WAKEFIELD, Mass., Sept. 18, 2020 /PRNewswire/ -- 424 Capital announced today that it has launched its first new fund in the 424 series, 424 Capital Fund I, which simultaneously completed the acquisition of Hospital Energy, a NH based energy management firm which develops and manages energy procurement strategies for US hospital systems.
Together with Eagle Private Capital, 424 Capital purchased a majority share from Founder and CEO Mark Mininberg, who will remain CEO of Hospital Energy.
Founded in 1995, Hospital Energy's energy procurement programs serve to lower a hospital's spend on gas and electricity while reducing energy price volatility. Managing energy use and spend at over 200 hospitals, the Company focuses on all matters related to energy efficiency, resiliency, and sustainability and is the only energy procurement organization focused exclusively on the hospital market in all deregulated US markets. Hospital Energy also organizes and manages onsite renewable power generation which serve to decrease cost, increase their client's resilience to power interruptions, and meet reduced carbon footprint standards set by state and local governments.
"I'm very pleased with our investment in Hospital Energy. The Company's focus on energy management and sustainability is 100% aligned with our core values and investment goals" said Walter Beinecke, Partner at 424 Capital, who will serve as Chairman of the Company. "Mark Mininberg has built a very solid business with the best possible reputation, which will serve as a terrific platform as we seek to build leadership in the US energy management sector."
"424 Capital has built strong industry knowledge in energy management and has a long history investing in the healthcare sector", said CEO Mark Mininberg. "We are excited to partner with 424 Capital while continuing to provide the highest level of service to our client base."
About Hospital Energy
For 25 years, Hospital Energy has been supporting their clients in their efforts to reduce spend on gas and electricity while simultaneously reducing price volatility. As the only energy procurement organization focused exclusively on the hospital market in all deregulated US markets, Hospital Energy focuses on energy efficiency, resiliency, and sustainability for their clients. By taking a comprehensive approach to energy management, reviewing both procurement and energy demand/efficiency together, Hospital Energy drives results that exceed those that emerge from addressing supply and utilization separately. For more information, please visit hospitalenergy.com.
About 424 Capital
424 Capital makes control equity investments in lower middle market companies within B2B Tech-Enabled Services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in North America, we invest in companies that are profitable, growing, and that align with our values of honesty, integrity and impact. For more information about 424 Capital, please visit 424capital.com.
This release is being issued by 424 Capital.
Contact: Jennifer Mosto
SOURCE 424 Capital - Cision PR News Wire