Worcester's World Energy Acquires CT Firm
World Energy Solutions Inc., a Worcester-based energy management services firm, announced it has acquired Northeast Energy Partners LLC (NEP) of Connecticut.
The privately-held energy broker was purchased for $7.9 million in cash and World Energy will pay an additional $5.2 million in seller notes and potential earn-outs.
World Energy said the acquisition expands its national footprint, addressing the energy management needs of small and mid-size businesses while increasing the company's market share in New England. It will also create an opportunity for World Energy to deliver services to NEP's 2,000 customers in Connecticut and Massachusetts, the company said.
"NEP is a perfect strategic fit for us," said Phil Adams, World Energy CEO. "The acquisition advances our goal of becoming the national leader in energy procurement for the mid-market segment, building on our purchase last year of GSE Consulting. The deal also brings us a roster of new customers in utility territories with active incentive programs where we can cross-sell our energy efficiency services."
CFO Jim Parslow said the acquisition is inline with World Energy's growth strategy, "supplementing strong organic growth with the acquisition of profitable, cash-generating companies that have predictable revenues and cash flows."
NEP was founded in 2000 and its annual revenues exceeded $5 million, according to World Energy. The company will continue to operate in Enfield, Conn., and all its 17 employees will be retained.
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