Energy Services Group, LLC (ESG), the retail energy industry’s leading
provider of transaction management (EDI), billing and CIS, and wholesale
energy services, announced today it has received a growth equity
investment from Accel-KKR, a leading technology-focused private equity
firm. ESG will accelerate its investments in its existing product
portfolio, new product innovation, market expansion, and acquisitions as
a result of the new partnership. Terms of the investment were not
disclosed.
Founded in 1998, ESG’s core services (including Transaction Management
Services, Prospect 2 Cash Billing & CIS Services, Wholesale Energy
Services and Sales & Pricing Solution) provide a seamless, end-to-end
solution for retail energy suppliers and utilities operating in the
U.S., Canada and Japan deregulated energy markets. ESG’s advanced,
tightly integrated technologies and team of experienced energy industry
professionals enable customers to enter new markets effectively, reduce
operational risks and lower overall costs.
“For more than 17 years, ESG has found success by being attentive to our
clients’ business needs and developing technology solutions that
streamline operations, maintain regulatory compliance and maximize
profitability for our clients,” said Lynn Cannon, President and Founder
of ESG. “We are very pleased to be partnering with Accel-KKR. This
partnership will allow ESG to expand our services and offerings in the
US and to a global market. Having Accel-KKR as a strategic partner will
strengthen our position as the leader in our industry.”
“ESG brings technological innovation and unparalleled customer service
to the retail energy sector,” according to Rob Palumbo, Managing
Director of Accel-KKR. “This team has applied its deep expertise to
enable its customers to succeed in highly competitive deregulated
marketplaces. We look forward to working together to continue delivering
value to the retail energy sector in the U.S. and internationally.”
Citizens Bank, N.A. served as the exclusive financial advisor to ESG on
this transaction.
About Accel-KKR
Accel-KKR is a technology-focused investment
firm with $4.0 billion in capital commitments to its current funds. The
firm invests in software and IT enabled businesses well-positioned for
topline and bottom-line growth. At the core of Accel-KKR’s investment
strategy is a commitment to developing strong partnerships with the
management teams of its portfolio companies and a focus on building
value through significant resources available through the Accel-KKR
network. Accel-KKR focuses on middle-market companies and provides a
broad range of capital solutions from minority-growth investments to
buyouts, recapitalizations, divisional carve-outs and going-private
transactions. The firm has offices in Menlo Park, Atlanta and London.
For more information, please visit www.accel-kkr.com.
About Energy Services Group, LLC
Energy Services Group (ESG)
is the retail energy industry’s leading provider of transaction
management (EDI), billing and CIS, and wholesale energy services.
Offering the industry’s only end-to-end business process solution, ESG
provides comprehensive and proven solutions for the unique business
process needs of start-up retail suppliers and established, global
suppliers of natural gas and electricity – and to everyone in between.
ESGʼs superior technology and experienced operations staff have helped
clients achieve consistent growth and profitability for more than 17
years. ESG delivers solutions that ensure rapid market entry, reduce
regulatory and operational risks, improve overall business performance,
and deliver superior financial results. ESGʼs 100 plus retail supplier
clients support over 8 million residential, commercial and industrial
customers in production behind over 130 electric and gas utilities in
the US, Canada and Japan. For more information, please visit www.energyservicesgroup.net.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160414005157/en/
Copyright Business Wire 2016
Source: Business Wire
(April 14, 2016 - 8:00 AM EDT)
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