Private equity firm buys majority stake in E Source

BOULDER — A private equity firm based in Cleveland and Dallas has acquired a majority stake in Boulder-based E Source, which provides research, data and consulting for utilities.

Align Capital Partners announced the purchase Monday. Details of the transaction were not disclosed.

E Source provides subscription-based market intelligence services for utility employees, offering insights into demand-side management, customer experience and marketing.

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“ACP’s investment is a significant milestone for our company, our employees, and our customers,” E Source CEO Wayne Greenberg said in a prepared statement. “We’ve already established ourselves as the market leader in the areas where utilities intersect with their customers, and now we have a financial and strategic partner who will help us leverage and build upon that position to accelerate our growth.”

ACP’s investment represents the first institutional capital infusion for E Source and will enable it to grow its portfolio both organically and through add-on acquisitions, the companies said. E Source will seek to increase value within its membership services, expand its consulting practice and introduce software solutions to advance utility customer-engagement efforts.

“E Source sets the standard for best in class research, data, and consulting in the utility industry,” said Robert Langley, Align Capital Partners managing partner and co-founder. “We’re excited to partner with this talented and innovative company and believe that E Source’s market position and entrenched customer relationships will provide enhanced value for add-on acquisitions once they become part of the E Source family.”

Gino Porazzo, former chief operating officer of CLEAResult, will join E Source’s board of directors as an outside board member. He will focus on helping E Source achieve strategic organic growth initiatives and execute a “buy-and-build” strategy.