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Parent of Retail Supplier to Acquire Oasis Energy
NuDevco Partners Holdings, LLC has entered into a purchase sale agreement to purchase Oasis Power, LLC.
Oasis serves approximately 40,000 RCEs (Residential Customer Equivalents) in multiple states and utilities, and "has experienced significant growth over the last few years," NuDevco said.
Oasis management projects 2015 EBITDA of over $8.0 million, before synergies or other cost reductions.
W. Keith Maxwell III, CEO of NuDevco Partners, commented, "We are pleased to be buying a great company and brand with the purchase of the Oasis team and customer base. This company and brand is the right fit and size for our family of retail companies, which includes Spark Energy. This type of transaction is a first for NuDevco and we believe there are many opportunities for similar transactions in the space."
NuDevco Partners Holdings, LLC is the sponsor of Spark Energy, Inc. and is wholly owned by W. Keith Maxwell III, Founder and Chairman of Spark.
As previously reported, NuDevco is working with Spark to develop a framework that would enable Spark to utilize NuDevco's balance sheet to pursue additional growth through M&A. -
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May 12, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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