Port Washington, Wisconsin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Franklin Energy, one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today a preferred equity investment from Funds Managed by Invesco Senior Secured Management, Inc. (“Invesco”).
Franklin Energy intends to use the proceeds from the initial closing to repay the company’s second lien term loan and revolving credit facility. Under the terms of the agreement, Franklin Energy also has access to additional capital to support investment in the company’s business as well as acquisitions in continued execution of its established growth strategy. Franklin Energy’s focus on accelerating the clean energy transition, including recent acquisitions of Snugg Home and Evolve Technologies, serve as examples of this strategy in action.
“This investment is a tremendous validation of the company’s long-term growth potential and the key role our company plays in the energy transition,” said Terry Sobolewski, Franklin Energy CEO. “Through this investment, we will continue to build on our 30-year legacy, transforming the capabilities we have cultivated into resources that can be fully leveraged by the entire ecosystem of energy solution providers. I look forward to working together with our new partners at Invesco as well as our longtime sponsor, Abry Partners, to further grow the company and accelerate value creation for our employees, our shareholders, and the communities in which we live and serve.”
The financial terms of the investment were not disclosed. Jefferies LLC acted as the exclusive placement agent and financial advisor and Kirkland & Ellis acted as counsel to Franklin Energy in connection with the transaction. Akin Gump Strauss Hauer & Feld LLP acted as counsel to Invesco.
About Franklin Energy
Franklin Energy delivers end-to-end sustainable energy management solutions through a portfolio of intelligent products and services that lowers costs, reduces carbon waste, grows strong communities and local economies. Franklin Energy is committed to achieving net-zero carbon emissions by 2025, protecting our communities and planet while building a brighter, more sustainable future.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. For more information on Abry, please visit www.abry.com.
Kristi Longballa Franklin Energy 775-204-5860 klongballa@franklinenergy.com
