AEA Buys SitelogIQ with MidCap Backing

AEA Investors has acquired SitelogIQ, a provider of energy and facility services, from Oaktree Capital.

SitelogIQ’s services are used to increase the energy efficiency of facilities in the municipal, education, hospital, and commercial and industrial sectors, through a variety of energy conservation measures that reduce costs, improved operations, and reduced environmental impacts. The company has expertise with HVAC, LED lighting, solar power, roofing, and windows. SitelogIQ is headquartered in Minneapolis and has more than 700 employees in 30 office locations.

AEA believes that the energy services industry is benefitting from several underlying growth trends including an aging infrastructure, needed upgrades to existing equipment, and the pursuit of green initiatives.

AEA invests across three sectors – value-added industrials, consumer, and services – and has 80 investment professionals at its headquarters in New York City with additional offices in Connecticut, London, Munich and Shanghai. AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co.

In December 2019, AEA finalized two new funds with the hard cap close of its seventh flagship fund, AEA Investors Fund VII LP (Fund VII), with total equity commitments of $4.8 billion, and its fourth small business fund, AEA Investors SBF IV LP (Fund SB), with total equity commitments of $877 million.

MidCap Financial was the Administrative Agent, Sole Lead Arranger, Sole Bookrunner and Collateral Agent for a senior secured credit facility that supported AEA’s buy of SitelogIQ. MidCap’s deal team was led by Managing Director Puja Parekh.

MidCap Financial, in alliance with its investment manager Apollo Capital Management, is a middle-market focused finance firm that provides debt instruments of $10 million to $750 million to companies across all industries.

Private Equity Professional | April 17, 2020

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