Morgan Stanley Capital Partners Acquires Resource Innovations
03 April 2024 - 12:00AM
Business Wire
Investment funds managed by Morgan Stanley Capital Partners
(“MSCP”), the middle-market focused private equity team at Morgan
Stanley Investment Management, today announced it has acquired
Resource Innovations (“RI” or the “Company”), a leading
tech-enabled services company focused on energy efficiency and
sustainability. Under the terms of the agreement, MSCP acquired a
controlling interest in the Company from BV Investment Partners and
certain other shareholders. Founder Lauren Casentini will continue
as the Chief Executive Officer of RI and remain a significant
equity holder in the Company following the completion of the
transaction.
Headquartered in the San Francisco Bay Area, RI provides
advisory services, program management services and software to
utility, government and corporate clients in the areas of energy
efficiency and decarbonization with the goal of lowering energy
costs, reducing waste, cutting greenhouse gas emissions and
improving grid resiliency. The Company is a recognized leader in
working with utilities to develop and implement both traditional
energy efficiency programs, including lighting, weatherization and
controls, as well as emerging growth areas such as electric vehicle
charging, distributed solar and demand response.
Commenting on the acquisition, Eric Kanter, Managing Director
and Head of Industrial Services at MSCP, said: “Resource
Innovations’ tech-enabled services help turn energy policy goals
into reality. The Company supports core energy efficiency needs
while seeking to address the next phase of clean energy transition
challenges being faced across the United States. We believe the
Company’s record of consistent growth and ability to expand into
these emerging areas with tremendous market potential have paved
the way for continued opportunity. Under industry veteran Lauren
Casentini’s leadership, we believe this purpose-built team is
poised for the next step in helping communities on their energy
transition journey. We look forward to working together as we seek
to advance RI’s leadership position and continue expanding the
company through organic growth and M&A.”
Ms. Casentini stated, “MSCP’s investment is a recognition of the
tremendous growth we have experienced over the past several years
and validates the hard work our team does to deliver innovative,
differentiated solutions for our customers. I look forward to
working together with Morgan Stanley Capital Partners to continue
to grow our Company.”
MSCP’s acquisition of Resource Innovations represents its third
investment in industrials and outsourced services, following the
acquisition of Apex in 2023 and Alliance Technical Group in
2021.
Jones Day served as legal counsel to MSCP and Harris Williams
served as financial advisor. Global Counsel served as MSCP’s
regulatory and policy advisor. Latham & Watkins served as legal
counsel to Resource Innovations and BV Investment Partners, and
Jefferies LLC served as financial advisor.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley
Investment Management, is a leading middle-market private equity
platform established in 1986 that focuses on privately negotiated
equity and equity-related investments primarily in North America.
Morgan Stanley Capital Partners seeks to create value in portfolio
companies primarily in a series of subsectors in the business
services, consumer, healthcare, education and industrials markets
with an emphasis on driving significant organic and acquisition
growth through an operationally focused approach. For further
information about Morgan Stanley Capital Partners, please visit
www.morganstanley.com/im/capitalpartners.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 1,300 investment
professionals around the world and $1.5 trillion in assets under
management or supervision as of December 31, 2023. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service, and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide. For further information about Morgan Stanley Investment
Management, please visit www.morganstanley.com/im.
About Resource Innovations
Resource Innovations is accelerating the transition to clean
energy, serving as a trusted partner to utilities and governments
in energy efficiency and decarbonization planning. Since its
inception in 2016 under a bold and urgent vision to address climate
change and energy equity, Resource Innovations has been included in
the Inc. 5000 List of America’s Fastest Growing Companies three
times. Visit resource-innovations.com to learn more about how we
are accelerating the clean energy transition and leading the charge
to power change.
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version on businesswire.com: https://www.businesswire.com/news/home/20240401717430/en/
Morgan Stanley: Alyson Barnes (646) 995-8898
alyson.barnes@morganstanley.com
Resource Innovations: Stephanie Reynolds (530) 316-1115
press@resource-innovations.com
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