Ara Partners Group ("Ara Partners"), an industrial private equity firm that invests in companies with sustainable competitive advantages built upon greater resource efficiency, today announced a significant investment in Priority Power Management, LLC ("Priority Power"), an independent energy management services and consulting firm headquartered in Midland, Texas.
Financial terms of the transaction were not disclosed.
Priority Power, which was founded in 2001, navigates over 1,300 clients through complex and evolving energy procurement and management situations by offering innovative power solutions, including energy supply & risk management, demand response, and infrastructure solutions.
Troy Thacker, a Managing Partner at Ara Partners, commented, “Our investment in Priority Power reflects the best-in-class customer service that Priority Power has exhibited throughout its 18-year history. Priority Power’s efficient energy and risk management solutions and advocacy for its customers—often as a virtual extension of their staff—has enabled the company to grow to managing over 11 terawatt hours (TWh) of energy annually. We are excited to help John and Pat continue to build Priority Power through both organic and acquisition-led strategies.”
“The Priority Power team is excited to welcome Ara Partners as a significant new investor,” said John Bick, Managing Principal at Priority Power. “Ara Partners is committed to our company’s strategic growth and our focus on developing and deploying strategies of integrating an optimized mix of power supply, risk management, demand response, distributed generation, and smart grid technologies to our large and expanding customer base.”
Padraig “Pat” Ennis, Founding Principal of Priority Power, added, “We are confident that this investment from Ara Partners will take Priority Power into the next stage of its growth, allowing us to extend our reach into new markets while continuing to provide world-class service to our existing customers. As we mark this significant milestone, which will enhance both our sources and access to capital, we also want to thank our dedicated employees and customers for their longstanding support.”
The Board of Directors of Priority Power now includes Mr. Bick and Mr. Ennis, members of Ara, and Brandon Schwertner, Founder and Managing Partner of Teleios Commodities.
Mr. Schwertner commented, “Priority Power is a company I have known, been a customer of, and respected for over a decade. I believe Priority Power is well positioned to participate in the ongoing energy transition. They have both the depth and breadth of experience to provide solutions that integrate renewable and low-carbon sources with traditional energy sources.”
Source: Company Press Release