CLEVELAND & DALLAS–(BUSINESS WIRE)–Align Capital Partners (“ACP”) announced today the closing of a third strategic add-on for its utility intelligence platform E Source (the “Company”). TROVE Predictive Data Science (“TROVE”) is a leading provider of predictive analytics solutions for the utility industry. TROVE’s talented team of data scientists and engineers have developed artificial intelligence (“AI”) software to help clients make better, data-driven decisions to improve their bottom line, reduce operational risk, and increase customer satisfaction.
Based in Buffalo, New York, TROVE helps utilities use data to optimize decision making. TROVE provides forward thinking utilities with data to forecast the impact of electric vehicle adoption, down to the transformer level. TROVE also leverages data and predictive science to forecast vegetation growth around power lines so utilities can optimize their vegetation management planning and reduce the risk of wildfires. “The customers and end markets we serve are driven by a growing need for product and program innovation,” said Ted Schultz, CEO of TROVE. “With the combination of our talented teams, data, and domain expertise, we are uniquely positioned to meet these and future needs.”
E Source provides subscription and consulting-based services for thousands of utility employees and senior leaders across North America. “Our acquisition of TROVE allows us to apply their sophisticated predictive data science to our proprietary utility data sets, best practice research, and consulting engagements,” said E Source CEO Wayne Greenberg. “They have had incredible success using advanced AI software to deliver big wins quickly for some of the largest utilities in the U.S. The opportunities for collaboration are endless and we welcome the TROVE team into E Source.”
The TROVE acquisition is a transformational moment for the Company, representing continued efforts to provide a broad offering of technology-enabled, tactical solutions to help utilities make the best data-driven decisions. ACP acquired E Source in June of 2019 and last week announced the Company’s acquisition of smart meter and smart city advisory firm, UtiliWorks Consulting. Both companies will be united under the E Source brand in the months ahead.
“The talents and capabilities of E Source, TROVE, and UtiliWorks are a powerful combination,” said Rob Langley, ACP Managing Partner and Co-Founder. “Running a utility is exceedingly complex. Technology innovation, environmental sustainability, increased customer awareness, and decentralized power generation are just a few of the challenges facing today’s utility leaders. These acquisitions create an interconnected, hard-to-replicate model enhancing E Source’s position as a thought leader fully dedicated to the utility market.”
Operating Partner Dave Perotti, Vice President Matt Iodice, and Associate Corey Roe worked alongside Mr. Langley on the transaction.
About E Source
E Source is the leading problem solver focused solely on electric, gas, and water utilities and municipalities. The Company provides predictive analytics, market research, benchmarking data, and consulting services to more than 300 utilities, municipalities and their partners. E Source’s data and experience helps customers make the best data-driven decisions to strengthen customer relationships, plan for tomorrow’s infrastructure needs, and further their environmental sustainability while becoming more innovative and responsive in the rapidly evolving market.
About Align Capital Partners
Align Capital Partners is a growth-oriented private equity firm that partners with business owners and management teams to create shared success. ACP manages $325 million in committed capital with investment teams in Cleveland and Dallas. ACP brings experience and resources to help companies accelerate their growth, to the benefit of management, employees, and the firm’s investors. ACP makes control investments in lower-middle market business services, specialty manufacturing, and value-added distribution companies. For more information, visit www.aligncp.com.