Boyne Capital (“Boyne”), a Florida-based private equity firm focused on investments in lower middle market companies, announced it has closed a single-asset secondary transaction to extend its partnership with Pilot Energy (“Pilot” or the “Company”), a US-based technology-enabled energy advisory and management platform. The transaction formed a continuation fund (the “Fund”) and includes new capital to support Pilot’s acquisition strategy and organic growth initiatives. The Fund, which will be managed and controlled by Boyne, was anchored by New 2nd Capital as its lead investor and received additional commitments from both new and existing Boyne LPs.
Since Boyne’s initial investment in 2020, Pilot has become a scaled player in the energy advisory industry by leveraging its 1) ability to deliver significant energy cost and consumption savings for customers, 2) deep expertise in customers’ geographies and end-markets, 3) high-touch, responsive customer service, and 4) leading reporting & analytics technology solutions.
This transaction arms Pilot with additional capital to pursue rapid M&A and continue investing behind its platform and customer facing technology suite. With a successful track record of acquisitions, Pilot is poised to continue its aggressive expansion strategy. The Company is also dedicated to making ongoing investments in its platform, team, and customers, highlighting its commitment to developing solutions that enable customers to effectively manage their complex energy procurement strategies in a constantly evolving and challenging market. By continuously enhancing its technology and integration capabilities, Pilot aims to deliver best-in-class service and support to its clients, team members, and future partners, including those looking to align with a trusted partner to grow their business or find a supportive platform for their business and customers.
Zaheer Dhruv, CEO of Pilot, expressed, “I am thrilled to continue leading and building this platform alongside Boyne, whose partnership has been instrumental in our success. Our continued access to institutional capital focused on making further investments in the business excites us as it empowers us to further grow the business and explore new opportunities.”
Derek McDowell, Managing Partner of Boyne, commented, “We are excited to continue investing in, partnering with, and supporting the growth of Pilot. The management team has not only excelled but has set a new standard for excellence, and we have strong confidence in their ability to further develop Pilot into a world-class organization that can consistently deliver exceptional value to its customers. We have had the privilege of partnering with focused and driven executive leaders, identified through the dedicated and uncompromising efforts of our in-house executive recruitment team. Our operations team has also played a crucial role in supporting management’s efforts to build out robust financial and analytical tools, enabling Pilot to scale quickly and efficiently.”
Clay Cole, Partner at New 2ND, also commented, “We are thrilled to support Pilot’s next phase of growth alongside Boyne. The Company’s impressive track record of innovation and strategic expansion has positioned it as a differentiated and scaled player in the energy advisory and management sector. We are also excited to find opportunities for further investment in Pilot, providing the capital necessary to fuel its ambitious growth plans. This partnership underscores our confidence in Pilot’s ability to continue delivering exceptional value to its customers and stakeholders, and we look forward to being part of its continued success story.”
William Blair served as the exclusive financial advisor to Pilot and Boyne. McDermott Will & Schulte LLP served as legal advisor to Boyne. Ropes & Gray LLP served as legal advisor to New 2ND.
About Pilot Energy
Headquartered in San Diego, CA, Pilot Energy provides energy procurement advisory services, and electric utility billing services for commercial & industrial customers and community choice aggregation. Pilot offers clients custom-tailored services that can lower utility costs, reduce commodity price-related risks, and provide greater procurement flexibility than utility-based suppliers or traditional electricity retailers. For more information, please visit pilotenergy.com.
About Boyne
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies, specifically companies with revenues of less than $100 million and with EBITDA of $3 million to $15 million. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, manufacturing, and business & financial services. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders’ partial or full exit. For additional information, please visit www.boynecapital.com.
About New 2ND Capital
New 2ND is a specialist in middle-market GP-led secondaries transactions in the U.S., creating flexible solutions to address the liquidity, capital, and strategic needs of a wide range of private equity managers and investors. As of December 31, 2024, New 2ND had $2.4 billion of assets under management. For more information, please visit new2ndcapital.com.
Media contact:
Paola Del Fabbro — pdelfabbro@boynecapital.com
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SOURCE Boyne Capital
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