BOSTON, May 12, 2021— BV Investment Partners (“BV”), a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today that it has made a majority investment in Resource Innovations, provider of demand-side management, energy efficiency, and energy consulting services. Concurrent with BV’s investment, Resource Innovations is combining with energy software and consulting firm Nexant, Inc., creating a powerful yet nimble organization for driving best-in-class energy and software solutions for utilities and commercial, industrial, and residential energy consumers.
Headquartered in the San Francisco Bay Area, CA, Resource Innovations’ services to utilities in the U.S. include portfolio administration, program implementation, public sector outreach, planning & design services across the residential, commercial and industrial, and market transformation end markets. The experienced Resource Innovations management team is led by Chief Executive Officer Lauren Casentini who will serve as CEO of the new company. Nexant’s consulting solutions cover the entire spectrum of an energy efficiency program management. Founded in 2000 and based in San Francisco, Nexant provides turnkey design, administration, and consulting services for energy efficiency, demand-side management, and customer engagement programs for utilities and Independent System Operators throughout the U.S.
The combination of Resource Innovations and Nexant leverages the complementary capabilities and cultures of each company to drive even greater impact and results for clients. Additionally, the newly merged companies will increase their product portfolio offerings, creating a more robust platform to accelerate innovation and deliver results through residential, commercial, industrial, and software solutions.
“This transaction represents an opportunity for BV to leverage our traditional theme-driven thesis of partnering with founders into the outsourced energy efficiency software and services sector with tremendous long-term potential as clean and sustainable energy investments grow rapidly. By supporting the newly-combined company we can build the company’s presence in the demand response market and other sectors, including distributed energy resources and electrification. We’re thrilled to work with Lauren and her team to accelerate innovation in this dynamic industry and we couldn’t be more supportive of Lauren’s vision for the new, combined company, which is poised for growth,” said Justin Harrison, Managing Partner of BV Investment Partners.
“A paradigm shift is happening in the way we generate, transmit, and distribute energy,” Casentini said. “We’re excited to partner with BV and join forces with Nexant, a company that shares our commitment to delivering innovative energy solutions across sectors. This combined team of industry experts, supported by tech-enabled capabilities and solutions, is built to guide the energy industry through the clean energy transition.”
“We’re excited to have found in Lauren Casentini and her Resource Innovations team the perfect partners for taking what we have built at Nexant over the last 20 years to the next level,” said Basem Sarandah, founder and CEO of Nexant. “Lauren has assembled a world-class leadership team for the combined company, and the complementary market profiles of both companies will enable significant growth and new opportunities – creating a true powerhouse for our industry.”
Resource Innovations’ proven leadership team and track record of innovation, combined with Nexant’s industry-leading technical, engineering, and software expertise, will result in a full suite of integrated energy solutions. The companies share similar mission-driven and client-centric cultures. With the added strength of BV Investment Partners, the new Resource Innovations now has an unprecedented opportunity to drive innovation in energy efficiency, demand response, and emerging sustainable energy markets.
Eric Ahlgren, Principal of BV Investment Partners, said, “Our investment in Resources Innovations is consistent with our theme-based investment initiatives and we look forward to supporting the company to further develop technology enhancements and identify growth opportunities into new and adjacent sectors. Investing with founders is a BV focus, and we are very pleased to partner with Lauren, whose track record as an innovator speaks for itself, and the Resource Innovations and Nexant teams as they embark on this journey.”
Resource Innovations was founded by women and uniquely led by an all-women C-suite with decades of industry expertise. Resource Innovations, combined with Nexant, will continue to be substantially woman-owned and led. The company’s commitment to diversity, equity, and inclusion will now have a greater impact both in the opportunities for employees and leadership internally, as well as broadening opportunities for diverse partners and local communities.
For more information about Resource Innovations and Nexant joining forces, visit www.resource-innovations.com.
About Resource Innovations and Nexant Together
Resource Innovations now combined with Nexant is a substantially woman-owned, woman-led energy consulting firm dedicated to creating equal access to clean resources through diverse partnerships. The company’s deep roots and broad expertise in resource efficiency, policy development, coalition and partnership building, and market-based technology support enable the delivery of highly successful energy programs. Nexant brings over 20 years of expertise in demand-side management, grid management, and renewables, as well as a comprehensive suite of software designed to support these initiatives. For more information on Resource Innovations combined with Nexant, visit www.resource-innovations.com.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $3.9 billion, actively targeting investments in the tech-enabled business services, software and IT services industries. For more information, please visit www.bvlp.com.