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Spark Energy "Absolutely" Looking At More Acquisitions, Records Organic Growth, Too
Even as it integrates two recently acquired books of business, Spark Energy is "absolutely" looking at further acquisitions, said Nathan Kroeker, Spark Energy, Inc.'s President and Chief Executive Officer.
Asked during an investor Q&A whether Spark sees a lot of additional acquisition opportunities, Kroeker said, "Absolutely. I mean I will say the management team is very focused on integrating the two deals we just did in July. But we do have a founder that's very committed to helping us grow through M&A, willing to continue to leverage his balance sheet in order to do that. So we're absolutely continuing to look at additional opportunities. Whether there would be something we do directly in Spark or whether it's something that we do with the parent company and then leverage subordinated debt in order to drop those down at a later date, but we're willing to look at pretty much anything that we think is on strategy for us."
Apart from acquisitions, Spark Energy reported organic growth of 4% in the quarter ended June 30, 2015, driven by strong success with its electric sales campaigns in PPL and Nstar, as well Consumers Energy and PG&E on the natural gas side, and dual fuel offerings in ConEd.
Approximately 82,000 new customers came on flow in the quarter ended June 30, 2015, which included approximately 25,000 from the Entrust California natural gas book purchase, which Spark closed in the first quarter
With respect to the Oasis acquisition, Spark said that it has launched several dual fuel offers to Oasis customers, where, for example, Spark is now selling Oasis electricity combined with Spark gas in the same customer sales experience.
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August 13, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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