HF CAPITAL, the Knoxville-based investment arm of multi-generational Haslam family investors, stands ready to invest up to $725MM to support and help shape the emerging Energy Decarbonization strategy of Ara Partners, a Houston-based private equity firm with global interests.

Through this initiative, Ara Partners says it aims "to decarbonize conventional energy assets across North America."

Ara Partners' website explains that its Co-founders -- Charles Cherington (in Boston) and Troy Thacker (in Houston) -- founded Ara in 2017 "with a singular, measurable mission: to decarbonize the industrial economy."

The firm's founders were determined "to create more than just a zeitgeist fund with an 'impact' sticker slapped on top," according to the Ara Partners site.

The Ara Decarbonization team aims to target investments in the conventional energy value chain, including power generation, merchant biofuels, and supply and distribution businesses.

Shameek Konar PhD

Development and execution of the Ara Energy Decarbonization strategy is to be led by Shameek Konar, who is partner and head of Ara Energy Decarbonization. Konar will also serve as a senior advisor to Ara's infrastructure-oriented line of business.

Konar is a former CEO of Knoxville-based Pilot Company, now Pilot Travel Centers LLC.

Pilot's provenence dates back to its founding in Knoxville in 1958 by James A. Haslam II, the family's patriarch.

Konar is a member of the board of advisors of the Haslam College of Business at the University of Tennessee and holds a Vanderbilt University PhD in economics, among other degrees.

His earlier career included executive roles with Goldman Sachs (commodities principal investments), Constellation Energy (strategy and development), Castleton Commodities (chief investment officer), and other businesses. LinkedIn profile.

As of June 30 this year, 7-year-old Ara Partners had approximately $6.3BN assets under management.

Ara also seems to have ample dealflow: Yesterday, for example, Houston-based Utility Global -- majority-owned by Ara Partners -- announced it had raised $53MM toward an ongoing Series C raise to further commercialize Utility's gas-production technology for hard-to-abate industries.

Ara Partners has other Tennessee interests: In early 2022, Ara Partners acquired control of Tennessee's Genera Energy, located in Vonore, Tenn.

Genera's incumbent investors -- including WindSail Capital Group, Coppermine Capital and Stairway Capital -- retained minority stakes.

Kelly Tiller PhD

Genera was founded by Kelly Tiller PhD, its former CEO, and now chief strategy officer. Related VNC coverage.

HF Capital has previously invested in Silicon Ranch, the utility-scale solar power producer based in Nashville.

SEC records in April 2021 showed HF Private Funds Pool LLC had raised nearly $226.5MM from 32 investors; in April 2023, the same issuer reported raising $720MM from 45 investors.

Filings also show from HF Direct Investments Pools LLC, which has been the vehicle for the family's stake in Westrock Coffee Co. (WEST).

Andrew Seamons

Andrew Seamons MBA CFA is Haslam Family (HF) Capital LLC's chief investment officer. Seamons previously served 18 years in a similar role in managing assets of entrepreneur Pitt Hyde's Pittco Management LLC, et al. VNC's earlier Seamons coverage.

Pilot is described as the largest transportation and fuel business in North America.

In January, the Haslam Family sold its remaining minority interest in Pilot Travel Centers to Berkshire Hathaway, which had increased its ownership stepwise since 2017. Denouement: complicated.

Advisors: In Ara Partners' 2022 Genera deal, England & Company LLC and FocalPoint Partners LLC (a B. Riley Financial Company), acted as financial advisers and White & Case LLP served as counsel to Ara. In the same transaction, Genera was advised by Paul Hastings LLP and investment banker Jefferies LLC. In the abovementioned Utility Global transaction, TPH&Co., the energy business of Perella Weinberg Partners, was exclusive financial advisor to Utility. Some Haslam Family entity SEC filings were prepared by attorney Michael Baisley, in Knoxville with Long Ragsdale & Waters.

Ara Partners' recent decarbonization strategy press release is here. VNC

.last edited 1535 26 September 2024