Huron Capital-backed Albireo Energy has acquired Deer Park, New York-based Environmental Energy Corp., a provider of energy management systems for large commercial and higher education buildings.
EEC was founded in 1982 by Bob Estabrook and primarily services the New York metropolitan area. The addition of EEC is the second tuck-in acquisition for Albireo's New York division, expanding its presence in an extremely competitive market.
"Albireo's past successes, especially in the New York market, give us confidence that the integration and growth potential will benefit our current customers and employees," Estabrook said in a statement. He will remain with the company during an integration process. "I look forward to helping with the integration process and am excited about the combined company's ability to capitalize on new opportunities through our pooled talent and capabilities."
Huron Capital formed Albireo in 2014 with the goal of building an industry leader in the fast-growing U.S. market for energy efficiency, building automation and energy management. To date, Edison, New Jersey-based Albireo has invested in 16 companies through 10 separate acquisitions. Albireo also is one of 15 Huron Capital ExecFactor® initiatives, which strives to combine a CEO's industry expertise with Huron Capital's investment experience and committed capital.
Huron Capital Senior Partner Jim Mahoney added: "EEC represents a strong geographic and strategic fit for Albireo Energy. Its location and resources were an attractive addition for one of our fastest-growing portfolio companies, and we look forward to leveraging its expertise and network to help Albireo continue to grow in the New York metro market."
