DENVER & NORWELL, Mass.--(BUSINESS WIRE)--OpTerra Energy Group (OpTerra), a rapidly expanding energy service company, has acquired Bluestone Energy Services (Bluestone), an established leader in energy conservation engineering and project development services for commercial and institutional customers in the Northeast, Mid-Atlantic and Great Lakes markets. Terms of the deal were not disclosed.
Headquartered in Norwell, Massachusetts, Bluestone designs and implements comprehensive, turnkey energy efficiency solutions for a broad range of commercial and institutional customers, including data centers, hospitals, universities, supermarkets and manufacturing facilities.
Additionally, Bluestone is a preferred energy efficiency service provider for many leading utilities, including National Grid, NSTAR, BG&E, PPL and ComEd. Through these utility relationships, Bluestone identifies and maximizes incentives that increase customer returns from energy efficiency investments.
"We are excited to be part of OpTerra and to leverage its operating platform and technical capabilities to expand our service offerings and geographic coverage," said Peter Fairbanks, President of Bluestone. “OpTerra’s financial strength and geographic scope will enable us to more rapidly address the growing commercial market for energy efficiency solutions."
“Bluestone has a demonstrated track record of delivering energy efficiency projects with compelling economic paybacks for commercial customers across a number of industry verticals in the Northeast, Mid-Atlantic and Great Lakes regions,” said Raouf Abdel, OpTerra CEO. “We expect Bluestone to significantly contribute to OpTerra’s national expansion while adding deep experience with utility incentive programs and specialized expertise to address energy-intensive facilities such as data centers.”
Backed by the GFI Energy Group of Los Angeles-based Oaktree Capital Management, OpTerra is acquiring and integrating market-leading, regional energy efficiency service providers to provide a comprehensive set of energy conservation and clean heat and power generation solutions to public and private sector customers in key markets in the U.S.
"Bluestone is OpTerra’s third acquisition in less than four months and expands our geographic coverage to the densely-populated Northeast, Mid-Atlantic and Great Lakes markets," said Jason Lee, OpTerra Chairman and SVP of the GFI Energy Group. “We expect to continue acquiring complementary companies to integrate with OpTerra.”
About Bluestone Energy Services
Since 1990, Norwell, Massachusetts-based Bluestone Energy Services has provided professional engineering and project development services for commercial and institutional clients. Bluestone is a leader in energy efficiency and demand-side management programs for large commercial customers and has developed and implemented hundreds of lighting, HVAC, mechanical and controls-enabled energy conservation projects. For information, visit www.bluestoneenergy.com.
About OpTerra Energy Group, Inc.
OpTerra's regional divisions evaluate, design, implement and arrange financing solutions for building owners and occupants in governmental, educational, institutional, commercial and industrial markets across the United States. OpTerra's financial strength, portfolio of service capabilities and best practices, and breadth of geographic coverage enable its regional divisions to expand their customer base and better serve their market. OpTerra is a portfolio company of Oaktree Power Opportunities Fund III, L.P., which is managed by the GFI Energy Group of Oaktree Capital Management. For information, visit www.OpTerraEnergy.com.
About the GFI Energy Group
GFI Energy Group is a specialized investment team within Oaktree Capital Management. GFI's funds invest in profitable, growing companies with innovative products and services used in the power and energy industries. During its fifteen year history, GFI funds have invested in more than sixty transactions with an aggregate value of over $2.5 billion. Oaktree is a premier, global alternative and non-traditional investment manager headquartered in Los Angeles with over $78 billion in assets under management as of September 30, 2010. For information, visit www.oaktreecapital.com.