Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

July 12, 2022

Budderfly says it will grow in CT after purchase by Swiss private equity firm

Al Subbloie is the founder and CEO of Budderfly.

Swiss private equity firm Partners Group announced this week it had acquired a majority stake in Shelton-based Budderfly, a thriving energy management company. 

Partners, based in Baar, Switzerland, acquired the stake in exchange for a $500 million investment. 

“Partners Group and Budderfly aim to transform the company into a multibillion-dollar next-generation infrastructure platform that leads the energy-as-a-service market,” Partners said in a statement. 

Butterfly CEO Al Subbloie said, “We believe Partners Group’s experience scaling infrastructure platforms, as well as its operational expertise and deep financial resources, make the firm an ideal partner as we expand our footprint.”

Partners said it intends to grow Budderfly’s business by “expanding sales capacity and execution on new site installations, broadening customer offerings, investing in software, analytics and network technologies and making strategic acquisitions that deliver additional synergies.”

Subbloie told the New Haven Register that the company would remain in Connecticut and would be hiring dozens of people in the next year and hundreds in the next four years. 

Budderfly works with businesses like quick-service restaurants, convenience stores and healthcare facilities to cut energy use by installing technology upgrades and managing and monitoring their usage. The company said it has more than 2,750 customers in 49 states, including 80 customers in Connecticut. 

Last month the state’s Green Bank gave Budderfly a $5 million loan to scale its business and increase its customer base in the state.

Inc. Magazine named Budderfly the No. 10 fastest-growing private company in the country for 2021. The magazine said the company had a three-year revenue gain of 22,486%, the largest percentage increase in Connecticut, and was the nation’s second-fastest-growing company in the energy category.

Latham & Watkins LLP served as counsel to Partners Group, Guggenheim Securities LLC served as lead financial advisor along with Shasta Partners LLC. Dentons U.S. LLP served as counsel to Budderfly in connection with the transaction.

Sign up for Enews


Order a PDF