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.
Recommended Reading
Exxon Mobil Appoints Imperial’s Evers to Managerial Role
2025-01-10 - Sherri Evers, Imperial Oil’s senior vice president of sustainability, commercial development and product solutions, has been appointed general manager for Exxon Mobil North America Lubes.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Expand Energy Picked to Join S&P 500
2025-03-10 - Gas pureplay Expand Energy will be elevated on March 24 from its position in the S&P MidCap 400 index.
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Italy's Intesa Sanpaolo Adds to List of Banks Shunning Papua LNG Project
2025-02-13 - Italy's largest banking group, Intesa Sanpaolo, is the latest in a list of banks unwilling to finance a $10 billion LNG project in Papua New Guinea being developed by France's TotalEnergies, Australia's Santos and the U.S.' Exxon Mobil.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.