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Crius Energy Acquires Retail Book
Crius Energy LLC has executed, through its affiliates, a binding agreement to acquire the U.S. retail energy customer portfolio of Superior Plus Energy Services, a division of Superior Plus Corp.
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ADVERTISEMENT The acquisition includes approximately 20,000 residential and small commercial customer accounts totaling approximately 40,000 residential customer equivalents.
With a purchase price of up to $120 per residential customer equivalent and minimal incremental operating cost, Crius, "is confident the acquisition will be accretive to earnings and gross margin in 2014."
Crius said that the acquisition, "strengthens the company's geographic footprint in New York and Pennsylvania and adds to its growing portfolio of fixed rate accounts."
"In addition, the transaction furthers the ongoing diversification of its customer mix by increasing the company's overall commercial customer base by approximately 15%," Crius said.
Customers added through the acquisition will not experience any change to their service and will be seamlessly transitioned either to Public Power or FTR Energy Services, two of Crius Energy's retail brands, based on location and service type.
"This is an important acquisition for us that furthers our diversification efforts and leverages our multi-channel platform for growth," said Michael Fallquist, Chief Executive Officer of Crius Energy.
"This transaction is an excellent opportunity for us to benefit from our recently expanded credit facility with Macquarie Energy," said Fallquist. "We are actively pursuing other acquisition targets and are confident that we have sufficient cash availability to execute on other accretive transactions. We remain focused on our goal to grow and diversify our cash flows to support long-term distributions for our unitholders which includes growth both organically and through acquisitions."
Crius Energy has over 610,000 residential customer equivalents.
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April 8, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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