Priority Power Management (Priority), an independent energy management services and consulting firm backed by Ara Partners, has acquired Satori Energy Solutions (Satori).
The transaction creates a leading nationwide provider of energy services with significantly enhanced service offering, broadened geographic footprint, and industry expertise.
Satori, headquartered in Chicago, Illinois, was one of the first energy service firms to emerge after deregulation and today provides industry-leading expertise and service to more than 55,000 industrial, municipal, and residential clients in 25 states and the District of Columbia, Canada, and Mexico.
The company’s capabilities span the spectrum of Energy Structuring and Market Intelligence Operations, including: energy procurement, market price monitoring, contract administration, review, and negotiation, transaction due diligence, demand-side curtailment program evaluation, energy and invoice auditing, capacity PLC notification, budgeting and forecasting, and utility account and service setup. Satori also has significant experience and expertise in Energy Transition, from sustainable energy and energy resiliency solutions, including community solar aggregation and behind-the-meter installations, to purchase of Renewable Energy Credits and carbon offsets, LEED certification, and Energy Star® Certification and Benchmarking that will immediately enhance Priority’s work on ESG delivery, which has already enabled clients to avoid more than 6.8 million metric tons of greenhouse gas emissions.
“The addition of Satori is consistent with our and our financial partner Ara Partners’ vision to create the leader in climate-conscious power solutions on a national basis,” says John Bick, Managing Principal at Priority. “By incorporating Satori’s geographic expertise and strong customer relationships, the combined company will have the best capabilities for advising clients on power needs, and assisting them in pursuing resilient and carbon neutral solutions. David Wiers is a true industry visionary, and we are very impressed by everything he and Satori have achieved. We are excited to welcome him and his team to Priority.”
David C Wiers, founder and President of Satori, has joined Priority as a member of the Executive Management Team and will play an important role in growing the combined company.
Wiers says: “We are very proud of what we have built at Satori over the past 17 years, and we believe our future growth opportunities are even more attractive as part of Priority. There are significant synergies beginning immediately that will enable us to create incremental value for our combined client base. Importantly, our teams share the same client-focused approach to our work and together will possess a breadth of knowledge and experience that is unparalleled in our industry.”
Satori was named The Energy Professionals Association’s Broker of the Year in 2015, 2017, and 2020 – the only firm to win the award three times. The Company ranked first in supplier satisfaction in the Energy Research Consulting Group’s aggregator, broker, and consultant study three years in a row. Satori also received Energy Star’s® Service & Product Provider Partner status for its work helping clients reduce greenhouse gas emissions.
Priority is backed by Ara Partners, a private equity firm specialising in decarbonisation investments in the industrial & manufacturing, chemicals & materials, energy efficiency & green fuels, and food & agriculture sectors.
Source: Private Equity Wire
