billion in committed equity through four private equity funds. The firm has offices in Detroit and Toronto (www.huroncapital.com).
© 2016 Private Equity Professional • 7-21-16
