May 6, 2025 • News, Portfolio

ScaleCo Capital’s TPI Efficiency Acquires The Utilities Group

ScaleCo Capital (“ScaleCo”), a Cleveland-based private equity firm, is excited to announce that its portfolio company, TPI Efficiency (“TPI”) has acquired The Utilities Group (“TUG” or “the Company”). TUG is the second add-on acquisition for TPI, an energy brokerage and sustainability consulting firm headquartered in Cleveland, Ohio.

Located in Cincinnati, OH, TUG has been a trusted provider of energy management solutions since 1999. The merger of TPI and TUG will offer exceptional value to clients across various commercial and industrial industries, specifically manufacturing, healthcare, and commercial real estate.

“We are proud of the relationships we’ve built and the trust our clients have placed in us over the years,” said Jennifer Kist & Michael Catanzaro, CEO & President of The Utilities Group (respectively). “This acquisition strengthens our ability to deliver long-term energy savings and strategic guidance while supporting the growing demand for sustainability-focused services.”

TPI’s market leading energy management and sustainability solutions and geographic reach will expand with the addition of TUG. Moving forward, the companies will maintain their respective offices in Northeast and Southwest Ohio with goals to grow their customer base across the state, as well as in other deregulated energy states. The combined entity will be one of the largest Ohio-based energy brokers.

“This acquisition is a great example of ScaleCo’s approach to scaling middle-market companies,” said Brendan Anderson, Managing Partner at ScaleCo. “By supporting TPI in this transaction, we’re reinforcing our commitment to sustainable growth and value creation in the energy sector.”

“The U.S. electricity market is evolving faster than ever with near-daily headlines about price volatility, grid reliability, and the transition to cleaner energy — and that’s especially true in Ohio,” said ScaleCo Managing Partner, Dave Jacob. “TUG has a long history of delivering customer-centric solutions that empower Ohio businesses to plan ahead, adapt to market uncertainties, and manage their energy strategies with confidence.”

The acquisition will allow us to quickly bring TPI’s suite of sustainability solutions directly to TUG’s blue-chip customer base. Given the volatility of the energy markets, ScaleCo believes TUG is strongly positioned to drive value for its customers with TPI’s solutions.

“By joining forces with TUG, we’re creating a stronger, more adaptive company built for today’s energy challenges” said Vin Zachariah, Chief Executive Officer of TPI Efficiency. “Our combined expertise in procurement and sustainability uniquely positions us to deliver smarter and more cost-effective energy solutions across Ohio and beyond.”

ScaleCo looks forward to the impact this partnership will have in driving efficiency and sustainability for businesses navigating a rapidly evolving energy landscape.

ScaleCo partnered with Tecum Capital to support this strategic investment for TPI. “TPI exemplifies the key characteristics we seek in our investments, including a commitment to quality customer service and delivering value to clients, factors that contribute to a stable base of recurring revenue. We are very excited to partner with ScaleCo and TPI, and to support the company through its next phase of growth.” expressed Matt Harnett, Partner at Tecum Capital.

The investment was originated by Business Development Partner, Charles Harris. In this transaction, ScaleCo was advised by Calfee, Halter & Griswold LLP.

If you are looking to find your businesses successor, buyout your boss, or scale your legacy, reach out to Holly Smith at hsmith@scaleco.com.

About The Utilities Group

Established in 1999, The Utilities Group is a trusted energy management and sustainability consulting firm based in Cincinnati, Ohio. The company provides tailored energy solutions to clients across multiple industries, helping them reduce costs and achieve energy efficiency goals. For more information, visit www.theutilitiesgroup.com.

About TPI Efficiency

TPI Efficiency is a vendor-neutral energy consulting firm that delivers comprehensive energy management and sustainability solutions. We offer expertise in renewable energy consulting, energy efficiency services, energy procurement, and sustainability planning. With access to over 150 suppliers, TPI helps organizations reduce operating costs, improve energy efficiency, and achieve environmental goals through tailored strategies and objective advice. For more information, visit www.tpiefficiency.com.

About Tecum Capital

Tecum Capital is a Pittsburgh, Pennsylvania-based private investment firm deploying capital in lower middle-market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle-market companies across the broader high-value manufacturing, value-added distribution, and business services sectors. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum manages two Small Business Investment Company (“SBIC”) licensed funds and is currently investing out of Tecum Capital Partners III, L.P, a $305 million fund launched in September 2021. Since 2006, the team has collectively invested more than $1 billion in over 150 platforms and add-on acquisitions. For more information, please visit www.tecum.com.