M&A Deal Summary

Itron Acquires Comverge

On June 1, 2017, Itron acquired utilities company Comverge from H.I.G. Capital for 100M USD

Acquisition Highlights
  • This is Itron’s 1st transaction in the Utilities sector.
  • This is Itron’s 4th largest (disclosed) transaction.
  • This is Itron’s 5th transaction in the United States.
  • This is Itron’s 1st transaction in Georgia.

M&A Deal Summary

Date 2017-06-01
Target Comverge
Sector Utilities
Buyer(s) Itron
Sellers(s) H.I.G. Capital
Deal Type Add-on Acquisition
Deal Value 100M USD

Target

Comverge

Norcross, Georgia, United States
website
Comverge, Inc. is a provider of an integrated set of demand response, energy efficiency and customer engagement solutions that enable electric utilities to ensure grid reliability, lower energy costs, meet regulatory demands and enhance the customer experience. Comverge was founded in 1974 and is based in Norcross, Georgia.

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Buyer(S) 1

Buyer

Itron

Liberty Lake, Washington, United States

website


Category Company
Founded 1977
SectorTest/Measurement Equipment
Employees5,635
Revenue 2.0B USD (2021)
DESCRIPTION

Itron is a technology and services company dedicated to the resourceful use of energy and water. Company provide comprehensive solutions that measure, manage and analyze energy and water. Itron was founded in 1977 and is based in Liberty Lake, Washington.


DEAL STATS #
Overall 8 of 9
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 8 of 9
State (Georgia) 1 of 1
Country (United States) 5 of 6
Year (2017) 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 SmartSynch

Jackson, Mississippi, United States

SmartSynch, is a provider of point-to-point smart grid solutions that utilize a cellular network for communications, has more than 130 customers, including nine of the top ten utilities in North America. Most recently, SmartSynch’s technology was selected by Consumers Energy to meet the needs of a full cellular smart grid network deployment for 1.9 million electric residential and commercial & industrial customers.

Buy $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-18 Silver Spring Networks

Redwood City, California, United States

Silver Spring Networks, Inc. is a provider of networking platform, software and services that enable energy networks to perform brilliantly at enormous scale. Silver Spring Networks was founded in 2002 and is based in Redwood City, California.

Buy $830M

Seller(S) 1

SELLER

H.I.G. Capital

Miami, Florida, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.


DEAL STATS #
Overall 86 of 139
Sector (Utilities) 2 of 2
Type (Add-on Acquisition) 36 of 61
State (Georgia) 9 of 13
Country (United States) 65 of 102
Year (2017) 8 of 13
Size (of disclosed) 16 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-22 VIP Petcare

Windsor, California, United States

Community Veterinary Clinics LLC is a provider of preventative and wellness veterinary services throughout the United States via its network of clinics. The Company’s more than 2,500 community clinics, located in locally-based pet stores and feed stores, offer a wide variety of preventative pet care services, including diagnostic tests, vaccinations, prescription medications, microchipping and wellness checks. In addition, CVC sells a wide variety of prescription diets, medication, and other pet supplies through its online ecommerce store.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-15 Trace3

Irvine, California, United States

Trace3 is a digital transformation and IT solutions to provider for medium and large sized enterprise clients. The Company has established a regional market-leading position in the technology solutions provider space with significant expertise in areas such as Cloud, Security, Data Intelligence, DevOps, and Data Center solutions. Trace3 was founded in 2002 and is based in Irvine, California.

Buy -