M&A Deal Summary

GFI Energy Ventures Acquires NORESCO

On December 30, 2005, private equity firm GFI Energy Ventures acquired energy services and equipment company NORESCO from EQT

Acquisition Highlights
  • This is GFI Energy Ventures’ 3rd transaction in the Energy Services and Equipment sector.
  • This is GFI Energy Ventures’ 14th transaction in the United States.
  • This is GFI Energy Ventures’ 2nd transaction in Massachusetts.
Investment Fate
  • NORESCO was sold to a strategic buyer in 2008.

M&A Deal Summary

Date 2005-12-30
Target NORESCO
Sector Energy Services and Equipment
Buyer(s) GFI Energy Ventures
Sellers(s) EQT
Deal Type Divestiture

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

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 16 of 32
Sector: Energy Services and Equipment M&A 3 of 7
Type: Divestiture M&A Deals 2 of 2
State: Massachusetts M&A 2 of 2
Country: United States M&A 14 of 30
Year: 2005 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-01 Power Measurement

Saanichton, British Columbia, Canada

Power Measurement Holdings, Inc. is an energy information technology company and a provider of enterprise energy management systems for energy suppliers and consumers worldwide. Power Measurement's web-enabled software and intelligent metering and control devices measure, evaluate, and help manage power consumption and conditions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-20 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.

Buy -

Seller(S) 1

SELLER

EQT

Pittsburgh, Pennsylvania, United States

Category Company
Founded 1878
Sector Oil/Gas Exploration
Employees881
Revenue 5.2B USD (2024)
DESCRIPTION
Entrance to EQT's corporate headquarters in downtown Pittsburgh, Pennsylvania.
Entrance to EQT's corporate headquarters in downtown Pittsburgh, Pennsylvania.

EQT is an integrated energy company, with an emphasis on Appalachian area natural gas supply, transmission and distribution. EQT was founded in 1878 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 1 of 9
Sector: Energy Services and Equipment M&A 1 of 2
Type: Divestiture M&A Deals 1 of 6
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 9
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-06-07 Carnegie Natural Gas Co.

Pittsburgh, Pennsylvania, United States

Carnegie produces, transmits, distributes, sells and stores natural gas in Pennsylvania and West Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-04 EQT Kentucky Natural Gas Processing Complex

Kentucky, United States

EQT Kentucky Natural Gas Processing Complex includes a 100 million cubic feet per day (MMcfd) cryogenic processing plant, a 75 MMcfd refrigeration processing plant, and approximately 28,000 horsepower of compression.

Sell $230M