Oaktree Transforms OpTerra Energy Group with Acquisition of Chevron Energy Solutions' Energy Services Business

SAN FRANCISCO, Sept. 9, 2014 /PRNewswire/ -- Funds managed by Oaktree Capital Management, L.P. (Oaktree) have completed the acquisition of the energy efficiency and renewables business of Chevron Energy Solutions (CES), a division of Chevron USA. Oaktree is combining the acquired CES businesses with existing portfolio company, OpTerra Energy Group (OpTerra), to form one of the nation's largest independent and privately held companies in the energy efficiency and renewable energy sectors.

This acquisition was funded with capital from Oaktree's Power Opportunities Group in partnership with the OpTerra and former CES management teams, which, together, will continue as the leadership of the combined company.  Terms of the transaction were not disclosed.

"This transaction is an important and exciting development for our company and employees," said John Mahoney, CEO of OpTerra and, prior to the acquisition, the head of the energy efficiency and renewables operations of CES.  "We are proud of the organization we have developed and the significant value we have achieved for, and in partnership with, our customers over the past four decades.  The combination with OpTerra and the backing of a strong financial partner in Oaktree further expand our talent, capabilities and resources and will allow us to continue to grow our suite of value added services for our customers." 

"We have long recognized Chevron Energy Solutions as a leader in energy efficiency, infrastructure, and renewable energy solutions and are delighted to be able to invest in and partner with this talented organization," said Jason Lee, Senior Vice President at Oaktree.  "We look forward to working with the OpTerra and CES management teams to support future growth and welcome the CES organization to our family of successful businesses supporting the energy industry."

About OpTerra  

OpTerra is one of the nation's largest independent and privately held energy efficiency and renewable energy companies that, for more than the past 40 years, has partnered with numerous public and private sector customers to improve the performance, reliability and energy efficiency of their facilities.  Through its innovative approaches to the engineering, project management and financing of energy projects, OpTerra has achieved close to $2 billion in savings to date for its customers while helping them to become better stewards of the environment and its natural resources.  OpTerra also uses energy as a foundation for advancing community engagement, economic opportunity and education for the many communities throughout the country in which it conducts its work.  For more information about OpTerra, visit www.opterraenergy.com.

About Oaktree

Oaktree is a leading global investment management firm focused on alternative investments, with $91.1 billion in assets under management as of June 30, 2014. Oaktree's Power Opportunities Group invests in profitable, growing companies with innovative products and services used in the energy and power industries. The firm emphasizes a value-oriented and risk-controlled approach to investments. Headquartered in Los Angeles, the firm has over 850 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.

SOURCE OpTerra Energy