Project Description
Fund IV: Investment Case Study
Lime Energy
Lime Energy
Lime Energy is building a new energy future.
Investment Highlights
Investment Highlights
$10.0MM
Million
Bison Convertible Preferred Investment
44%
Equity
Bison Equity Ownership (Fully-Diluted Common Equity)
198%
GROWTH
Growth / Value Creation
About Lime Energy
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for small business customers, Lime designs and implements direct install programs for utility clients which consistently exceed program savings goals. Lime’s award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next-generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource available – energy efficiency.
The company is publicly traded on NASDAQ under the ticker “LIME”.
Lime Energy is headquartered in Charlotte, NC.
Partnership with Management
• Bison led Lime’s M&A efforts, including its acquisition of EnerPath, its top competitor in the SMB
• Led recruitment of new CFO and COO and Bison rep was Chairman of Lime’s Board of Directors
Accretive Use of Proceeds
• Lime was a thinly traded and under-capitalized public company seeking funding for working capital required to realize growth from several large contracts recently won
• Bison’s follow-on investment financed the acquisition of EnerPath
Exit
• Lime was acquired by Willdan Group, Inc. in Nov 2018 – value of proceeds to Bison generated return of 33.0% IRR and 2.7x MOIC
Overview
Industry: Tech Enabled Business Services (Energy-Enabled Services)
Invested: 2013
Status: Realized
Company Details
Website:https://www.lime-energy.com/
Exit
• Lime was acquired by Willdan Group, Inc. in Nov 2018 – value of proceeds to Bison generated return of 33.0% IRR and 2.7x MOIC
Bison Team
Partnering with Lime Energy
“As utilities seek to expand their customer relationships beyond the meter, Lime Energy is bringing together rapidly advancing building technology, big energy data and low cost digital communication,” said Procell. “We have built a strong technical sales team and equipped them with technology-enabled products and services which reflect our vast experience in developing and building energy efficiency projects on the customer’s side of the meter.”
