Clairvest Group Inc. (CVG) and Clairvest Equity Partners V have closed the sale of Also Energy Holdings Inc. to Stem Inc.
AlsoEnergy is a provider of solar energy software, hardware and support services to residential, commercial and industrial, and utility solar markets.
Under terms of the sale, Clairvest received sale proceeds of approximately $350 million (CVG’s portion being $108 million) at closing – 80% in cash and 20% in Stem common shares based off of December prices.
“This is an extraordinary result for our team, and we could not have achieved this outcome without Clairvest’s support,” comments Robert Schaefer, co-founder and CEO of AlsoEnergy. “We thank Clairvest for believing in our vision and business from the start. I could not have asked for a more constructive partner over these past few years.”
“Backing two highly knowledgeable and committed entrepreneurs, coupled with the flawless execution of their vision by management, were huge contributors to this fantastic outcome,” states Ken Rotman, CEO of Clairvest.
William Blair served as exclusive financial advisor, and Goodmans LLP acted as legal advisor to AlsoEnergy in this transaction.
