TPG and JMI Back PowerPlan Consultants

PowerPlan Consultants Inc., an Atlanta-based maker of financial management software for asset-intensive industries, has raised an undisclosed amount of private equity funding from TPG Growth and JMI Equity.

PRESS RELEASE
PowerPlan Consultants, Inc., the maker of the PowerPlant and PowerTax products – the leading integrated budgeting, project, asset, depreciation, and tax management software for asset-intensive industries – today announced that it has received a strategic investment from funds managed by TPG Growth and JMI Equity. TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. JMI is a private equity firm focused on investing in growing software, internet and business services companies. PowerPlan’s founders and management team, including Mark Heinemann and Patricia Pelling, will continue to lead PowerPlan and will retain a significant ownership interest in the company.

“Since founding the business in 1994, Mark, Pat and their team have done a remarkable job of establishing PowerPlan as the premier provider of solutions specifically designed to address the unique and complex requirements of asset-intensive companies,” said TPG Growth Managing Director and PowerPlan Director David ibnAle. “We believe that PowerPlan’s differentiated products and domain expertise will enable its strong management team to take advantage of several strategies to accelerate growth. We are excited about the opportunity to partner with the PowerPlan team as the company enters this next stage of its development.”

“PowerPlan fits with our strategy of identifying and investing in strong and growing companies that deliver unique and compelling value to their customers,” said JMI Managing General Partner and PowerPlan Director Paul Barber. “PowerPlan’s loyal and growing customer base relies on PowerPlan’s solutions to manage important and complex project, accounting and tax processes. We look forward to working closely with our new partners at PowerPlan and TPG Growth to help PowerPlan continue its growth trajectory for the benefit of all its stakeholders.”

PowerPlan, founded and led by a team of software developers, industry specialists, and accounting and tax experts, provides the full spectrum of software products and consulting services that are necessary to implement and maintain a fully-automated and cash flow optimized project management and asset accounting process for businesses with large, complex asset bases. PowerPlan has a growing client base of over 130 organizations, including some of North America’s largest electric and gas utilities, telecommunications and cable service providers, water utilities, railroads, petrochemical production companies, and pipeline companies.

“We spent a lot of time considering the best way to continue PowerPlan’s expansion into new verticals and product offerings and I could not be more pleased that JMI and TPG Growth have come on board as our new partners in this effort,” said PowerPlan President and Director Mark Heinemann. “Their combined experience growing software and services businesses will prove invaluable as we look to build upon our leadership position and meet the growing demand for our services. This investment marks a significant milestone in our history and provides us with the necessary resources to expand the breadth of our product offerings and geographic reach, while maintaining our long-standing commitment to clients.”

GE Capital and Golub Capital acted as joint lead arrangers for the senior credit facility in support of the strategic investment. Bryan Cave LLP served as legal counsel to PowerPlan. Ropes & Gray LLP and Goodwin Procter LLP were legal counsel to JMI and TPG Growth. Jefferies & Co. acted as financial advisor to PowerPlan.

About PowerPlan Consultants

PowerPlan Consultants delivers PowerPlant and PowerTax, the premier solutions for budgeting, project, asset, depreciation, and tax management for asset intensive industries. Today over 80% of the investor owned utilities in the United States use PowerPlant. The PowerPlant accounting and tax products optimize cash flow and asset recovery for both book and tax purposes under Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The PowerPlant project and budgeting products build shareholder value for clients through the application of best practices in managing complex construction cycles across thousands of projects. Learn more about PowerPlan by visiting http://www.powerplan.com.