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KKR and EIG to invest $1bn in Avantus; Huron launches home restoration platform

Good morning, Hubsters. Michael Schoeck back with you for the Thursday Wire.

Happy March Madness to all you basketball lovers out there!

This past week has seen a trio of renewable energy acquisitions. Today, we’re showcasing a large one: KKR’s announced it’s taking a majority stake in Avantus, the largest US developer of utility-scale solar-plus-storage assets.

Today, we’re also looking at a new platform investment from Huron Capital Partners called Rampart Exterior Services, which is focused on the building restoration and roofing services market. 

And throughout the month of March, we’re focusing on Women in PE: Class of 2024. Today, we’re featuring my profile of Kimberly Pollack, co-founder and principal of lower middle market sponsor Charger Investment Partners, and a figure skater by background.

Solar plus storage enters the mainstream

The clean energy revolution is upon us, and there are three PE transactions to show for it this week.

Wednesday evening,KKR announced the acquisition of a majority interest in Avantus, a solar-plus-storage developer based in Los Angeles. The company rebranded as Avantus two years ago and used to be called 8minute Solar Energy.

Upgrade to the premium version of the Wire to read up the 2024 outlook for renewable energy and other renewable PE deals this week. 

When it rains, it pours

Many owners of homes and businesses have been making the most of their property during the economic slowdown. As a result, roofing and other restoration services have been booming.

This week, Huron Capital Partners announced the launch of Rampart Exterior Services, its latest ExecFactor initiative, in partnership with executive Gabe Mesanza.

Upgrade to the premium version of the Wire for a listicle on other deals backing home restoration and contractor companies.

Figure eight returns

Kimberly Pollack, co-founder and partner of Charger Investment Partners, a Los Angeles-based lower middle market PE firm, shares her experience in PE investing in a recent interview with me featured in the “Women in PE” series on PE Hub and Buyouts.

Read all about Pollack’s figure skating background and more in the premium version of the Wire.

That’s it for me today. Enjoy the rest of your week and keep your browser set to PE Hub for the Friday Wire with Obey Martin Manayiti.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

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Franziska Kayser, a partner at KKR, found herself a part of the decision-making process not long after joining the firm in 2011. In the latest in PE Hub Europe’s series of interviews with senior women professionals, Kayser reflects on her journey in the industry, sharing insights and advice for future women leaders.

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It’s true that mining assets don’t fit neatly in infrastructure portfolios. Their exposure to commodity prices as well as technology means their risk-return profile differs significantly. But while they’re not a natural fit for infrastructure they’re adjacent enough to have a significant impact on existing investments. (Infrastructure Investor)

They said it

“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus.”

— Charlie Gailliot, partner and co-head of global climate strategy of KKR, on taking a majority stake in Avantus