Renewable energy-focused Quorum Business Solutions gains capital investment

30 July 2010

Quorum Business Solutions, which provides information technology solutions for the renewable energy industry, has received a ‘significant’ but undisclosed capital investment from global alternative asset manager The Carlyle Group and energy-focused private equity firm Riverstone Holdings.

The company also has a new CEO in the form of co-founder and president, R Scott Leeds, who is succeeding co-founder Paul Weidman, who will remain chairman.

He said, ‘In partnership with Carlyle and Riverstone we will build upon our track record of continuous enhancement and extension of our offerings, developing our people and working closely with our clients to ensure their success.

‘With their respective experience in technology-related services and the energy industry, Carlyle and Riverstone bring additional skills, capital and relationships to Quorum, which will fuel our growth and commitment to our valued clients.’

Carlyle’s capital infusion and growth technology track record will foster Quorum’s continued growth as well as the breadth and depth of their product offerings, according to Carlyle’s managing director Steve Bailey and senior adviser Charles Rossotti.

The acquisition financing for the deal was arranged by Silicon Valley Bank and Quorum was advised by Morgan Keegan & Company division Revolution Partners and Hogan Lovells US. The Carlyle Group and Riverstone Holdings were advised by PricewaterhouseCoopers and Latham & Watkins.

Equity capital for the transaction came from its management, Carlyle Growth Partners III, and Carlyle’s North American growth equity fund, Riverstone/Carlyle Global Energy & Power Fund IV.

Founded in 1998, Quorum has operating offices in Houston, Dallas and Calgary.

Copyright © 2010 NewNet

Tags: energy efficiency

This story was published on Friday, July 30th, 2010 at 4:37 pm and is filed under North America, deals. You can follow any responses to article entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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