On Monday, Dutch-headquartered, independent global infrastructure investor DIF, which currently manages more than EUR 9 billion (about $10.5 billion) in client assets across nine closed-end infrastructure funds, announced that it will acquire Metairie, Louisiana’s Bernhard, the largest privately-held Energy-as-a-Service (EaaS) company in the United States. Price and other terms for the acquisition were not made public, other than to disclose that the deal is to be transacted under DIF‘s sixth infrastructure fund (DIF Infrastructure VI).
Bernhard has been a major North American energy and infrastructure provider for more than 100 years, primarily serving the higher education, healthcare, commercial and specialty markets. In 2014, the company pivoted to an Energy-as-a-Service model to provide turnkey energy efficiency solutions to clients, operating through concession contracts to upgrade, retrofit and service large existing building energy facilities. To date, Bernhard has closed 15 EaaS transactions, including the largest EaaS concession in U.S. history. Its portfolio of energy projects has included a $12 million long-term concession to manage the energy assets of the AT&T Stadium in Arlington, Texas (home venue to the NFL’s Dallas Cowboys), a 3 million-square-foot facility where Bernhard was able to generate $900,000 in annual energy savings.
“Bernhard delivers distributed energy through its unique EaaS model which provides clients access to fully integrated and efficient energy solutions, thereby significantly reducing the carbon footprint of their buildings and utility systems. Bernhard’s approach fits perfectly with DIF’s Public-Private Partnership expertise and ambition to invest in clean energy infrastructure solutions around the globe.” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to partner with Bernhard’s outstanding management team and support the company in their rapid growth at the forefront of the energy transition.”
“As Bernhard continues pushing to new heights in the EaaS market, we are excited to join forces with DIF Capital Partners given its extensive experience with Public-Private Partnerships, district energy, Energy-as-a-Service projects, and a shared commitment to efficiency, ESG and sustainability” said Bernhard CEO Ed Tinsley. “The support and strategic counsel from DIF will help to guide Bernhard through the next chapter of our story.”
Under DIF’s ownership, Bernhard says it will continue the acceleration of its core EaaS business to healthcare and higher education facilities, while expanding those services to other markets and geographies.
“The future of Bernhard has never been brighter,” said Tinsley. “Our track record proves we have the expertise and capabilities to push the industry to places it has never been before. With this announcement, we are truly at the forefront of a new era for energy solutions that will shape the world for generations to come.”
