BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, has made a majority investment in Resource Innovations, provider of demand-side management, energy efficiency, and energy consulting services. Concurrent with BV’s investment, Resource Innovations is combining with energy software and consulting firm Nexant Inc., to create an energy and software service provider for utilities and commercial, industrial, and residential energy consumers.
Justin Harrison, managing partner of BV Investment Partners, said, “This transaction represents an opportunity for BV to leverage our traditional theme-driven thesis of partnering with founders into the outsourced energy efficiency software and services sector with tremendous long-term potential as clean and sustainable energy investments grow rapidly. By supporting the newly-combined company we can build the company’s presence in the demand response market and other sectors, including distributed energy resources and electrification. We’re thrilled to work with Lauren and her team to accelerate innovation in this dynamic industry and we couldn’t be more supportive of Lauren’s vision for the new, combined company, which is poised for growth.”
“A paradigm shift is happening in the way we generate, transmit, and distribute energy,” Lauren Casentini, Resource Innovation CEO, said. “We’re excited to partner with BV and join forces with Nexant, a company that shares our commitment to delivering innovative energy solutions across sectors. This combined team of industry experts, supported by tech-enabled capabilities and solutions, is built to guide the energy industry through the clean energy transition.”
“We’re excited to have found in Lauren Casentini and her Resource Innovations team the perfect partners for taking what we have built at Nexant over the last 20 years to the next level,” said Basem Sarandah, founder and CEO of Nexant. “Lauren has assembled a world-class leadership team for the combined company, and the complementary market profiles of both companies will enable significant growth and new opportunities – creating a true powerhouse for our industry.”
Eric Ahlgren, principal of BV Investment Partners, said, “Our investment in Resources Innovations is consistent with our theme-based investment initiatives and we look forward to supporting the company to further develop technology enhancements and identify growth opportunities into new and adjacent sectors. Investing with founders is a BV focus, and we are very pleased to partner with Lauren, whose track record as an innovator speaks for itself, and the Resource Innovations and Nexant teams as they embark on this journey.”