FOCUS Investment Banking Represents Opinion Dynamics in its Sale to E Source
Washington, DC (August 19, 2025) – FOCUS Investment Banking (“FOCUS”), a leading middle market investment bank, announced today that it served as exclusive financial advisor to Opinion Dynamics, a premier provider of research, evaluation, and advisory services for the public utility industry, in its sale to E Source (the “Company”), a utilities-focused portfolio company of Align Capital Partners (“ACP”).
E Source brings more than 35 years of expertise helping utilities tackle complex challenges with data-driven insights and strategic advice. The addition of Opinion Dynamics enhances E Source’s ability to evaluate grid-edge initiatives—including energy efficiency, transportation and building electrification, decarbonization, and load flexibility. Opinion Dynamics contributes a diverse team of social scientists, economists, engineers, consultants, and data scientists dedicated to supporting utilities and regulators across North America.
“For 37 years, Opinion Dynamics has grown as an independent company,” said Bill Norton, President of Opinion Dynamics. “This next step accelerates our growth, allows us to invest in our people, and expands our client-focused services. Our team will continue to deliver industry-leading evaluation, research, and advisory solutions—now backed by an even deeper bench of experts to address emerging utility challenges.”
“This acquisition marks a pivotal step in our growth strategy and in the evolution of our utility partnerships,” added Joe Eazor, CEO of E Source. “By combining our strategic and advisory strengths with Opinion Dynamics’ evaluation expertise, we can guide utilities through every phase of the program lifecycle—with insight, accountability, and measurable impact.”
Since partnering with ACP, E Source has completed thirteen acquisitions and remains committed to pursuing strategic add-ons that drive innovation and transformation across the utility industry. Acquisitions like Opinion Dynamics bring in top talent and broaden the company’s capabilities.
“It was a privilege to advise the Opinion Dynamics team on this transaction,” said Rick Thomas, FOCUS CEO. “The combination with E Source creates exciting opportunities to deliver greater value to utility clients, and we look forward to the company’s continued expansion and leadership in the sector.”
*These testimonials may not be representative of the experience of all clients; testimonials are not a guarantee of future performance or success.
Prior to joining FOCUS, Rick served as Vice President at VSI, a boutique investment banking firm located in Washington, DC. He led M&A activities for publicly and privately held companies in the middle market, several of which have annual revenues in excess of $1 Billion. Rick’s clients were involved in a wide array of transactions; from acquisitions and divestitures to minority interests and strategic partnerships.
In addition to his experience with clients, Rick has lectured to hundreds of senior executives on M&A best practices and has been an adjunct faculty member for The George Washington University School of Business and Public Management. His M&A teachings focused on coaching companies and senior executives in how to build an acquisition team, create a winning strategy, identify and engage not-for-sale companies, streamline company valuation, perform value added due diligence and techniques for financial modeling. Rick has also served as a U.S. representative to South African companies in the capacity of advisor and consultant on business linkages, partnering and financing for small and medium businesses.
He holds an MBA in International Business and Finance from The George Washington University. He earned a BS in Engineering from Michigan State University. After completing an undergraduate program in engineering, Rick spent several years working as a manufacturing engineer and supervisor for General Motors. In this role he was responsible for the quality and productivity of manufacturing teams. In addition to being recognized as an outstanding team leader and team builder, Rick implemented a number of process improvements which enhanced product quality and efficiency at numerous GM production facilities.
