M&A Deal Summary

Crius Energy Acquires Verengo Solar Plus

On September 23, 2016, Crius Energy acquired energy services and equipment company Verengo Solar Plus from Angeleno Group

Acquisition Highlights
  • This is Crius Energy’s 1st transaction in the Energy Services and Equipment sector.
  • This is Crius Energy’s 1st transaction in the United States.
  • This is Crius Energy’s 1st transaction in California.

M&A Deal Summary

Date 2016-09-23
Target Verengo Solar Plus
Sector Energy Services and Equipment
Buyer(s) Crius Energy
Sellers(s) Angeleno Group
Deal Type Special Situations/Distressed

Target

Verengo Solar Plus

Cerritos, California, United States
Verengo Solar Plus, Inc. is an operator of the residential solar installer in Southern California, provides intelligent, energy-efficient and dependable products while providing unsurpassed customer service and workmanship to homeowners throughout Southern California. Verengo also offers a range of other energy-saving products to its customers. Verengo Solar Plus was founded in 2008 and is based in Cerritos, California.

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Buyer(S) 1

Buyer

Crius Energy

Norwalk, Connecticut, United States

Category Company
Sector Utilities
DESCRIPTION

Crius Energy LLC is a provider of competitive electricity and natural gas products to residential and commercial customers in 19 states and the District of Columbia in the United States.


DEAL STATS #
Overall 1 of 1
Sector: Energy Services and Equipment M&A 1 of 1
Type: Special Situations/Distressed M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2016 M&A 1 of 1

Seller(S) 1

SELLER

Angeleno Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Angeleno Group is a private equity firm focused on high growth investments within the energy sector. The Firm pursues a wide range of opportunities and will consider transactions across the US. Angeleno looks for companies that are heavily involved in the development of innovative products and services that are emerging as potential solutions to global energy and environmental challenges. Specific sub-sectors of interest include clean transportation, emissions control and carbon management, energy efficiency, power infrastructure, renewable energy, solar, waste management, and wind. The Firm looks to commit $10 to $30 million per investment and will consider a variety of deal types, including secondaries, first institutional equity, growth equity, and PIPEs. Angeleno Group was founded in 2001 and is based in Los Angeles, California.


DEAL STATS #
Overall 10 of 19
Sector: Energy Services and Equipment M&A 2 of 2
Type: Special Situations/Distressed M&A Deals 1 of 1
State: California M&A 5 of 9
Country: United States M&A 10 of 15
Year: 2016 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-21 TPI

Scottsdale, Arizona, United States

TPI is a developer and volume manufacturer of wind turbine blades and other large-scale composite structures for the transportation and military vehicle markets. TPI Composites was founded in 1968 and is based in Scottsdale, Arizona. TPI was founded in 1968 and is based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-10 Click Energy Pty

Melbourne, Australia

Click Energy is Australia’s largest independent energy retailer. Established in 2006, serving more than 155,000 customers in Victoria, New South Wales, Queensland and South Australia. The company was the first energy retailer to operate completely online and is dedicated to delivering simple, great value energy with a strong customer-service focus.

Sell -