E Source Acquires ILLUME Advising to Boost Program Evaluation Capabilities

Align Capital Partners’ (“ACP”) utilities-focused research, data science and consulting platform E Source (the “Company”), has acquired ILLUME Advising (“ILLUME”). ILLUME is a boutique consulting firm specializing in customized research and program evaluation for the utility industry. The combination boosts E Source's ability to help its utility clients by providing deeper customer insights, tailored solutions and richer engagement, building upon the Company’s deep expertise in North America's utility sector.

ILLUME was founded in 2013 by Anne Dougherty and Sara Conzemius. Since then, ILLUME has grown to include over 45 consultants in 15 states with diverse skill sets in the social sciences, data science, engineering, strategic planning and policy implementation. From behavioral economics and human-centered design to applied engineering and building science, ILLUME's multidisciplinary expertise will further enhance E Source's deep technical knowledge and trend-tracking capabilities across all utility verticals.

ILLUME Founder and Co-Owner Anne Dougherty shared, "At ILLUME, we've always believed in the power of rigorous research, strategic insight and deep partnership with clients. E Source is the perfect strategic match to help us scale that vision." Sara Conzemius, ILLUME’s other Founder and Co-Owner added, “We are thrilled to be joining forces with E Source—a group we've long admired. Their commitment to innovation, environmental stewardship and customer-centered solutions deeply aligns with our own mission at ILLUME."

E Source is led by Joe Eazor who was appointed CEO in January 2025. Eazor brings deep industry and leadership experience to the role, having served as a board member at E Source for two years and previous senior executive positions at EDS, EMC, Oracle, Rackspace, Earthlink and Clario. Commenting on the acquisition, Eazor said, “I am thrilled to welcome the ILLUME team to E Source. This acquisition enhances our talent pool and depth of offerings, allowing us to create a more connected and holistic client experience across services.”

ACP acquired E Source in June of 2019 and will continue to invest in strategic add-ons to broaden the Company’s offering of tech-enabled, data-driven solutions to help utilities effectively manage the infrastructure and customer sides of their business. Commenting on the strategy, Rob Langley, Managing Partner at ACP shared, “A key part of our original thesis at E Source was to broaden the Company’s service capabilities for its blue-chip utility customers. We see add-on acquisitions, such as ILLUME, as being key to this success through adding complementary capabilities and leadership to bolster the work of E Source today.”

Rob Langley, Matt Iodice, Stuart Schardin, Sarah Whitney and Ryan Schmidt worked alongside management on the transaction. Align Capital Partners was advised by McGuireWoods and ILLUME was advised by The Environmental Financial Consulting Group and Murphy Desmond S.C.

About E Source

E Source blends industry-leading research, data science and consulting services to help utilities make and implement better data-driven decisions that positively impact their customers, their bottom line and our planet. E Source is headquartered in Boulder, Colorado, with offices across the US. For more information, see www.esource.com.

About Align Capital Partners

ACP is a growth-oriented private equity firm that partners with business owners and management teams to help create shared success. ACP manages $1.8 billion in committed capital with investment teams in Cleveland and Dallas. ACP brings experience and resources to help lower-middle market companies accelerate their growth, to the benefit of management, employees and the firm’s investors. ACP makes control investments in differentiated companies within the business services, technology, specialty manufacturing and distribution sectors. For more information, visit aligncp.com.

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The combination boosts E Source's ability to help its utility clients by providing deeper customer insights, tailored solutions and richer engagement.