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Ecofitt has been acquired by CLEAResult
About the client
Known as a leader in the residential energy sector, Ecofitt has been successfully implementing energy efficient solution packages for utilities, retailers, and distributors across Canada. To date, Ecofitt has installed over 4.0 million Ecofitt LED light bulbs and 150,000 smart thermostats in over 500,000 homes.
When Ecofitt’s President and Founder decided to sell the business, he originally went to market in 2020 and found the perfect fit in CLEAResult—a company with a 20-year history of changing the way people use energy to work towards a carbon-neutral future. Initial discussions between the two parties then continued through to 2021. Given the complexity and importance of striking a fair deal that aligned both businesses and shareholder goals, Ecofitt’s President engaged Grant Thornton to act as his exclusive financial advisor.
Our team helped negotiations run smoothly between all shareholders and connected Ecofitt’s President to trusted legal representation who assisted in closing the transaction. Grant Thornton advisors facilitated a thorough and expedited sales and due diligence process during turbulent market and economic pressure, building trust in CLEAResult, thus leading to successful deal. The ultimate value of the deal was impacted by Grant Thornton’s help with negotiations, the deal process, and our in-depth mid-market M&A experience. The acquisition of Ecofitt by CLEAResult joins two leading energy solutions providers aimed at aiding the future of energy consumption across North America.
Fast facts
Client
Ecofitt
Transaction type
Divestiture
Services provided
M&A
Sector
Power and Utilities
Close date
June 2022
The client experience
“This transaction involved fast-paced discussions and decision-making under stressed timelines. We appreciated the Grant Thornton team’s immediate responsiveness, flexibility, experience and most importantly, commitment and ownership to acting as our lead in closing a successful transaction. Before Grant Thornton, we had a challenging start, but their team stepped in when we needed reliable advice and effective relationship management, and we couldn’t be happier with the result.”
Jason Santomero, President and Founder
Ecofitt
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