Last updated on August 6th, 2019 at 12:08 pm
Port Washington-based Franklin Energy Group will be acquired by Boston-based private equity firm Abry Partners, which will purchase majority ownership of the company from Mount Kisco, New York-based private equity firm Kohlberg & Company LLC and its other stockholders, according to a news release.
Franklin Energy Group is a provider of energy efficiency and demand response program services, product fulfillment, and customer engagement software to large-scale utilities and municipalities. It was formed through the merger of Franklin Energy Services and AM Conservation Group, and the subsequent acquisition of PlanetEcosystems. The company serves the residential, commercial and industrial, multi-family, and small business end-markets. It designs, implements, and monitors programs for utility companies.
“Our top priority is always meeting the needs of our utility clients, and our exciting new partnership with Abry will allow us to continue excelling at that,” said Paul Schueller, chief executive officer of Franklin Energy. “This opens new growth opportunities that we are extremely well-positioned to explore.”
“We are looking forward to digging into the ever-changing needs of our clients as the industry evolves,” said Kevin McDonough, president of Franklin Energy. “We started as a commercial firm, grew into the residential sector, and have expanded our NGAGE customer engagement technology suite to identify even more potential for best serving our clients. Our new partnership with Abry is the right next step towards achieving those goals as we continue to build service, technology, and product capabilities to provide our utility clients with an integrated and seamless customer experience.”
“We could not be more excited to partner with Paul Schueller, Kevin McDonough, John Bailes, and the long list of talented executives at Franklin Energy,” said J.D. Martin of Abry Partners. “Paul is a pioneer in this industry, and he and his outstanding team have built a truly differentiated platform. We have tremendous respect for what Franklin Energy has achieved under Kohlberg’s ownership and very much look forward to supporting this great organization’s strategic vision as it expands its market leadership by continuing to provide utility clients and their end-users exceptional value.”