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HIG Capital sells Comverge

Private equity investment firm HIG Capital (HIG) has sold its portfolio company Comverge through the sale of its parent company, Peak Holding Corp, to Itron in a cash transaction valued at approximately USD100 million.

Comverge is a leading provider of demand response, energy efficiency, customer engagement and distributed generation solutions to utility customers. Leveraging a broad suite of demand management products, Comverge provides all of the products and services needed to operate a demand response program, allowing utilities to better manage energy load and helping customers consume energy more efficiently.
 
Through the acquisition of Comverge in May 2012, HIG partnered with the Company to enhance its industry-leading cloud-based platform and refocus Comverge on its core residential and small-to-medium sized business demand response offering. In October 2014, Comverge spun off its commercial and industrial (C&I) demand response division to form CPower, a standalone independent company that will continue to be owned by an affiliate of HIG and is not involved in the transaction with Itron.
 
Fraser Preston, Managing Director at HIG Capital, says: “We have had an excellent partnership with the Comverge management team over the past several years, and we are confident that Itron is buying a strong, complementary platform. We wish both Comverge and Itron continued success.”

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