Boyne Capital has partnered with management to acquire Pilot Power Group, a provider of electric utility billing and data management services, and energy procurement strategies.
Pilot’s services are used by communities, commercial, and industrial customers in the Western US to lower utility costs, reduce commodity price-related risks, and provide greater procurement flexibility than utility-based suppliers or traditional electricity retailers. Pilot was founded by COO Ian Middleton and is headquartered in San Diego.
“Since joining Pilot Power Group four years ago, it’s been my aim to accelerate growth,” said Denis Vermette, the president of Pilot. “This partnership with Boyne is a significant step in expanding our operations into new territories and bringing new clients into our portfolio.”
“Throughout its 20-year history, Pilot has proven itself a utility sector thought leader by successfully creating custom-designed cost-saving programs for large-scale electricity consumers and aggregators,” said Boyne Managing Partner and CEO, Derek McDowell. “The company offers turnkey solutions to its customers that provide a level of transparency uncommon in the complex world of electricity procurement and resource planning. We are honored that the senior executive team chose to partner with Boyne, and we are encouraged by the growth opportunities we see for this platform.”
Boyne makes investments in lower middle-market market companies that have revenues of less than $100 million and EBITDA of $2 million to $10 million. Sectors of interest include healthcare services, agriculture, consumer products, niche manufacturing, and business and financial services.
“Boyne brings institutional capital access to Pilot, allowing us to enhance our product offering and further develop our software suite,” said Mr. Middleton. “We’re preparing for investment in organic growth initiatives and strategic M&A. What’s more, we share Boyne’s core principles of collaboration and integrity, qualities our clients value most. We’re excited for what this partnership has in store for Pilot.”
Boyne Capital was founded by Mr. McDowell in 2006 and is headquartered in Miami.
Private Equity Professional | May 8, 2020
Source: https://peprofessional.com/2020/05/boyne-partners-pilot-power/
