Energy Systems Group acquired
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Newburgh-based Energy Systems Group LLC (ESG) is under new ownership. The sustainable energy solutions provider announced Tuesday it has been acquired by Oaktree Capital Management LP, a global investment management firm headquartered in Los Angeles, California.
Financial terms of the deal are not being disclosed. ESG was previously a subsidiary of Houston, Texas-based CenterPoint Energy Inc., which maintains a major presence in southwest Indiana.
ESG employs 340 people throughout the country. President Steve Craig said the acquisition will allow the company to create expanded opportunities for employees.
“ESG is excited to partner with the team at Oaktree who have a proven track record of successfully investing in and growing companies in our industry and who share our values and support our commitment to the customers and communities we serve,” Craig, who was named president in March, said in a news release.
A spokesperson for ESG told Inside INdiana Business new talent will be hired as the business expands, though a specific target number was not given.
ESG provides a variety of services to help buildings become more energy efficient, including HVAC, building controls automation, interior and exterior lighting, water conservation and alternative fuels.
Oaktree has $172 billion in assets under management, according to the firm’s website. The company employs more than 1,100 people around the globe.