Clairvest Acquires Solar O&M Business of SunPower, Rebrands it as NovaSource Power Services
15 May 2020 - 8:16AM
Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it,
together with Clairvest Equity Partners VI (“CEP VI”) (together
“Clairvest”), acquired the solar operations and maintenance
(“O&M”) business of SunPower Corporation (NASDAQ: SPWR). Upon
closing the business will be renamed NovaSource Power Services
(“NovaSource” or the “Company”).
NovaSource is a recognized O&M leader in
commercial, industrial and utility scale solar projects. The
transaction is part of Clairvest’s multi-year pursuit to create a
market leading solar O&M platform through a ‘buy and build’
strategy. Clairvest is supporting the current leadership team of
SunPower’s O&M division in a management buy-out, with the
management team becoming material shareholders going forward. The
SunPower O&M business, which will become NovaSource, is
recognized as the market leader in terms of quality of service and
capability and oversees some of the most high profile solar
projects in the United States. NovaSource operates in nine
countries today.
“We are excited to increase our involvement in
the solar power industry. Our partners at NovaSource are invested
and highly experienced industry executives, eager to lead the
Company through its next phase of growth. We believe that
NovaSource will strengthen its position as the leading global solar
O&M provider of scale in the coming years, serving the most
sophisticated customers in the world as a preferred provider. We
are grateful to have had the opportunity to work with SunPower, who
built this great business, and look forward to a continuing
relationship with them,” said Ken Rotman, CEO of Clairvest.
“NovaSource can capitalize on our industry’s
tail winds and the expected growth of installed solar assets over
the next ten to fifteen years. We are already recognized as the
quality leader in our industry, and with Clairvest, we will
continue to invest in our platform to further enhance our
capabilities, reach, and service levels and expand on that lead to
continue to exceed our customers’ expectations. We are pleased to
work with Clairvest given their alignment with our mission and
their successful track record of helping build industry leading
companies,” said Jack Bennett, CEO of NovaSource.
Marathon Capital acted as the exclusive advisor
to SunPower on this transaction.
“SunPower has built an impressive global
services business that has faithfully served many solar clients
both domestically and abroad. We look forward to seeing the
evolution and continued growth of NovaSource for years to come and
were proud to be a part of this process,” said David Kirkpatrick,
Director & Co-head of the West Coast Office of Marathon
Capital.
NovaSource is Clairvest’s 3rd investment in the
solar energy sector, 57th platform investment and the second
investment by CEP VI. The Clairvest / CEP VI co-investment pool is
capitalized at US$850 million and focuses on equity investments in
growth companies.
About ClairvestClairvest’s
mission is to partner with entrepreneurs to help them build
strategically significant businesses. Founded in 1987 by a group of
successful Canadian entrepreneurs, Clairvest is a top performing
private equity management firm with over CAD $2.4 billion of
capital under management. Clairvest invests its own capital, and
that of third parties through the Clairvest Equity Partners limited
partnerships, in owner-led businesses. Under the current management
team, Clairvest has initiated investments in 52 different platform
companies and generated top quartile performance over an extended
period.
About Marathon Capital Marathon
Capital is a leading financial advisory and investment banking firm
focused on providing financial advice in the areas of M&A,
capital raising of debt and equity, project finance, tax equity,
financial restructuring, recapitalization, bankruptcy and workout
situations in the energy sector. Marathon Capital is a four-time
recipient of the "Best Renewable Asset M&A Adviser" Award,
"Renewable Generating Project Finance Deal of the Year" Award
(2016), first-time recipient of the "Best Asset M&A Adviser"
(2017) and first-time recipient of the "M&A Adviser of the
Year" (2019) in Power Finance & Risk's Annual Power Finance
Deals and Firms Awards (www.marathoncapital.com)
Clairvest Contact
InformationMaria Shkolnik Director, Investor Relations and
MarketingClairvest Group Inc.Tel: (416) 925-9270 | Fax: (416)
925-5753marias@clairvest.com
Marathon Capital Contact
InformationAndrea RoskoVice President of MarketingMarathon
Capital, LLCarosko@marathoncapital.com
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