Westborough energy services firm sold
IMAGE: FREEDIGITALPHOTOS.NET
Conservation Services Group (CSG), the Westborough-based nonprofit provider of energy efficiency services, has been sold to a Texas company after 31 years of operation, the firms announced Thursday.
CSG operates in 14 states and oversees 70 residential energy efficiency programs, including MassSave, which is run by major Bay State utilities National Grid and Eversource. Pending regulatory approval, CSG will become part of CLEAResult, based in Austin, Texas, according to CSG.
CSG has 800 employees, about half of whom work out of Westborough. Founded in 2003, CLEAResult has more than 1,900 employees in over 40 cities across the U.S. and Canada. The company is backed by General Atlantic, a growth equity firm.
The financial terms of the deal were not disclosed. In 2013, CSG had $117 million in annual revenue.
“With the addition of CSG’s specialty residential expertise into our broad service portfolio, CLEAResult is able to help utilities better engage with end-user customers, improving their overall customer experience and satisfaction,” CLEAResult Chairman and CEO Glenn Garland said in a statement.
“Like CSG, CLEAResult has consistently demonstrated its long-term commitment to energy efficiency by investing in its people, innovation and technical capabilities,” added Stephen Cowell, CEO of CSG. “This move will benefit both our clients and the environment.
“Together we plan to continue to grow our services and further establish ourselves as the leader in energy efficiency, advocating for and implementing programs that drive real change and innovation in the industry.”
In an email response to a question from the WBJ, Cowell said that CSG, as a nonprofit, faced challenges such as bringing new technologies to market. “This agreement allows us to better serve the evolving needs of utilities and public agencies and their energy end-users," he said in a BostonGlobe.com report.
Regulatory approval will include a review by state Attorney General Maura Healey, CSG said. Upon close of the deal, CLEAResult plans to have the same local client program teams continue to serve CSG clients, with plans to expand its offerings across North America.
Garland indicated that CLEAResult anticipates it will hire “substantially” all of CSG’s employees across all markets the company serves. “Our intent is that they continue to serve those same local clients," he said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments