- Represented Cleveland Thermal, LLC (“Cleveland Thermal” or the “Company”) in its sale to Corix.
- Cleveland Thermal is the district energy utility serving downtown Cleveland for over 100 years. The Company has a non-exclusive franchise covering the city limits of Cleveland providing steam and chilled water service to more than 150 buildings.
Drivers of Interest
- Fundamentally strong business model characterized by consistent revenues and inherent value proposition for buildings to make use of district energy services.
- Recent conversion of the pricing model to drive revenue and promote efficiency.
- Compelling planned financial impact of boiler conversion.
- Experienced, professional management team.
- Loyal and diverse customer base of government, corporate, hospitality, commercial, education, and other buildings.
- Favorable trends in the downtown Cleveland business and real estate climate.