Update: New Private Equity Owner Of Retail Supplier Revealed
Deal Provides Access To Capital For Supplier's Organic Growth, Strategic M&A
May 5, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Boyne Capital (Boyne) announced that it has partnered with management to acquire Pilot Power Group (Pilot or the Company), which acts as a retail electric supplier in addition to being a provider of electric utility billing & data management services, energy portfolio management, and energy procurement strategies for community choice aggregation (CCA), commercial, and industrial customers in the Western U.S.
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies
Pilot said that it, "offers clients custom tailored services that can lower utility costs, reduce commodity price-related risks, and provide greater procurement flexibility than utility-based suppliers or traditional electricity retailers."
Ian Middleton, Pilot Founder and COO, said, "Boyne brings institutional capital access to Pilot, allowing us to enhance our product offering and further develop our software suite. We’re preparing for investment in organic growth initiatives and strategic M&A."
Denis Vermette, President of Pilot, said that, "Since joining Pilot Power Group four years ago, it’s been my aim to accelerate growth. This partnership is a significant step in expanding our operations into new territories and bringing new clients into our portfolio."
Pilot Power Group represents the most recent platform investment in BCM Fund I. Boyne Capital said that it is dedicated to investing in the lower middle market sector, specifically companies with revenues of less than $100 million and EBITDA of $2 million to $10 million.