Partners Group pours $500M into Budderfly
Partners Group has invested $500 million for a majority stake in Budderfly, a self-described energy-as-a-service startup that's become one of the fastest-growing private companies in the U.S.
Why it matters: Energy efficiency may seem ho-hum, especially compared to flashy new technologies. But the investment from the European private equity giant is the latest signal that even traditional investors see big bucks to be made by helping companies cut energy consumption.
What's happening: Budderfly uses software, smart devices and other measures to enable clients to slash energy costs.
- A key customer base: "Customers operating multiple sites with repeatable footprints, such as restaurant chains, assisted living facilities, and retail franchises," per a company press release.
- Notable clients: Dunkin', Wendy's and the YMCA, a spokesperson tells Axios.
What's next: Some big ambitions. Partners says it "aims to transform Budderfly into a multi-billion-dollar infrastructure platform."