Funding agency Palisade Influence has acquired Vitality Locals, with Rennie serving as lead M&A advisor on the electrical energy retailer’s buy-side.
Vitality Locals supplies houses and companies throughout the japanese states with locally-generated carbon-free vitality at decrease charges primarily based on a month-to-month membership mannequin, fairly than charging additional tariffs in line with consumption.
Palisade Influence in the meantime – which has purchased the enterprise from Quinbrook Infrastructure Companions – invests in next-gen infrastructure and associated property delivering environmental and social options in step with the longer term financial system.
“We’re excited in regards to the alternative offered by our funding,” stated CEO Steve Gross, who served as world head of affect investing at Macquarie Group previous to establishing Palisade Influence with Jeremy Wernert in 2021. “Vitality Locals has all of the traits we search for in a enterprise: environmental affect, a robust administration staff, and sturdy infrastructure.”
In its bid to select up Vitality Locals, which additional included items Vitality Commerce and Strata Vitality Companies, Palisade tapped Rennie as its general monetary and deal adviser to supply business, operational, and regulatory due diligence and a full suite of economic modelling providers. Groups from Ashurst, KPMG, Marsh, and Sky Capital have been amongst these to have given additional help.
“Congratulations to Palisade on the acquisition,” acknowledged Rennie co-founder and accomplice, Simone Rennie. “Very proud to have led the due diligence staff, supporting Palisade and numerous stakeholders to totally perceive the asset and its worth. Rennie has actual depth in vitality transition, decarbonisation and social sustainability, in addition to a offers providers staff, so that is proper in our wheelhouse.”
Quinbrook acquired Vitality Locals in 2018 and has since helped construct the enterprise to a customer-base of greater than 1 / 4 of one million subscribers. The funding agency’s Australia managing director Brian Restall stated Palisade was the “pure steward” to drive Vitality Locals into its subsequent section following its newest gross sales milestone, which is predicted to shut by the tip of the yr.
“Vitality Locals’s deal with inexperienced networks has delivered actual advantages to native communities and residents,” Restall acknowledged. “Because the firm strikes ahead with Palisade Influence, we’re assured of their capacity to proceed to speculate on this thrilling development sector. Their alignment with our imaginative and prescient for inexpensive and sustainable vitality entry reassures us that the enterprise is in glorious arms.”
Rennie itself was established in 2021 by accomplice staff Matt and Nicole Rennie with a similar-minded deal with supporting corporations, governments, and institutional traders on local weather change and the web zero transition. The consultancy additionally acquired a capital increase final yr from Pemba, and has since doubled its staff in Melbourne, Brisbane and Perth whereas additional increasing to Sydney.
