DENVER, Nov. 22, 2010 /PRNewswire/ -- OpTerra Energy Group, a newly formed, best-in-class energy service company (ESCO), has acquired Aircon Energy, a comprehensive energy services company serving the California market. Terms of the deal were not disclosed.
Aircon Energy is a 36-year-old company based in Sacramento, CA that designs and constructs energy efficiency and renewable energy projects for large facilities of public and private sector customers. Aircon has significant experience implementing energy conservation and generation solutions for cities, counties and school districts in California and surrounding states. Aircon also assists clients in securing utility rebates, grants, and third-party project financing to further enhance the value of its projects.
OpTerra was established to become a leading national ESCO offering a comprehensive array of energy conservation services and technologies to public and private sector customers. OpTerra is backed by the GFI Energy Group of Oaktree Capital Management.
"We are pleased to join OpTerra's growing portfolio of regional ESCOs," said Don Rasberry, Aircon Energy president. "Access to OpTerra's operating platform will help us accelerate our growth and expand our service offerings. The financial backing of Oaktree-managed funds will allow us to implement the larger projects our customers are increasingly demanding."
"The Aircon team is an excellent fit for the OpTerra platform, and this transaction will enable them to expand their high quality coverage of California's growing market for energy services," said Raouf Abdel, OpTerra CEO. "OpTerra is rolling out a comprehensive set of service capabilities over a national footprint to provide energy efficiency and clean energy solutions to public and private sector customers."
"The GFI Energy Group of Oaktree Capital Management seeks to work with market leading companies and world class management teams in the energy industry," said Ian Schapiro, head of the GFI Energy Group. "We view OpTerra as an exciting platform to create value through the consolidation of top-quality regional players in the ESCO sector, and we are very enthusiastic about OpTerra's acquisition of Aircon."
About Aircon Energy
Aircon Energy, LLC is a leading supplier of energy efficiency and renewable energy services in the California market. Aircon's services include energy audits and facility evaluations, engineering and design of conservation measures, and implementation of energy related improvements. Founded in 1974 and headquartered in Sacramento, CA, Aircon serves a wide range of public and private entities in the healthcare, government, education, and industrial sectors. For information, visit www.airconenergy.com.
About OpTerra Energy Group, Inc.
OpTerra was established to create a nationally-scaled, best-in-class energy service company (ESCO). OpTerra will evaluate, design, and implement a portfolio of energy efficiency and clean energy generation solutions for building owners and occupants in governmental, educational, institutional, commercial and industrial markets across the United States. OpTerra's platform provides its operating divisions expanded business development channels and resources, broader service offerings, wider geographic footprint, and increased financial strength, including greater working capital and bonding capacity. OpTerra is a portfolio company of Oaktree Power Opportunities Fund III, L.P., which is managed by the GFI Energy Group of Oaktree Capital Management. For information, visit www.opterraenergy.com.
About the GFI Energy Group
GFI Energy Group is a specialized investment team within Oaktree Capital Management. GFI's funds invest in profitable, growing companies with innovative products and services used in the power and energy industries. Through its fifteen year history, GFI funds have invested in more than sixty transactions with aggregate value of over $2.5 billion. Oaktree is a premier, global alternative and non-traditional investment manager headquartered in Los Angeles with over $78 billion in assets under management as of September 30, 2010. For information, visit www.oaktreecapital.com.
SOURCE OpTerra Energy Group, Inc.
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