1、Energy ManagementSECTOR UPDATE I Q4 20221Select Energy Management M&A TransactionsPriority Power(Ara Partners,Oaktree)acquires Affordable Gas&ElectricPriority Power Management,Inc.,a leader in energy optimization and infrastructure offering smart energy solutions and streamlined transitions to carbo

2、n neutrality,today announced that it successfully completed its acquisition of the energy procurement,consulting,and solar development business of Affordable Gas&Electric Company,LLC.August 23,2022Partners Group buys majority stake in Budderfly from Edison PartnersPartners Group(SIX:PGHN),a Swiss as

3、set management company and private equity firm,has acquired a majority stake in Budderfly,a Shelton,Connecticut-based energy management tech business,from Edison Partners,a private equity firm.With more than 2,750 customer sites across 49 states,Budderfly leads the digital transformation of the ener

4、gy conservation sector.July 11,2022E Source(Align Capital)acquires DEFGE Source,the data authority for the utility industry,announced today that it has acquired Distributed Energy Financial Group(DEFG).DEFG is a utility customer research and advisory firm with expertise in low income,equity,and cust

5、omer experience.DEFGs five collaborative groups serve over 50 of the largest utilities in the U.S.and Canada,giving the leaders of these companies access to insights that help them better serve their customers and meet organizational goals.July 14,2022Legence(Blackstone Energy)acquires Black Bear En

6、ergyLegence,a San Jose,California-based Energy Transition Accelerator and leader in building efficiency,has announced the acquisition of Black Bear Energy,a Boulder,Colorado-based renewable energy firm offering technology-enabled clean energy procurement.Black Bears addition to Legences rapidly grow

7、ing portfolio expands the firms renewable energy procurement services and further strengthens its capabilities for decarbonization.July 19,2022CPower to Acquire Centricas U.S.Demand Response BusinessToday,leading national energy solutions provider CPower Energy Management announced it has entered in

8、to a definitive agreement to acquire the U.S.demand response division of Centrica Business Solutions,LLC.Centrica is an integrated energy solutions company that is a leading provider of commercial and industrial load management with customers in PJM,ISO-NE,NYISO,and ERCOT.July 11,202220.0%50.0%100.0

9、%150.0%200.0%250.0%300.0%350.0%400.0%Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P 500S&P/TSX Renewable Energy and Clean TechnologyEIP Climate Tech IndexPublic Valuation Indices11.S&P CapIQYTD PerformanceEIP Climate Tech:(20.6%)S&P Renewable Energy and Clean Tech:(18.5%)S&P 500:(24.8%)Surging global gas p

10、rices,rising U.S.interest rates,and continued supply chain woes drove a correction in renewable energy and decarbonization public equitiesMassive capital inflows to and growing societal recognition of renewable energy generation and decarbonization resulting in rapid public equity appreciation 3Publ

11、ic Valuation Multiples by Sector1Stock Performance(1-and 3-Year)EBITDA Multiple Comparison LTM Q2 2021 vs.LTM Q2 2022EBITDA Multiple Comparison NTM Q2 2021 vs.NTM Q2 20221.S&P CapIQInternational EnergyServicesUtilities/IPPsProfessional ServicesEnergy Management&Building TechnologyFacility Services15

12、.6x20.7x12.7x15.1x7.1x13.1x15.5x13.1x14.4x4.7xProfessional ServicesEnergy Management&Building TechnologyUtilities/IPPsFacility ServicesInternational EnergyServicesQ2 2021Q2 202213.0 x17.0 x10.7x10.2x5.6x10.3x13.2x11.6x8.0 x0.0 xProfessional ServicesEnergy Management&Building TechnologyUtilities/IPPs

13、Facility ServicesInternational EnergyServicesNTM Q2 2021NTM Q2 2022(25.6%)(22.5%)(25.5%)2.7%(21.9%)(9.7%)21.5%(9.9%)(1.3%)(21.4%)3-Year Performance1-Year Performance4What Were ReadingTo Decarbonize Industry,DOE Road Map Focuses on Efficiency,Electrification and Low-Carbon FuelsUtility Dive/Read here

14、The U.S.Department of Energy on Wednesday published an industrial decarbonization road map,laying out a comprehensive strategyto reduce emissions associated with five sectors.Alongside the new road map,DOE announced a$104 million funding opportunity for industrial decarbonization technologies.The st

15、rategy leans on energy efficiency,the electrification of industrial processes,use of low-carbon fuels and CCUS,which DOE said will focus on“permanent geologic storage as well as developing processes to use captured CO2 to manufacture new materials.”Electric Utilities Should Look to the Telecom Indus

16、try to Learn How to Stay Ahead of Market ChangesSmart Energy International/Read hereRecent social and business transformations are accelerating changes to electricity consumption patterns while driving up overalldemand.This ever-changing usage pattern leaves electric utilities with increasingly comp

17、lex prediction and management demands,combinedwith the added challenge of renewable energy sources such as solar and wind that are required to keep up with the decarbonization efforts taking place worldwide.The effect of these changes is a rapidly evolving grid that utilities need to plan for and ad

18、apt to.McKinsey Quarterly|Transition to Net ZeroMcKinsey/Read hereUnlocking value from the expansion of renewable-and low-emissions power generation may depend on managing volatility and dispatchable capacity,as well as the rising costs of electricity.Investors will likely want to focus on building

19、not only next-generation facilities but also transmission and distribution networks and storage capacity that improves grid reliability and flexibility.For example,companies that develop technologies to enable gridexpansion,grid integration,and flexibility solutions could see increased demand for th

20、eir products.Demand Response Management,a Critical Component of the Future Smart GridSmart Energy International/Read hereDemand response management(DRM)is a crucial component of actual/upcoming smart grids,playing an active role in reducing peak demand and power fluctuation.Electric power providers,

21、whose capabilities and potential effects are being increased by grid modernization initiatives,are beginning to perceive DRM as an increasingly important resource option.An Inflection Point for the Energy TransitionBCG/Read hereIn short,we are at an energy inflection point.Business and government mu

22、st develop new strategies to ensure that the pursuit of critical energy goals remains on track.Reducing the consumption of energy through more efficient use is often referred to as the“first fuel,”because this approach can reduce use the most and be implemented relatively quickly.It also has positiv

23、e cost and climate implications.To that end,the IEA has put out a 10-point plan to reduce oil demand by 2.7 mmb/d within four months,largely by changing consumers behavior.5Select Recent M&A TransactionsDate ClosedAcquirerTargetBusiness Description9/28/2022RenodisThe Eric Ryan CorporationU.S.-based

24、utility and telecommunications management solutions 9/8/2022NayaxRoseman EngineeringIsrael-based company active in fueling systems,fuel station management,vehicle fleet,and electric vehicle charging management systems8/23/2022Priority Power ManagementAffordable Gas&ElectricMount Vernon,Illinois-base

25、d energy management solutions provider8/4/2022Carlyle;GICEneus EnergyU.K.-based green ammonia project development company8/4/2022XpansivEvolution MarketsNew York-based brokerage firm in global carbon,renewable,and energy markets8/4/2022KKRAlbiomaKKR NYSE:KKR,a New York City-based leveraged buyout fi

26、rm,will reopen a tender offer for Albioma EPA:ABIO,a French energy production unit maker7/28/2022AgreenaHummingbird TechnologiesU.K.-based provider of advanced remote sensing analytics for the agri-food sector7/19/2022LegenceBlack Bear EnergyU.S.-based renewable energy firm specializing in procureme

27、nt services7/19/2022HOP EnergyRycor HVACU.S.-based reseller of Mitsubishi mini-split heat pump systems7/19/2022AnthesisPadd EnergySpecialist energy engineering consultancy helping create power and energy from renewable and sustainable sources7/19/2022Legence(Blackstone Energy)Black Bear EnergyU.S.-b

28、ased renewable energy firm specializing in procurement services7/14/2022E Source(Align Capital Partners)Distributed Energy Financial Group(DEFG)U.S.-based utility customer research and advisory firm with expertise in low income,equity,and customer experience7/11/2022CPower(LS Power)Centricas demand

29、response unit U.S.-based demand response unit of Centrica7/11/2022Partners GroupBudderflyU.S.-based energy management tech business providing a holistic,outsourced solution for energy management and infrastructure upgrades for underserved C&I businesses7/7/2022ECPMetrus EnergyU.S.-based company that

30、 develops and finances energy efficiency retrofit and building upgrade projects6Public Market Observations11.S&P CapIQ Multiples SummaryMarketStock PriceEnterpriseEnterprise Value/RevenueEnterprise Value/EBITDACompanyCapitalizationCurrentValue20212022E20212022EEnergy Management&Building TechnologyAm

31、eresco,Inc.3,445,917$66.48$4,925,159$4.1x2.6x32.7x23.8xCarrier Global Corporation29,926,708 35.5636,262,708 1.8x1.8x11.5x11.4xEaton Corporation plc53,117,288 133.3662,618,288 3.2x3.0 x17.2x15.0 xHoneywell International Inc.112,486,407 166.97124,558,406 3.6x3.5x14.3x14.0 xItron,Inc.1,900,789 42.112,2

32、16,730 1.1x1.2x15.8x24.4xJohnson Controls International plc33,903,243 49.2244,329,243 1.8x1.7x12.3x11.6xSchneider Electric S.E.63,655,110 114.6777,720,845 2.7x2.4x14.2x12.0 xTrane Technologies plc33,554,991 144.8137,317,091 2.6x2.4x15.7x14.1xWilldan Group,Inc.196,708 14.81320,732 0.9x0.7x12.4x13.1xM

33、edian33,554,991$66.48$37,317,091$2.6x2.4x14.3x14.0 xFacility ServicesABM Industries Incorporated2,528,973$38.23$3,794,373$0.6x0.5x8.6x7.6xFirstService Corporation5,293,082 119.768,422,770 2.6x2.3x25.7x24.3xISS A/S2,864,827 15.5134,851,413 3.8x3.5x76.7x56.1xSodexo S.A.11,062,173 75.6615,340,714 0.9x0

34、.7x13.5x9.8xMedian4,078,954$56.95$11,881,742$1.8x1.5x19.6x17.1xInternational Energy ServicesElectricit de France S.A.43,555,686$11.66$56,131,193$0.8x0.7x3.2xNMEnel SpA42,079,994 4.1496,599,360 1.3x1.1x5.2x5.1xENGIE SA28,129,124 11.6161,031,442 1.0 x1.0 x5.7x4.9xE.ON SE16,627,300 7.7454,385,531 0.9x0

35、.7x7.1x7.2xVeolia Environnement S.A.13,293,330 19.3338,569,003 1.4x1.0 x9.4x6.4xMedian28,129,124$11.61$56,131,193$1.0 x1.0 x5.7x5.7xProfessional ServicesBureau Veritas SA10,189,851$22.53$12,115,159$2.5x2.2x12.1x11.0 xCBRE Group,Inc.21,219,924 67.5125,067,069 0.9x0.8x9.0 x8.1xICF International,Inc.2,

36、048,863 109.022,702,926 1.7x1.5x17.1x14.1xJones Lang LaSalle Incorporated7,238,921 151.0710,567,721 1.0 x1.0 x7.7x7.2xLeidos Holdings,Inc.11,943,210 87.4717,450,210 1.3x1.2x11.5x11.9xMedian10,189,851$87.47$12,115,159$1.3x1.2x11.5x11.0 xUtilities/IPPSConsolidated Edison,Inc.30,408,960$85.76$55,739,96

37、0$4.2x3.9x11.6x11.0 xDuke Energy Corporation71,622,490 93.02145,961,491 5.7x5.4x12.8x12.3xEdison International21,581,422 56.5856,391,422 3.9x3.6x11.3x9.7xNational Grid plc37,969,985 10.3777,293,239 4.6x3.4x12.6x11.2xNextEra Energy,Inc.154,058,336 78.41222,948,336 12.4x10.7x22.5x19.2xNRG Energy,Inc.8

38、,999,081 38.2716,734,081 0.8x0.6x7.1x8.3xMedian34,189,472$67.50$66,842,331$4.4x3.7x12.1x11.1xTotal Median18,923,612$56.58$37,317,091$1.8x1.7x12.3x11.5x7Electric SubmetersDemand Response/Smart GridBilling and Workforce ManagementDistribution AutomationMicrogrids/Asset ManagementEV Charging ESCOsUtili

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