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Retail Supplier Plans To Acquire Additional Suppliers Opportunistically
Spark Energy said during an earnings conference call that it continues to identify additional acquisition targets which it will undertake opportunistically.
Spark Energy during the third quarter completed acquisitions of Provider Power and Major Energy in the third quarter, with the latter executed as a "drop down" from Spark's affiliate National Gas and Electric.
"We have now completed two drop down transactions, and we plan on continuing to work with our sponsor to acquire additional companies going forward," said Nathan Kroeker, Spark Energy's President and Chief Executive Officer. "NG&E remains diligent in seeking out potential acquisition targets, and will work closely with Spark throughout the due diligence and the negotiation phases of any transaction. Our sponsor and founder, Keith Maxwell, expects to continue funding NG&E's acquisitions in part through the conversion and sale of class A common stock."
"We continue to work closely with NG&E to identify additional acquisitions," Kroeker said
Kroeker said that M&A would be "opportunistic" in response to an analyst's question.
Spark has now completed seven acquisitions since its initial public offering on August 1, 2014.
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November 11, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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