Boyne Extends its Hold on Pilot Energy

Boyne Capital has closed a single-asset continuation fund to support add-on acquisitions and continued organic growth of Pilot Energy, a provider of electric utility billing, data management services, and energy procurement strategies. Boyne first invested in Pilot in April 2020.

The new fund is managed and controlled by Boyne and is anchored by New 2ND Capital, with additional commitments from new and existing Boyne limited partners.

Pilot Energy services are used by communities, commercial, and industrial customers in the Western US to lower utility costs, reduce commodity price-related risks, and provide procurement flexibility. Pilot’s services include energy sourcing, utility billing consolidation, audit services, and consulting that integrates on-site generation and decarbonization strategies. San Diego-based Pilot is led by CEO Zaheer Dhruv.

During Boyne’s ownership term, Pilot acquired Trebel Energy, an Ohio-headquartered provider of electricity and natural gas procurement services to municipalities and businesses (December 2021), and Worthington Energy Consultants, an Ohio-headquartered provider of energy consulting services to commercial and industrial customers (April 2024).“I am thrilled to continue leading and building this platform alongside Boyne, whose partnership has been instrumental in our success,” said Mr. Dhruv. “Our continued access to institutional capital focused on making further investments in the business excites us as it empowers us to further grow the business and explore new opportunities.”

“We are excited to continue investing in, partnering with, and supporting the growth of Pilot,” said Derek McDowell, managing partner of Boyne Capital. “The management team has not only excelled but has set a new standard for excellence, and we have strong confidence in their ability to further develop Pilot into a world-class organization that can consistently deliver exceptional value to its customers. We have had the privilege of partnering with focused and driven executive leaders, identified through the dedicated and uncompromising efforts of our in-house executive recruitment team. Our operations team has also played a crucial role in supporting management’s efforts to build out robust financial and analytical tools, enabling Pilot to scale quickly and efficiently.”

“We are thrilled to support Pilot’s next phase of growth alongside Boyne,” said Clay Cole, a partner at New 2ND. “The company’s impressive track record of innovation and strategic expansion has positioned it as a differentiated and scaled player in the energy advisory and management sector. We are also excited to find opportunities for further investment in Pilot, providing the capital necessary to fuel its ambitious growth plans. This partnership underscores our confidence in Pilot’s ability to continue delivering exceptional value to its customers and stakeholders, and we look forward to being part of its continued success story.”

New York City-headquartered New 2ND was founded in 2014 by David Miller and Daniel Portnoy to focus exclusively on U.S. middle-market GP-led secondary transactions, providing liquidity and new capital through structured continuation vehicles and related secondary products.

Boyne Capital invests in lower middle-market companies with revenues of less than $100 million and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, manufacturing, consumer products, and business services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.

William Blair was the financial advisor to Pilot. McDermott Will & Schulte served as legal advisor to Boyne, and Ropes & Gray served as legal advisor to New 2ND.