Private equity firm Kohlberg announced the acquisition of a majority stake in energy efficiency, energy transition and sustainability services provider CLEAResult. Terms of the transaction were not disclosed.

Founded in 2003, Austin, Texas-based CLEAResult provides services and solutions to utility, government, and commercial customers to design and implement comprehensive energy efficiency programs help reduce energy usage, costs and emissions and enhance grid reliability. The company has more than 2,700 employees across the U.S. and Canada.

According to CLEAResult, the transaction will help enable the expansion of its suite of programs and capabilities, with the company noting “the significant opportunities presented by the Inflation Reduction Act and other government incentives.”

Rich McBee, President and CEO of CLEAResult, said:

“Our team is excited to partner with Kohlberg & Company, which brings considerable depth of energy efficiency and utility services experience and strategically aligns with CLEAResult’s vision to invest in solutions that drive a sustainable and resilient energy future.”

Benjamin Mao, Partner and Head of Infrastructure Services at Kohlberg, added:

“CLEAResult has immense potential for additional expansion. The company’s strong foothold and extensive knowledge in the North American energy and utility sectors align perfectly with our existing investments and growth focus, and we are honored to partner with the CLEAResult management team in supporting the next phase of the company’s growth.”

Kohlberg acquired its new position from alternative asset manager TPG. TPG first invested in CLEAResult in 2018 from its middle-market and growth equity platform TPG Growth, and its impact investing platform The Rise Fund.

TPG Partner Scott Gilbertson said:

“When we invested in CLEAResult in 2018, we were excited to partner with a leading provider of energy efficiency solutions, and since then, we have been proud to play a role in the remarkable growth trajectory that the company has achieved. We are excited to see the next phase of the company’s growth and look forward to following their progress towards driving further energy and emission savings for consumers and businesses across the country.”