NORWELL, Mass., April 14, 2016 /PRNewswire/ -- Energy Services Group, LLC (ESG), the retail energy industry's leading provider of transaction management (EDI), billing and CIS, and wholesale energy services, announced today it has received a growth equity investment from Accel-KKR, a leading technology-focused private equity firm. ESG will accelerate its investments in its existing product portfolio, new product innovation, market expansion, and acquisitions as a result of the new partnership. Terms of the investment were not disclosed.
Founded in 1998, ESG's core services (including Transaction Management Services, Prospect 2 Cash Billing & CIS Services, Wholesale Energy Services and Sales & Pricing Solution) provide a seamless, end-to-end solution for retail energy suppliers and utilities operating in the U.S., Canada and Japan deregulated energy markets. ESG's advanced, tightly integrated technologies and team of experienced energy industry professionals enable customers to enter new markets effectively, reduce operational risks and lower overall costs.
"For more than 17 years, ESG has found success by being attentive to our clients' business needs and developing technology solutions that streamline operations, maintain regulatory compliance and maximize profitability for our clients," said Lynn Cannon, President and Founder of ESG. "We are very pleased to be partnering with Accel-KKR. This partnership will allow ESG to expand our services and offerings in the US and to a global market. Having Accel-KKR as a strategic partner will strengthen our position as the leader in our industry."
"ESG brings technological innovation and unparalleled customer service to the retail energy sector," according to Rob Palumbo, Managing Director of Accel-KKR. "This team has applied its deep expertise to enable its customers to succeed in highly competitive deregulated marketplaces. We look forward to working together to continue delivering value to the retail energy sector in the U.S. and internationally."
Citizens Bank, N.A. served as the exclusive financial advisor to ESG on this transaction.
Accel-KKR is a technology-focused investment firm with $4.0 billion in capital commitments to its current funds. The firm invests in software and IT enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions from minority-growth investments to buyouts, recapitalizations, divisional carve-outs and going-private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information, please visit www.accel-kkr.com.
About Energy Services Group, LLC
Energy Services Group (ESG) is the retail energy industry's leading provider of transaction management (EDI), billing and CIS, and wholesale energy services. Offering the industry's only end-to-end business process solution, ESG provides comprehensive and proven solutions for the unique business process needs of start-up retail suppliers and established, global suppliers of natural gas and electricity – and to everyone in between.
ESGʼs superior technology and experienced operations staff have helped clients achieve consistent growth and profitability for more than 17 years. ESG delivers solutions that ensure rapid market entry, reduce regulatory and operational risks, improve overall business performance, and deliver superior financial results. ESGʼs 100 plus retail supplier clients support over 8 million residential, commercial and industrial customers in production behind over 130 electric and gas utilities in the US, Canada and Japan. For more information, please visit www.energyservicesgroup.net.
ESG Media Contact for Information:
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SOURCE Energy Services Group, LLC