Despite a tumultuous and unpredictable 2020, Energy Impact Partners (EIP) Credit Strategies group participated in more than $100 million of transactions in five new US-based businesses, while continuing to support the firm’s existing portfolio companies. Credit Strategies new portfolio companies include Williams Industrial Services Group, Derive Systems, Tenere Inc., Trekker Group, and The Eastern Specialty Company (TESCO).
As a global investment platform leading the transition to a sustainable energy future, this year marked monumental growth for the Credit Strategies team. Credit Strategies serves as a leader in ESG investments and has now participated in 14 transactions across the power, renewable, software and technology, industrial, and transportation industries. EIP Credit Strategies expects continued growth in these key markets in 2021 and beyond.
“Our investments in 2020 reflect our mission to provide creative capital solutions to US lower-middle market companies,” said EIP Credit Strategies Managing Partner & CEO Harry Giovani. “Our fund’s bespoke structuring and overall platform enables strong underwriting capabilities. We are very excited to partner with these five additional companies, while also continuing our support of existing portfolio investments such as Palmetto Clean Technologies and Volta Industries. We have been thoroughly impressed with the management teams and the vision these companies possess, and we look forward to supporting their continued future success.”
EIP Credit Strategies Partner Tal Sheynfeld added, “Our customized financing solutions continue to show promise as more US lower-middle market companies require capital to effectively execute their growth plans. Our differentiator is our unique platform, which creates stronger alignment between our team and our portfolio companies, and offers strategic value beyond capital financing.”
Background on Investments
- Agented a $50.0 million term loan facility, allowing Williams Industrial Services Group to reduce its cost of capital and providing liquidity that will support future growth initiatives. Since 1958, Williams Industrial Services Group provides specialty energy construction and maintenance services to the North American power generation industry.
- Recapitalized Derive System’s balance sheet by providing a $20.0 million term loan facility. Derive Systems is a leading mobility software platform that enables cleaner and safer enterprise fleet management by unlocking key fuel efficiency and driver safety data.
- Led and agented the upsize of the existing credit facility for Tenere by providing a $22.0 million term loan. Tenere is a leading provider of custom mechanical solutions across a range of industries to include cloud infrastructure, network architecture, fiber optics, autonomous transportation, and renewable energy.
- Provided $13.2 million of growth capital to Trekker to capture opportunities relating to infrastructure buildouts in the Florida and Puerto Rico markets. Trekker is a third-generation family-owned business that sells, rents, and services construction equipment, parts and tools, building materials, formwork and shoring systems.
- Invested $7.5 million in TESCO, the trusted source for meter testing instruments and accessories since 1904. TESCO’s services to the utility industry include meter shop layout, statistical sampling, equipment specifications, field services, facility relocation, quality systems, project management and custom equipment.
EIP Credit Strategies was established to support U.S.-based small- and middle-market businesses with a specific focus on energy-related investments. The group offers financing solutions across the capital structure, such as first and second lien secured term loans and unsecured debt as well as equity. EIP Credit Strategies leverages EIP’s existing infrastructure, deal flow, expertise in equity investing, and utility partner network to broaden the firm’s financial solutions. EIP Credit Strategies has realized two successful investments thus far, Aquam and Tendril.
For more information on EIP and EIP Credit Strategies, please visit www.energyimpactpartners.com.
About Energy Impact Partners:
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 50 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Managing Partner and CEO, EIP Credit Strategies
Partner, EIP Credit Strategies