Case Studies

Sale of Lime Energy to Willdan Group

On November 9, 2018, Lime Energy (OTC:LIME) was acquired by Willdan Group, Inc. (NASDAQ:WLDN) in an all-cash transaction valued at $120mm, including the assumption of net debt

With over 125,000 projects installed and $145mm in 2018E projected revenue, Lime Energy (“Lime”) is the standout, fully integrated building energy efficiency (EE) platform for small- and medium-sized U.S. businesses
Lime pioneered the Commercial Direct Install program, a utility-funded EE program that provides small- and medium-sized C&I customers with cost-effective energy efficiency retrofits
At its core, Lime provides turnkey solutions for utilities, including program design and administration, data-driven market intelligence, retrofit sales to end-customers, project implementation, and measurement and verification
Through its innovative technology-enabled sales platform, Lime has successfully driven down customer acquisition costs and improved service for its customers and clients

Willdan is a nationwide provider of professional, technical and consulting services for utilities, government agencies and private industry
With $273mm of revenue in 2017 and 22 offices across the country, Willdan is considered a leader in the electric grid solutions market
Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting
Willdan also does Demand Side Management and Commercial Direct Install program design and administration to utilities, similar to Lime

Greentech served as the exclusive financial advisor to Lime and was closely involved in all aspects of the transaction
Greentech’s deep industry relationships, energy efficiency expertise and extensive transaction experience allowed Lime and its shareholders to maximize value by creating competitive tension and properly positioning the opportunity to appeal to a wide range of potential acquirers

The acquisition of Lime is highly synergistic to Willdan, diversifying Willdan’s geographical presence, and adding a strong technology and sales platform to complement Willdan’s existing customer- and utility-focused offerings
Traditionally underserved by utilities and ESCOs, small- and medium-sized businesses such as gas stations, laundromats and car dealerships present a significant and underserved opportunity for utilities seeking energy efficiency resources
Lime’s long-standing focus on this market positions Willdan to capture future demand by improving its offerings to both C&I customers and utility clients
The combination of Lime and Willdan positions the company for upcoming Northeast and California program expansions