I Squared, an infrastructure investment manager, has agreed to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders.
With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.
Gautam Bhandari, Chief Investment Officer and Managing Partner of I Squared Capital, said: “Priority Power has proven to be a valued partner for customers seeking to reduce costs, manage volatility, and progress sustainability goals as they navigate the increasingly complex power market. As access to grid interconnections has become increasingly challenging, Priority Power has led the movement to build private transmission and distribution assets to support continued customer growth.”
BofA Securities served as I Squared’s exclusive financial advisor. Jefferies LLC served as a lead financial advisor, and BMO Capital Markets served as financial advisor to Priority Power in connection with the transaction. Latham & Watkins LLP served as legal counsel to Priority Power, and White & Case LLP served as legal counsel to I Squared.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, in 1H 2024, there were three Smart Grid M&A transactions compared to six transactions in 1H 2023.
In 2022, EnergyCAP, an energy and sustainability enterprise resource planning software company, announced the acquisition of Wattics, an energy management analytics and monitoring platform provider that allows energy and sustainability industry professionals to manage, monitor, and analyze energy and commodities from a single dashboard.
