TPG Growth and The Rise Fund have closed its previously announced acquisition of Austin, Texas-based CLEAResult, a provider of energy efficiency solutions for utility companies. The seller was General Atlantic. No financial terms were disclosed.
Austin, Texas, Aug. 08, 2018 (GLOBE NEWSWIRE) — CLEAResult, a leader in designing and implementing technology-enabled energy efficiency programs for utilities, today announced its completed acquisition by TPG Growth, the middle-market and growth equity platform within TPG, and The Rise Fund, a global impact investing fund managed by TPG. TPG Growth and The Rise Fund are co-investors in acquiring the company from General Atlantic, a leading global growth equity firm. Financial terms of the transaction were not disclosed.
“We look forward to continued growth in providing innovative energy efficiency services in partnership with TPG,” said CLEAResult CEO Aziz Virani. “Delivering exceptional value to our clients will continue to be our driving force, and we look forward to our next phase of growth with TPG.”
Headquartered in Austin, Texas and serving hundreds of utility customers across the country, CLEAResult partners with utilities and local governments to design, implement and maintain services and programs that provide energy optimization and efficiency to residential, institutional, commercial and industrial organizations.
Through these programs, CLEAResult helps lower energy and grid load requirements, reduces energy bills for consumers and cuts carbon emissions through reduced heating and electricity usage.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $82 billion of assets under management. For more information, visit www.tpg.com.
About The Rise Fund
The Rise Fund is the world’s largest global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns —what we call “complete returns.” The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. The Rise Fund is led by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress.
The board includes: Bill McGlashan, TPG Growth Founder and Managing partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand Mahindra and Pierre Omidyar. The Rise Fund’s objectives align with the U.N.’s Sustainable Development Goals. The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media, and telecommunications companies that deliver complete returns. For more information, visit therisefund.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 115 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. www.generalatlantic.com.
CLEAResult is the largest provider of energy efficiency programs and services in North America. Through proven strategies tailored to clients’ unique needs and market dynamics, the combined strength of experienced energy experts and technology-enabled service offerings help CLEAResult change the way people use energy for hundreds of utility and business partners. Founded in 2003, CLEAResult is headquartered in Austin, Texas, and has more than 2,500 employees in more than 60 cities across the U.S. and Canada. CLEAResult is a portfolio company of General Atlantic, a leading global growth equity firm. For more information, visit clearesult.com.