Morgan Stanley Capital Partners Acquires Resource Innovations

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04/02/2024 - 09:00 AM

NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)-- Investment funds managed by Morgan Stanley Capital Partners (“MSCP”), the middle-market focused private equity team at Morgan Stanley Investment Management, today announced it has acquired Resource Innovations (“RI” or the “Company”), a leading tech-enabled services company focused on energy efficiency and sustainability. Under the terms of the agreement, MSCP acquired a controlling interest in the Company from BV Investment Partners and certain other shareholders. Founder Lauren Casentini will continue as the Chief Executive Officer of RI and remain a significant equity holder in the Company following the completion of the transaction.

Headquartered in the San Francisco Bay Area, RI provides advisory services, program management services and software to utility, government and corporate clients in the areas of energy efficiency and decarbonization with the goal of lowering energy costs, reducing waste, cutting greenhouse gas emissions and improving grid resiliency. The Company is a recognized leader in working with utilities to develop and implement both traditional energy efficiency programs, including lighting, weatherization and controls, as well as emerging growth areas such as electric vehicle charging, distributed solar and demand response.

Commenting on the acquisition, Eric Kanter, Managing Director and Head of Industrial Services at MSCP, said: “Resource Innovations’ tech-enabled services help turn energy policy goals into reality. The Company supports core energy efficiency needs while seeking to address the next phase of clean energy transition challenges being faced across the United States. We believe the Company’s record of consistent growth and ability to expand into these emerging areas with tremendous market potential have paved the way for continued opportunity. Under industry veteran Lauren Casentini’s leadership, we believe this purpose-built team is poised for the next step in helping communities on their energy transition journey. We look forward to working together as we seek to advance RI’s leadership position and continue expanding the company through organic growth and M&A.”

Ms. Casentini stated, “MSCP’s investment is a recognition of the tremendous growth we have experienced over the past several years and validates the hard work our team does to deliver innovative, differentiated solutions for our customers. I look forward to working together with Morgan Stanley Capital Partners to continue to grow our Company.”

MSCP’s acquisition of Resource Innovations represents its third investment in industrials and outsourced services, following the acquisition of Apex in 2023 and Alliance Technical Group in 2021.

Jones Day served as legal counsel to MSCP and Harris Williams served as financial advisor. Global Counsel served as MSCP’s regulatory and policy advisor. Latham & Watkins served as legal counsel to Resource Innovations and BV Investment Partners, and Jefferies LLC served as financial advisor.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform established in 1986 that focuses on privately negotiated equity and equity-related investments primarily in North America. Morgan Stanley Capital Partners seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, education and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im/capitalpartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.5 trillion in assets under management or supervision as of December 31, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Resource Innovations

Resource Innovations is accelerating the transition to clean energy, serving as a trusted partner to utilities and governments in energy efficiency and decarbonization planning. Since its inception in 2016 under a bold and urgent vision to address climate change and energy equity, Resource Innovations has been included in the Inc. 5000 List of America’s Fastest Growing Companies three times. Visit resource-innovations.com to learn more about how we are accelerating the clean energy transition and leading the charge to power change.