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Spark Energy Affiliate Announces Acquisition, With Option Which Would Bring Affiliate's Total To 100,000 RCEs
National Gas & Electric, LLC, an affiliate of Spark Energy, announced today that it has, "closed on a company acquisition with an option to purchase additional customers."
The identity of the acquired company was not disclosed
Upon exercising the option, National Gas & Electric, LLC would house over 100,000 residential customer equivalents (RCEs) which it intends to offer as dropdowns to Spark Energy, Inc. in the first half of 2017.
"We continue to work closely with our sponsor [National Gas & Electric, LLC] on the M&A front," said Nathan Kroeker, Spark's President and Chief Executive Officer.
National Gas & Electric, LLC serves as the parent company of Spark and is wholly owned by W. Keith Maxwell III, who is also the Founder and Chairman of Spark.
National Gas & Electric, LLC is working alongside Spark to develop a strategy that maximizes Spark's ability to aggressively pursue accelerated growth through M&A. National Gas & Electric, LLC also serves as a retail holding company for the de-risking of acquired books of customers in preparation for potential dropdowns to Spark.
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February 16, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott (at) energychoicematters.com
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