World Energy continues buying spree, buys NEP
Energy management services firm World Energy Solutions (Nasdaq: XWES) has acquired Enfield, Conn.-based Northeast Energy Partners, a broker of natural gas and electricity, in a $7.9 million cash and up to $5.2 million including notes and earn-outs deal.
Worcester-based World Energy, which says it has handled more than $30 billion in energy, demand response and environmental commodities, acquired NEP to tap into its small and mid sized customers, Vice President of Corporate Communications Dan Mees told Mass High Tech Thursday.
Founded in 2000, NEP was created in response to natural gas and electricity deregulation in Connecticut and Massachusetts. Both businesses operate in a fragmented market that includes approximately 1,000 aggregators, brokers and consultants around the county in deregulated territories.
“They’ve built up a great business in energy procurement and we like what they’ve done,” Mees said about NEP. “The special sauce is those 2,000 customers who are in fertile, utilities incentive territories.”
Combined, the businesses will have more than $30 billion in energy commodity transactions, 500 suppliers and 220 channel partners. All of NEP’s 17 employees will be retained post the acquisition, and the plan is to keep NEP’s Enfield office.
“Joining forces with a national energy management leader like World Energy will enable us to attract new customers, better serve our existing base, and provide our employees with exciting growth opportunities,” said Russ Monroe, President, Northeast Energy Partners. “World Energy’s approach to lowering a customer’s total energy cost is a compelling one, and our combined capability to execute it is going to make a big impact on how energy management gets done here and across the country.”
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