DFW Capital Partners (“DFW”) today announced that ENVOCORE, a new holding company, has continued its commitment to the energy solutions market with its third investment. On June 30, 2017, ENVOCORE acquired Retro-Tech Systems (“RTS”) as a wholly owned subsidiary. RTS, which includes RTS Lighting, RTS Water, RTS Utility Metering, and RTS Building Envelope, joins LRI Energy Solutions (“LRI”), also a wholly owned subsidiary. LRI Energy Solutions includes wholly owned subsidiaries Lighting Retrofit International, Water Savers, and recently acquired Enlight Energy Efficient Lighting.
With the acquisition of RTS, ENVOCORE has firmly established a national market customer and service footprint. Both RTS and LRI enjoy established reputations as leaders in cost-effective, advanced, creative solutions for energy, water, building envelope, and metering – focused on energy service companies (“ESCOs”) supporting the Federal government, MUSH (municipalities, universities, schools, and hospitals), and utility providers. Both companies’ customers rely on the similar core competencies of design, engineering, project management, analysis, and market knowledge.
The ENVOCORE combination presents several compelling market differentiators. First, ENVOCORE now enjoys substantially larger bonding capabilities that support both customers whose growth is focused on small and mid-sized projects, as well as those ESCO customers whose growth is focused on larger projects. Second, ENVOCORE now operates with a hybrid resourcing model providing the flexibility of both insourced professionals and long-term installation partnerships. Finally, ENVOCORE’S combined purchasing power and vendor relationships bolster the company’s ability to provide even more value to its customers.
Douglas H. Gilbert, Partner at DFW, said, “The combination of RTS and LRI into ENVOCORE represents unsurpassed geographic reach across the US by two results-oriented organizations.” Stephen J. Troese, Jr., CEO of ENCOVORE and President of LRI added, “RTS has distinguished itself for years by providing exceptional value to its customers. Together, we can now reach more customers with more savings solutions. We are delighted to welcome RTS into the ENVOCORE organization. This is a great day for ENVOCORE customers.”
Kurt Minko, President of RTS, continued, “Our organizations have enjoyed tremendous mutual respect and admiration for several decades making RTS and LRI natural partners under the ENVOCORE banner. ENVOCORE sales professionals will deliver an enticing value proposition across the combined national footprint. We look forward to realizing our collective growth potential.”
About DFW Capital Partners
DFW Capital Partners is a private equity investment firm focused on lower middle-market companies. The firm concentrates on service companies, with an emphasis on outsourced business and industrial support services and healthcare. Managing in excess of $600 million in assets, DFW is headquartered in Teaneck, New Jersey and maintains an office in Chevy Chase, Maryland.
ENVOCORE combines the strengths of multiple market leaders in the energy & water efficiency solutions space to better serve our local and national customers.
The ENVOCORE team has unsurpassed geographic reach and a deep bench of talented team members ranging from engineers and landscape designers through operations leaders and measurement and verification experts.
The team includes the most experienced leaders in the industry; LRI, RTS & Enlight have completed thousands of projects since the early 1990’s.
Our goal is to provide the most robust solutions offering of any service provider in the ESPC & UESC market. This merger will give our customers benefits through far greater purchasing power, leveraging team members geographically closer to projects, operational options for insourced professionals and proven teaming partners with substantially larger financial & bonding capabilities.