GFI Energy Ventures LLC announced today the completion of the sale of its portfolio company, NORESCO, one of the largest providers of energy management and performance contracting services in the United States, to Carrier Corp., the world's largest provider of HVAC and refrigeration solutions and a subsidiary of United Technologies Corp. (NYSE: UTX).
Los Angeles, CA (PRWeb) November 21, 2008 -- GFI Energy Ventures LLC announced today the completion of the sale of its portfolio company, NORESCO, one of the largest providers of energy management and performance contracting services in the United States, to Carrier Corp., the world's largest provider of HVAC and refrigeration solutions and a subsidiary of United Technologies Corp. (NYSE: UTX). NORESCO was previously owned by the OCM/GFI Power Opportunities Fund II, L.P., a private equity fund co-managed by GFI Energy Ventures LLC and Oaktree Capital Management, L.P. The transaction allows Carrier to expand its offering of energy services as part of its strategy of offering sustainable, comprehensive end-to-end building solutions. Harris Williams & Co. acted as the exclusive advisor to NORESCO and GFI Energy Ventures on this transaction.
"This transaction is an excellent result for NORESCO's customers and employees and for our investors" said Ian Schapiro, Founding Partner of GFI Energy Ventures. "We believe that the acquisition by Carrier will enable NORESCO to offer an even broader array of energy management services to its existing and potential customers. We are pleased to have been able to work with company management to build NORESCO into one of the leading national players in the field of energy performance contracting and are confident of the Company's continued success under Carrier's leadership."
About NORESCO
NORESCO (http://www.noresco.com) is one of the largest U.S. energy services companies specializing in the development, design, construction, financing and operation of energy and environmental efficiency projects, performance contracting, and central energy plants. Its clients include various departments of the U.S. government, school districts, local governments, and industrial and commercial businesses. Over the past two decades, NORESCO has implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad.
About GFI Energy Ventures
GFI Energy Ventures LLC (http://www.gfienergy.com) is a private equity firm that has initiated and led over sixty investments in the energy sector over the past thirteen years. GFI is the co-general partner with Oaktree Capital Management, L.P. of the approximately $1.5 billion OCM/GFI Power Opportunity Funds. GFI invests exclusively in successful, profitable businesses providing the equipment, services, software and systems needed by utilities, other energy companies, and their largest customers to generate, transmit, manage, measure and consume energy. GFI is based in Los Angeles, CA.
About Carrier Corp.
Carrier Corp., headquartered in Farmington, CT, is the world's largest provider of heating, air-conditioning and refrigeration solutions. With 2007 revenues of $14.6 billion, Carrier has approximately 43,000 employees worldwide and operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, CT-based provider of products and services to the aerospace and building systems industries worldwide. Visit http://www.carrier.com for more information.
About Harris Williams & Co.
Harris Williams & Co. (http://www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is one of the largest mergers and acquisitions advisory firms in the country focused exclusively on the middle market. Harris Williams & Co. represents private equity groups as well as publicly and privately held companies worldwide. Member FINRA/SIPC.
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