Business & Industrial Services

Cleveland Thermal

Provider of district heating and cooling solutions for downtown Cleveland.

Transaction Overview

  • 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.
Hennepin Partners LLC