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HIG Capital portfolio company Comverge merges with Constellation

HIG Capital’s portfolio company Comverge is to merge with Constellation to form a new combined business, CPower, which will be headquartered in Baltimore, Md.

Power will operate as a new, standalone company independent from Comverge and Constellation, and deliver a full spectrum of demand response offerings to C&I customers across the United States. The combination creates one of the largest demand response companies in North America.

HIG holds a majority ownership interest in CPower, and Constellation holds a minority ownership interest and will remain an important business partner to CPower. Former Comverge Chief Financial Officer John Horton will serve as President and CEO of CPower.

“Demand response is a proven resource that helps contribute to a more reliable grid, and we are significantly increasing our investment in this business to make sure we remain a strong force in the industry and continue to exceed our customers’ expectations,” says Horton. “The leaders of CPower have helped thousands of C&I customers optimize their participation in demand response programs, providing them with a new source of revenue that can have a significant impact on their bottom line.”

“This transaction creates a market leading company in the demand response industry with scale, differentiated capabilities and a solid foundation for growth,” says Brian Schwartz, an Executive Managing Director of HIG “We look forward to partnering with the CPower management team as they grow the business and continue to provide excellent service to our customers.”

Comverge will now focus exclusively on delivering world class solutions to help electric utilities deploy successful demand response, energy efficiency and customer engagement programs targeting residential and small business customers.

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