Westport, CT, July 1, 2019 – Balance Point Capital (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners II, L.P., Balance Point Capital Partners III, L.P. and Connecticut Growth Capital, LLC, is pleased to announce its investment in Budderfly, Inc. (“Budderfly” or the “Company”). Continuing with its theme of providing long-term, partnership-oriented capital, Balance Point arranged and led a $55 million financing consisting of both senior debt and preferred equity capital in support of the Company’s strategy and growth as a pioneer in the Energy Efficiency as a Service market. This transaction, together with funding from Edison Partners, Budderfly’s founder and CEO Al Subbloie, the State of Connecticut through the Department of Economic & Community Development (DECD), Connecticut Innovations, and senior management, brings total capital raised to $77 million.
Founded in 2007 and headquartered in Shelton CT, Budderfly brings an innovative approach to the emerging Energy Efficiency as a Service market with advanced software, patented energy Internet of Things (IoT) measurement and control devices, and numerous facility components and upgrades, including LED lighting, HVAC controls, variable frequency drives and refrigeration controls, that provide significant energy savings with no cost to customers. With nearly 1,000 locations across North America contracted to date, Budderfly has the scale and experience to serve all types of facilities from office buildings, retail stores and restaurants to schools, recreational buildings, health-care facilities and beyond.
“We are very excited to partner with the Budderfly team and are enthusiastic about the Company’s continued success,” said Seth Alvord, Managing Partner of Balance Point. “We believe Budderfly’s unique and disruptive model, deep technology expertise, and tenured management team have positioned the Company well to execute on its exciting long-term growth strategy.”
Al Subbloie, founder and CEO of Budderfly said, “We are thrilled to be partnering with Balance Point on this transaction. Budderfly continues to deliver exciting results and we believe that Balance Point’s patient, flexible capital will support the next phase of our significant growth plan to manage over $3 billion of customer energy spend over the next ten years.”
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $835 million in assets under management as of December 2018, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries. Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment advisor. Further information is available at www.balancepointcapital.com.