PE firms invest in energy management; Deal of the Year nominations due today

Good morning, dealmakers. MK Flynn here with today’s Wire.

Today marks the last day to nominate transactions for our Deal of the Year awards. (See details, below).

We’re featuring a roundup of deals involving energy management and efficiency today.

But let’s kick things off by taking a quick look at some transactions announced this morning:

Boecore, a Colorado Springs-based provider of technology to aerospace and defense industry, has acquired Orbit Logic, a Greenbelt, Maryland-based developer of software for mission planning, scheduling, and space situational awareness, for undisclosed terms.

Boecore is backed by Enlightenment Capital, headquartered in Washington, DC.

Mill Rock Packaging Partners has acquired Keystone Paper & Box Company, which makes custom folding cartons for consumer and healthcare end markets, for undisclosed terms.

The buyer, formed by Mill Rock Capital in 2020, is a growth-oriented specialty packaging company. The transaction marks Mill Rock Packaging’s expansion to the Eastern US and its fourth acquisition. In connection with the transaction, Keystone’s leadership team has made a significant investment in Mill Rock Packaging. Management will remain with the company.

United Utility Services, which is backed by Bernhard Capital, has acquired BHI Power Delivery, a specialty utility transmission and distribution services provider, from Westinghouse Electric Company, for undisclosed terms.

Energy-as-a-Service. Companies and consumers throughout North America and Europe are struggling to keep their energy expenses down, and private equity firms are investing in tools and services aimed at energy efficiency and management.

PE Hub Europe’s Nina Lindholm rounded up half a dozen energy management deals, including two with acquisition targets based in the US.

Priority Power, backed by Oaktree Capital Management and Ara Partners, acquired Texas-based AB Power Advisors, a consulting business that targets the US power industry. Priority Power is a provider of clean energy optimization and infrastructure services. AB Power Advisors’ service offering includes strategic energy management, regulatory advisory, support and offtake origination.

Partners Group took a majority equity stake in Shelton, Connecticut-based Budderfly, an Energy-as-a-Service provider. The purchase price was more than $500 million. Budderfly offers EaaS solutions for the measurement, reduction and management of energy demand and consumption. Budderfly has more than 2,750 customer sites across 49 states.
According to the news release on the deal, Partners Group “aims to transform Budderfly into a multi-billion-dollar infrastructure platform by investing to expand its customer base and solutions offering.”

People moves. Clinical ink, a global life science technology company, today announced that healthcare industry veteran Dr. Jonathan Goldman has joined the company as CEO, succeeding Ed Seguine who has led Clinical ink since nearly fourteen years ago.
Goldman has 30 years of experience across life sciences as a CEO, chief medical officer, investor, and senior executive. He was most recently CEO of Abzena, where he remains a board member and was previously the CEO of Aptuit.

“Jonathan’s broad experience leading life science organizations, combined with his medical training make him uniquely qualified to navigate the complexities of post-pandemic clinical research,” said Dave Kreter, Clinical ink chairman and managing director of GI Partners, which acquired Clinical ink in 2020. “Technology has the potential to solve therapeutic challenges in areas as diverse as oncology, neuroscience, immunology and dermatology. Pragmatic vision and disciplined execution are required to ensure these novel approaches can deliver results for patients.”

Last chance. Today is the deadline for Buyouts’ and PE Hub’s Deal of the Year awards nominations. Get your submissions in so our crack edit squad can start vetting!

Visit here for more information about the application process.

And reach out to Chris Witkowsky with questions at cwitkowsky@buyoutsinsider.com.

That’s it for today. I’ll be back with more tomorrow.

Happy dealmaking,

MK