GRAND RAPIDS — Increasing corporate concerns over climate change and growing energy management awareness is fueling growth for Foresight Management.
The Grand Rapids-based Foresight recently closed on its third acquisition in as many years with a deal last month for Vikron Energy Solutions LLC, a Traverse City-based energy broker that helps industrial customers procure and manage their natural gas supply.
Terms of the deal were undisclosed, but the sale marks a complete exit for former Vikron President Jeff Weymouth, who will help consult during a transition period.
Foresight President Brian Pageau says acquiring Vikron will complement Foresight’s similar work in helping companies achieve renewable energy and energy efficiency targets.
Vikron “represents one of the service areas of our business, so we’ve got people and expertise in what (Weymouth) is doing, but he does it to a level of depth that I’ll call new for our team,” said Pageau, noting that Vikron’s clients include about 20 large energy users.
“We’ll be able to serve and talk to them about our other services like energy efficiency and sustainability,” Pageau said.
The deal not only marks Foresight’s third acquisition in the past three years and the second during the COVID-19 pandemic, but it’s also a sign of more to come, Pageau said. Foresight previously acquired Grand Rapids energy engineering firm Building Performance Team Inc. in early 2019 and Grand Rapids-based Sustainable Research Group in 2020.
Foresight also will nearly double its workforce from 16 at the beginning of the pandemic to 30 people by the end of this year, Pageau said.
“We see continued growth organically and with acquisitions,” Pageau told MiBiz. “More and more, (acquisitions) are becoming an intentional part of our strategy.”
That growth is being driven by an increasing number of large manufacturers and “consumer-facing brands” intentionally focusing on their energy management, he said.
“There’s just a lot of industry tailwinds around the combination of sustainable business, carbon, climate change and environmental consciousness,” Pageau said.