03 Jun Albireo Energy Acquires Energy Options
Edison, NJ – June 3, 2014 – Albireo Energy, LLC (“Albireo Energy”) today announced the acquisition of Edison, New Jersey-based Energy Options, Inc. (“Energy Options”), in partnership with management. Albireo Energy is led by CEO Phil Bomrad and is a portfolio company of Detroit-based Huron Capital Partners LLC. Bomrad and Huron partnered in 2013 to pursue a buy-and-build strategy in the energy efficiency services market, and the acquisition of Energy Options marks their first deal.
“Energy Options has an exceptional reputation throughout the Northeast Region, which has allowed them to achieve sustained double-digit growth over the past four years,” said Bomrad. “We look forward to partnering with Energy Option’s management team to leverage their success and expand nationally by integrating synergistic acquisitions and introducing valuable new solutions to the market.”
Representing Albireo Energy’s platform investment, Energy Options is a leading independent provider of building automation systems and monitoring services in New Jersey and the New York metropolitan area. Energy Options will continue to deliver building automation services and solutions to commercial and institutional buildings while leveraging Albireo Energy resources to expand its services portfolio. As part of the Albireo Energy holding company, Energy Options will introduce additional energy efficiency solutions and provide energy procurement and demand response services. Energy Options will operate as a division of Albireo Energy and remain headquartered in New Jersey.
“Our whole team is energized by becoming the platform investment for Albireo,” said Brad Freeman, president of Energy Options. “We believe we can help Phil and Huron build a strong, national provider, while enhancing our value proposition to our customers, especially those that have national footprints.”
Jim Mahoney, Partner at Huron remarked, “After nearly a year of planning, we are very excited to partner with Energy Options, its employees, and customers to take this important step in our buy-and-build strategy. This space continues to benefit from long-term economic, legislative and social demand drivers and we believe we can fill a need in the industry by building a full-capability energy management company serving the middle-market.”