M&A as a tool for turnaround
Capstone Headwaters acted as the exclusive placement agent to Martin Energy Group (“Martin Energy” or the “Company”) on a $100 million senior secured commitment to fund its distributed generation platform to own combined heat and power (“CHP”) assets that provide efficient and reliable onsite power and thermal energy to commercial and industrial customers across North America and the Caribbean.
The investment from Orion Energy will provide Martin Energy with the capital to fund Martin Energy’s “CHP as a Service” platform. The first project, which consists of the construction and operation of a 5.0 megawatt CHP facility in Puerto Rico, is backed by a long-term offtake agreement with Coca Cola Puerto Rico Bottlers, provides reliable on-site electrical and thermal energy, and provides significant utility savings.
Martin Energy Group, LLC develops, owns, operates and provides distributed generation assets and systems in North America since 1976. The Company designs, engineers and packages electric generators, co-generation systems and associated equipment and operates and maintains a complete range of power generator solutions. The Company also sells electricity and thermal energy to a range of commercial and industrial customers such as manufacturing facilities, hospitals, hotels, food processing, supermarkets, and others via long-term offtake agreements at zero capital cost to the customer. The Company is based in North America with branches across the globe.
CJ Hummel, Managing Director at Capstone’s Energy Infrastructure Group, said
“Martin Energy’s exceptional track record of providing turnkey CHP solutions for commercial and industrial customers, along with a project finance structure, made Martin Energy an attractive partner for capital providers in the power generation and energy services sector. This strategic capital partnership will enable Martin Energy to accelerate its growth to meet their customer’s power and thermal needs. We’re proud have played a role developing the first CHP as a Service project in Puerto Rico that will bring reliable efficient electrical and thermal energy to a major employer in Puerto Rico.”
Marcus Martin, Martin Energy’s CEO, said
“Our strategic and financial partnership with Orion Energy will provide Martin Energy the support to expand the business and support its customers who are seeking to optimize their energy needs with reliable, efficient, and environmentally friendly source for power and thermal energy. Capstone’s deep expertise in the distributed generation and capital markets, was the key to structuring a successful project with Coca Cola Puerto Rico Bottlers and finding the right capital partner.”
M&A as a tool for turnaround
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