Summit-based Energy Capital Partners recently acquired a majority stake in PROENERGY Holdings, a Missouri-based power solutions provider. The sellers are affiliates of Eos Partners and ACON Investments.
Financial terms were not disclosed.
“We are thrilled to partner with, and invest alongside, Jeff Canon and the PROENERGY team,” Andrew Gilbert, partner at ECP, said. “Several of our portfolio companies are satisfied repeat customers, and we have seen firsthand the value of the PROENERGY platform and its talented team. We look forward to helping PROENERGY grow and achieve its ambitious goals.”
In addition to its 2.4-gigawatt portfolio of operating power plants, PROENERGY provides repair and maintenance services for the global GE LM6000 and LM2500 turbine fleet, which has over 3,000 installed units. Further, PROENERGY operates as an original equipment manufacturer and turnkey engineering, procurement and construction business delivering firm gas power generation solutions to utility customers. ECP maintains that PROENERGY benefits directly from electricity demand growth and is positioned to capitalize on the need for new aeroderivative turbines to address growing intermittency issues across U.S. power markets.
Together with ECP, PROENERGY will expand its platform and pipeline and pursue accretive growth opportunities. PROENERGY will continue to be led by its executive team, including Canon, its founder, CEO and president.
“Our core values, culture, and commitment to safety remain unchanged,” Canon said. “ECP’s extensive experience in the energy sector will be a tremendous asset. Together, we are dedicated to driving growth, fostering innovation, advancing sustainability and delivering unparalleled value to our industry.”
