American Securities has acquired CS Energy, an energy firm. The sellers were Ares Management Corporation and The Conti Group. No financial terms were disclosed.
EDISON, N.J., May 4, 2021 /PRNewswire/ — CS Energy, a leading integrated energy firm that designs and builds optimized projects in the solar, storage, and emerging energy industries, announced today that it has been acquired by affiliates of American Securities LLC, a leading US private equity firm. American Securities acquired the equity interests in CS Energy from a fund managed by the Infrastructure and Power strategy of Ares Management Corporation (NYSE: ARES) and The Conti Group.
Located in Chenango County, New York, CS Energy completed this solar project in the fall of 2020.
CS Energy has established itself as a leader in the solar and energy storage sectors, having constructed over 1 GW of solar projects and 300 MWh of energy storage projects throughout the United States and in select international markets.
“CS Energy is extremely excited to be partnering with American Securities through our next phase of growth,” said Matthew Skidmore, CEO of CS Energy. “Our management team and strategy will remain consistent on a go-forward basis and we are excited to continue to grow our business by continuing to execute great projects for our customers.”
“CS Energy fits squarely within our strategy to acquire market leading companies servicing the U.S. energy transition to renewables,” said Michael Sand, a Managing Director of American Securities. “We are impressed by the CS Energy management team, corporate culture and outstanding track record, and are thrilled to partner with management to achieve its growth plans.”
“We are extremely proud of the growth and accomplishments of CS Energy during our ownership over the last three years,” said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “Our shared vision with the talented management team was executed seamlessly with admirable results. Our commitment to investing in the energy transition remains strong, and we anticipate future opportunities to partner with CS Energy on the development and construction of new facilities.”
“The Conti Group is proud of the growth that CS Energy has had over the past three years with its strong partnership with Ares and we look forward to its continued growth and success with American Securities,” said Kurt Conti, Chairman of The Conti Group. “This investment continues to advance our longstanding vision of building a world-class renewable energy company.”
Lazard acted as lead financial advisor to CS Energy on the transaction. Cowen also acted as financial advisor to CS Energy. Morgan Lewis & Bockius LLP served as legal counsel to CS Energy. Weil, Gotshal & Manges LLP served as legal counsel to American Securities.
About CS Energy
CS Energy is an industry-leading engineering, procurement and construction (EPC) energy firm that designs and builds optimized projects in solar, energy storage, and emerging energy industries. CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.
About Ares Management Corporation
Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent, attractive investment returns for fund investors throughout market cycles. As of March 31, 2021, Ares Management’s global platform had approximately $207 billion of assets under management with more than 1,450 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.
About Ares Infrastructure and Power
Ares Infrastructure and Power (“AIP”) provides flexible capital across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed over $9 billion of capital in more than 250 different infrastructure and power assets and companies as of March 31, 2021.
About The Conti Group
The Conti Group is a holding company which owns businesses, assets and invests in development, engineering, construction, infrastructure, real estate, renewable energy, logistics, software and healthcare. The Conti Group has a 116-year history of building successful, reputable businesses which make a positive impact. www.thecontigroup.com