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TPG Growth and The Rise Fund to Acquire CLEAResult

TPG Growth and The Rise Fund today announced that they have signed an
agreement to acquire CLEAResult, the country’s leading provider of
energy efficiency solutions for utility companies. TPG Growth, the
middle-market and growth equity platform within TPG, and The Rise Fund,
a global impact investing fund managed by TPG, will be co-investors in
acquiring the company from General Atlantic, a leading global growth
equity firm. Financial terms of the transaction were not disclosed. The
transaction, which is expected to close later in 2018, is subject to
customary closing conditions, including regulatory approval.

“CLEAResult has experienced tremendous growth over the past few years,
positioning us as the leading provider of energy efficiency services and
allowing us to deliver over 4,500 GWh and 54 million therms of energy
savings in 2017. With TPG as our partner, we look forward to continued
growth in our energy management offerings and further innovation in our
technology platforms to deliver exceptional value to our clients,” said
CLEAResult CEO Aziz Virani.

Headquartered in Austin, Texas and serving hundreds of utility customers
across the country, CLEAResult partners with utilities and local
governments to design, implement and maintain services and programs that
provide energy optimization and efficiency to residential,
institutional, commercial and industrial organizations. Through these
programs, CLEAResult helps lower energy and grid load requirements,
reduces energy bills for consumers and cuts carbon emissions through
reduced heating and electricity usage.

“CLEAResult has a strong position in the utility demand-side management
market and is committed to investment in innovation and technology
development to enhance its offerings,” said Christopher Yip,
Principal at TPG. “We look forward to supporting management to
further build the platform and benefit all stakeholders.”

“Energy efficiency is one of the least expensive ways to meet energy
demand, and CLEAResult enables this every day for residential and
commercial customers by working in collaboration with utilities across
North America. Not only do these programs help families and businesses
to save money, but they result in significant reductions in carbon
emissions – a key focus area for The Rise Fund,” said Rick Needham,
Energy Sector Lead for The Rise Fund. “We are very excited to help
CLEAResult grow their business and in the process further reduce
emissions.”

“Over the past five years CLEAResult has meaningfully expanded their
leadership position in the energy efficiency and demand-side management
space,” said Peter Munzig, Principal at General Atlantic. “It has
been an honor to work with Aziz Virani, Terry Moore, Jonathan Seltzer,
and the entire team at CLEAResult and we look forward to the company’s
next phase of growth with TPG.”

Financing for the transaction is being provided by Goldman Sachs & Co.
LLC, UBS Investment Bank, Credit Suisse and KeyBanc Capital Markets.

KeyBanc Capital Markets Inc. and Robert W. Baird & Co. served as
financial advisors to TPG, and Vinson & Elkins served as legal advisor
to TPG and The Rise Fund.

J.P. Morgan and Piper Jaffray served as financial advisors and Paul,
Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to
General Atlantic.

About CLEAResult

CLEAResult is the largest provider of energy efficiency programs and
services in North America. Through proven strategies tailored to
clients’ unique needs and market dynamics, the combined strength of
experienced energy experts and technology-enabled service offerings help
CLEAResult change the way people use energy for hundreds of utility and
business partners. Founded in 2003, CLEAResult is headquartered in
Austin, Texas, and has more than 2,500 employees in more than 70 cities
across the U.S. and Canada. For more information, visit clearesult.com.

About TPG Growth

TPG Growth is the middle market and growth equity investment platform of
TPG, the global alternative asset firm. With approximately $13.5 billion
of assets under management, TPG Growth targets investments in a broad
range of industries and geographies. TPG Growth has the deep sector
knowledge, operational resources, and global experience to drive value
creation, and help companies reach their full potential. The firm is
backed by the resources of TPG, which has more than $82 billion of
assets under management. For more information, visit www.tpg.com.

About The Rise Fund

The Rise Fund is the world’s largest global fund committed to achieving
measurable, positive social and environmental outcomes alongside
competitive financial returns —what we call “complete returns.” The Rise
Fund is managed by TPG Growth, the global growth equity and middle
market buyout platform of alternative asset firm TPG. The Rise Fund is
led by a group of influential thought leaders with a deep personal and
professional commitment to driving social and environmental
progress. The board includes: Bill McGlashan, TPG Growth Founder and
Managing partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs,
Anand Mahindra and Pierre Omidyar. The Rise Fund’s objectives align with
the U.N.’s Sustainable Development Goals. The Rise Fund invests in
education, energy, food and agriculture, financial services, growth
infrastructure, healthcare, and technology, media, and
telecommunications companies that deliver complete returns. For more
information, visit therisefund.com.

About General Atlantic

General Atlantic is a leading global growth equity firm providing
capital and strategic support for growth companies. Established in 1980,
General Atlantic combines a collaborative global approach, sector
specific expertise, a long-term investment horizon and a deep
understanding of growth drivers to partner with great entrepreneurs and
management teams to build exceptional businesses worldwide. General
Atlantic has more than 115 investment professionals based in New York,
Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai,
Munich, Palo Alto, São Paulo, Shanghai, and Singapore. www.generalatlantic.com.

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