Key Takeaways
- • Levine Leichtman Capital Partners (LLCP), a middle-market private equity firm managing approximately $15 billion in assets, completed a growth investment in Concentric Energy Advisors, a utility consulting firm headquartered in Marlborough, Massachusetts.
- • The investment is the 11th platform investment for LLCP Lower Middle Market Fund III.
- • Concentric, founded in 2002, advises electric, natural gas, and water utilities and infrastructure investors on rate cases, regulatory proceedings, cost-of-capital, and financing support.
- • Existing leadership remains in place: Danielle Powers (CEO), Dan Dane (President), and founder John J. Reed (Chairman), with employees retaining a substantial ownership stake.
- • LLCP plans to fund senior-level recruitment, expansion into adjacent utility advisory services, and potential strategic acquisitions, citing long-term utility spending on grid modernization and rising electricity demand.
Summary
Levine Leichtman Capital Partners (LLCP), a global middle-market private equity firm managing approximately $15 billion in assets, has completed a growth investment in Concentric Energy Advisors, a consulting firm specializing in utility regulation, financial analysis, and energy infrastructure advisory. The investment was made in partnership with Concentric's management team, with existing employees retaining a substantial ownership stake. The article does not disclose the transaction value.
Founded in 2002 and headquartered in Marlborough, Massachusetts, Concentric advises electric, natural gas, and water utilities as well as infrastructure investors across North America. Its work includes utility rate cases, regulatory proceedings, expert testimony, cost-of-capital and return-on-equity assessments, revenue requirements, cost-of-service analysis, rate design, depreciation studies, and transaction and financing support for utilities and energy infrastructure businesses.
LLCP said it sees significant opportunity to expand Concentric into adjacent utility service areas, recruit additional senior talent, and pursue strategic acquisitions. The firm believes Concentric is positioned to benefit from long-term utility spending tied to grid modernization, energy infrastructure expansion, and rising electricity demand, and noted that utilities must navigate regulatory requirements and the recovery of capital expenditures through customer rates. Matthew Rich, Partner at LLCP, and Ted Jeon, Managing Director at LLCP, both framed the deal around these trends.
Concentric will continue under its current leadership. Danielle Powers remains CEO, Dan Dane continues as President, and founder John J. Reed retains his role as Chairman. Powers said clients will continue to work with the same teams, and Reed said the partnership is designed to preserve the firm's advisory model and client relationships while adding capital and operational resources.
The transaction is the 11th platform investment for LLCP Lower Middle Market Fund III. LLCP previously invested in infrastructure services and specialized consulting businesses including USA Water, Resolution Economics, All4, Encore Fire Protection, and Trinity Consultants. Founded more than four decades ago, the firm has managed approximately $20.6 billion in capital since inception across nearly 20 funds and invested in about 120 portfolio companies. LLCP was advised by Honigman, and Seyfarth Shaw served as legal adviser to Concentric.
Founded in 2002 and headquartered in Marlborough, Massachusetts, Concentric advises electric, natural gas, and water utilities as well as infrastructure investors across North America. Its work includes utility rate cases, regulatory proceedings, expert testimony, cost-of-capital and return-on-equity assessments, revenue requirements, cost-of-service analysis, rate design, depreciation studies, and transaction and financing support for utilities and energy infrastructure businesses.
LLCP said it sees significant opportunity to expand Concentric into adjacent utility service areas, recruit additional senior talent, and pursue strategic acquisitions. The firm believes Concentric is positioned to benefit from long-term utility spending tied to grid modernization, energy infrastructure expansion, and rising electricity demand, and noted that utilities must navigate regulatory requirements and the recovery of capital expenditures through customer rates. Matthew Rich, Partner at LLCP, and Ted Jeon, Managing Director at LLCP, both framed the deal around these trends.
Concentric will continue under its current leadership. Danielle Powers remains CEO, Dan Dane continues as President, and founder John J. Reed retains his role as Chairman. Powers said clients will continue to work with the same teams, and Reed said the partnership is designed to preserve the firm's advisory model and client relationships while adding capital and operational resources.
The transaction is the 11th platform investment for LLCP Lower Middle Market Fund III. LLCP previously invested in infrastructure services and specialized consulting businesses including USA Water, Resolution Economics, All4, Encore Fire Protection, and Trinity Consultants. Founded more than four decades ago, the firm has managed approximately $20.6 billion in capital since inception across nearly 20 funds and invested in about 120 portfolio companies. LLCP was advised by Honigman, and Seyfarth Shaw served as legal adviser to Concentric.
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