Boston based investment firm 424 Capital has launched its first new fund in the 424 series, 424 Capital Fund I, which simultaneously completed the acquisition of Hospital Energy, anenergy management firm which develops and manages energy procurement strategies for US hospital systems.
Together with Eagle Private Capital, 424 Capital purchased a majority share from Founder and CEO Mark Mininberg, who will remain CEO of Hospital Energy.
Founded in 1995, Hospital Energy’s energy procurement programs serve to lower a hospital’s spend on gas and electricity while reducing energy price volatility. Managing energy use and spend at over 200 hospitals, the Company focuses on all matters related to energy efficiency, resiliency, and sustainability and is the only energy procurement organization focused exclusively on the hospital market in all deregulated US markets. Hospital Energy also organizes and manages onsite renewable power generation which serve to decrease cost, increase their client’s resilience to power interruptions, and meet reduced carbon footprint standards set by state and local governments.
“I’m very pleased with our investment in Hospital Energy. The Company’s focus on energy management and sustainability is 100% aligned with our core values and investment goals” said Walter Beinecke, Partner at 424 Capital, who will serve as Chairman of the Company. “Mark Mininberg has built a very solid business with the best possible reputation, which will serve as a terrific platform as we seek to build leadership in the US energy management sector.”
“424 Capital has built strong industry knowledge in energy management and has a long history investing in the healthcare sector”, said CEO Mark Mininberg. “We are excited to partner with 424 Capital while continuing to provide the highest level of service to our client base.”
USA, Wakefield, MA & Elmhurst, IL