Energy-Tech Firm Trilliant Explores Sale With Help of Jefferies

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(Bloomberg) — The owners of Trilliant Holdings Inc. are exploring a sale of the smart-grid technology company after attracting inquiries from potential buyers, according to people familiar with the matter.

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Founder Steve Muzzo owns a majority stake in the business alongside Toronto-based private credit firm Third Eye Capital. After receiving expressions of interest, they hired Jefferies Financial Group Inc. to speak with potential bidders, the people said, asking not to be identified discussing private deliberations.

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The talks are at an early stage and there’s no certainty they’ll result in a deal, according to the people. 

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“Trilliant continues to perform strongly, we had a record year in 2025, and are on track for another record year across our global business in 2026,” Trilliant Executive Chairman Andrew White said in an email. “As is common for companies operating in sectors experiencing significant infrastructure investment and consolidation like ours, shareholders periodically review inbound strategic interest with the assistance of advisers.”

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Muzzo and Third Eye Capital didn’t reply to requests for comment. 

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Trilliant sells technology to electrical utilities, helping them monitor usage, manage outages and integrate renewable energy into the grid. It also offers hardware and software solutions for water utilities. 

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Third Eye is a Toronto-based alternative credit manager that provides financing to middle-market companies through private loans. Firms such as Third Eye often combine debt and equity investments, allowing them to fund businesses while earning returns through multiple parts of the capital structure.

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The original loan from Third Eye was structured as a payment-in-kind facility, according to the people. So-called PIK loans allow the borrower to add to the principal of the loan instead of paying cash interest — meaning the balance grows quickly. 

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Stronger cash generation has allowed Trilliant to reduce the debt, the people said. Trilliant expects to secure new bookings from utility customers and is on track to generate around $65 million in earnings before interest, taxes, depreciation and amortization this year, the people said.

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The process has drawn interest from private equity firms and strategic buyers in the energy technology sector, according to the people.

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Utilities globally are spending on digital infrastructure to modernize their networks as power demand grows and renewable energy becomes a larger share of generation in many markets. Smart-grid technologies allow utilities to control electricity systems in real time, improving reliability. 

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Elevated borrowing costs have made refinancing more difficult for some mid-market firms, prompting lenders that hold both debt and equity stakes to pursue full sales of portfolio companies to produce cash to return to their own investors.

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