M&A Deal Summary

Carrier Acquires NORESCO

On November 21, 2008, Carrier acquired energy services and equipment company NORESCO from GFI Energy Ventures

Acquisition Highlights
  • This is Carrier’s 1st transaction in the Energy Services and Equipment sector.
  • This is Carrier’s 7th transaction in the United States.
  • This is Carrier’s 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2008-11-21
Target NORESCO
Sector Energy Services and Equipment
Buyer(s) Carrier
Sellers(s) GFI Energy Ventures
Deal Type Add-on Acquisition

Target

NORESCO

Westborough, Massachusetts, United States
NORESCO LLC is an energy service company. The Company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors.

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Buyer(S) 1

Buyer

Carrier

Palm Beach Gardens, Florida, United States

Category Company
Founded 2019
Sector Machinery
Employees53,000
Revenue 22.1B USD (2023)
DESCRIPTION
Carrier research center in Jupiter, Florida.
Carrier research center in Jupiter, Florida.

Carrier is a producer of heating, air-conditioning and refrigeration solutions. Carrier provides sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Carrier was founded in 2019 and is based in Palm Beach Gardens, Florida.


DEAL STATS #
Overall 8 of 14
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 6 of 12
State (Massachusetts) 2 of 2
Country (United States) 7 of 10
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-26 Environmental Market Solutions

Boulder, Colorado, United States

Environmental Market Solutions, Inc. is an environmental and green building consulting company provides sustainable design consulting services to building developers and owners to create energy-efficient and LEED- certified buildings.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-08 Tyler Refrigeration

Niles, Michigan, United States

Tyler Refrigeration is a manufacturer of refrigerated display merchandisers and refrigeration systems for the food retail industry.

Sell -

Seller(S) 1

SELLER

GFI Energy Ventures

Los Angeles, California, United States

Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California. GFI Energy Ventures was acquired by Oaktree Capital Management in 2009.


DEAL STATS #
Overall 17 of 30
Sector (Energy Services and Equipment) 3 of 5
Type (Add-on Acquisition) 13 of 18
State (Massachusetts) 2 of 2
Country (United States) 15 of 28
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-24 GT Advanced Technologies

Merrimack, New Hampshire, United States

GT Advanced Technologies manufactures SiC and sapphire materials for electric vehicles, high-power industrial motors, and telecom infrastructure applications. GT Advanced Technologies was founded in 1994 and is based in Merrimack, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Turbine Generator Maintenance

Cape Coral, Florida, United States

Turbine Generator Maintenance, Inc. is a steam turbine generator maintenance company that offers maintenance, repair and overhaul solution for turbines (steam and gas), generators, boilers, or other critical industrial applications. Turbine Generator Maintenance was founded in 1986 and is based in Cape Coral, Florida.

Sell -