Case Studies

Sale of CSG Assets to CLEAResult


  • On April 30, 2015, CLEAResult, a leading North American energy services company, purchased all of the assets of Conservation Services Group, Inc. (“CSG”)
  • CLEAResult will keep CSG’s existing program delivery teams intact and plans to further expand the availability of CSG’s residential offerings across North America
  • CSG’s Board of Directors will use proceeds from the sale to fund ongoing nonprofit efforts at CSG to continue to support clean energy policy with a focus on residential energy efficiency and renewable energy


  • Founded in 1984 as a nonprofit and headquartered in Westborough, MA, CSG is a market leader in residential energy efficiency in North America
  • CSG manages 70 residential energy efficiency programs on behalf of utility and public agency clients, and employs approximately 800 people across 21 offices in the U.S.
  • CSG is one of the largest companies in the U.S. energy efficiency market, and has served over 3 million single and multifamily dwellings over the past 30+ years
  • CSG has been an industry pioneer with an innovative “house-as-a-system” approach to comprehensively optimize homes and buildings and has developed a best-in-class understanding of applied building science technology

Greentech’s ROLE

  • Greentech served as the exclusive financial advisor to CSG to help market, structure and negotiate the transaction with CLEAResult
  • Greentech demonstrated impeccable process execution, which led to the ultimate price discovery and identified the most value-add potential buyer
  • Greentech navigated a complex structuring and approval process, given CSG’s status as a nonprofit, including obtaining consent from the Massachusetts Attorney General


  • The CLEAResult-CSG transaction unifies two of the most prominent platforms in the U.S. energy efficiency sector
  • The transaction further deepens CLEAResult’s residential energy efficiency expertise and significantly adds to its execution capabilities
  • The effort to execute a structured transaction for the assets of a nonprofit service provider demonstrates the focus and intensity of ongoing consolidation amongst utility energy efficiency services providers

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