H.I.G. Capital Acquires Comverge, Inc.
MIAMI – May 22, 2012 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm, today announced the acquisition of Comverge, Inc. (“Comverge” or the “Company”) by affiliates of H.I.G.
Based in Norcross, GA, Comverge is a leading provider of intelligent energy management solutions that empower utilities, commercial and industrial users and homeowners to use energy in a more effective and efficient manner. The Company’s core demand response product offering includes hardware, software and services that enable the management of peak electricity demand and has a strong value proposition by providing enhanced grid reliability at a lower cost relative to power plants. With almost 30 years of experience in the industry, Comverge has a strong market position and broad customer footprint with over 500 utility and 2,100 commercial customers and having enrolled over one million residential participants in demand response programs.
Brian Schwartz of H.I.G. commented, “We believe that the intelligent energy management and demand response industries will continue to grow quickly supported by a rebounding economy, aging power infrastructure, more stringent environmental regulations and a strong value proposition. With the support and expertise available to it as an H.I.G. portfolio company, Comverge is well-positioned to take advantage of this growth with a leading market position and differentiated product offering. We are excited about this opportunity and look forward to working with Comverge’s executives and employees to help the Company reach its full potential.”
About Comverge
Comverge brings unparalleled industry knowledge and experience to offer the most reliable, easy-to-use, and cost-effective intelligent energy management programs. Comverge delivers the insight and control that enables energy providers and consumers to optimize their power usage through the industry’s only proven, comprehensive set of technology, services and information management solutions. For more information, visit www.comverge.com.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 50 companies. For more information, please refer to the H.I.G. website at www.hig.com.