Vertility Energy Corp. said yesterday that it plans to acquire Apollo Power & Light, which serves a mix of prepaid, post-paid, and commercial customers in ERCOT.
Apollo Power & Light, which is organized as Weir Investments Fund LLC, recently acquired the customers of another prepaid REP, Pocket Power.
The acquisition of Apollo by Vertility Energy Corp. is expected to close on or before November 1, 2011, subject to PUCT approval. Terms were not disclosed.
Vertility Energy Corp. was created by Ontario-based Wireless Age Communications Inc., which is rebranding itself as Vertility Technology Corporation, to execute the acquisition of Apollo. Vertility Energy Corp. will itself be acquired Wireless Age Communications Inc. upon successful completion of the acquisition of Apollo Power & Light by Vertility Energy Corp.
Wireless Age Communications Inc. is engaged in the marketing and installation of energy efficient household products, and the design, manufacture, and installation of waste handling and remediation systems.
"The sale of Apollo Power & Light to Vertility Energy Corp, and subsequent financial backing, is pivotal to enabling our accelerated growth and market consolidation strategy," said Brian Bolinger, CEO of Apollo.
"Vertility Energy Corp. and its affiliated companies will provide Apollo with the financial platform to acquire additional customers through organic growth as well as growth through acquisition. Apollo has identified several key acquisition targets that are expected to be accretive immediately upon closing," Bolinger said.
John Simmonds, CEO of Wireless Age, said that, "[a] substantial number of undercapitalized energy companies have suffered financially through the Texas heat wave in August," and said that the, "Texas Energy market is ripe for consolidation."
The Vertility family of companies includes backoffice and outsourcing firm Vertility Integrated Solutions, which Bolinger said will enable the Apollo backoffice and call center to scale at a lower cost-basis, driving greater cash flow to support quick growth with minimal incremental overhead.
Other services offered by Wireless Age Communications through the Vertility companies (specifically, the Enwise Home Services brand) include:
- Government certified home energy audits which conclude with recommended energy saving retrofits and direct access to all applicable grants and incentives
- Licensed installations of customer approved energy saving retrofits
- Affordable rental financing conveniently billed on the customer's monthly utility bill
- Installation and serving of furnaces, boilers, air conditioners, air filtration, and water heaters.