Energy Systems Group, an Indiana energy service company counting both businesses and the federal government among its customers, was purchased by Oaktree Capital Management for an undisclosed amount. (Source: Shutterstock.com)
Energy Systems Group, an Indiana energy service company counting both businesses and the federal government among its customers, was purchased by Oaktree Capital Management for an undisclosed amount.
Based in Los Angeles, Oaktree is a global asset management firm with $172 billion in assets under management and offices in 19 other cities, including Houston, New York, London, Dubai, Beijing and Tokyo. Oaktree declined to comment beyond a statement released by Oaktree’s Power Opportunities Group which made the acquisition.
“We have long admired [Energy Systems Group] as a recognized leader in providing energy efficiency and sustainability solutions and as a trusted partner to its customers,” said Jimmy Lee, managing director and assistant portfolio manager in Oaktree’s Power Opportunities Group. “We are thrilled to partner with ESG’s talented leadership team and employees and will bring to bear our resources and relationships to support the company’s next chapter of growth as an independent, national platform.”
Based in Newburgh, Indiana, Energy Systems sells energy solutions such as construction management, upgrades to lighting and cooling, solar power use and more efficient building management to cut energy costs. The company has about $350 million in sales annually, with customers in the federal government, commercial sector, hospitals, schools and municipalities.
Company leadership will stay in place, and a new board will be formed. Energy Systems President Steve Craig said in a statement that he welcomes the new partnership.
“[Energy Systems Group] is excited to partner with the team at Oaktree who have a proven track record of successfully investing in and growing companies in our industry and who share our values and support our commitment to the customers and communities we serve,” Craig said. “The partnership will allow [the company] to continue to deliver value to our customers and create expanded opportunities for our employees.”
The acquisition took place on July 1 and was announced on July 11.
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