Brass Ring Capital, a private equity firm with offices in Milwaukee and Minneapolis, has sold Franklin Energy Services LLC, a portfolio company based in Port Washington, to Cortec Group, a New York-based private equity firm.
Franklin Energy Services one of the largest energy efficiency program management firms in the U.S. It routinely works with utilities, developing plans to manage long-term demand growth for power and compliance with regulations that mandate reductions in power consumption.
No terms of the acquisition were disclosed. However, Steve Peterson, managing director-Milwaukee with Brass Ring, said Franklin Energy Services has grown significantly since his firm acquired a majority stake in the firm in 2007.
“This is a business that transformed nicely from an entrepreneur stage company to a professionally managed company with a broad management team,” Peterson said. “Their revenue has grown fivefold.
“(The sale) is a fund-making deal. All funds hope to have one or more big winners (in their portfolio). This has been one for us.”
Harris Williams & Co. provided investment banking services in the transaction. Harris Williams & Co. is part of The PNC Financial Services Group Inc.