Siemens Expands to Energy Procurement with Pace Global Acquisition

Siemens Industry, Inc. announced today that it has completed the acquisition of Pace Global Energy Services, LLC in Fairfax, Va.

Financial details were not disclosed.

Although Pace Global's services largely focus on energy management, it does offer energy procurement and risk management services.

"With a current portfolio ranging from energy services to performance contracting, we have expanded our capabilities with the addition of energy consulting and procurement services. By combining both companies' market-leading solutions, Siemens has formed an end-to-end energy consulting and project delivery capability that is unique in the market, and is a perfect complement to the realities of running today's business operations," said Andreas Schierenbeck, president of the U.S. Building Technologies Division of Siemens.

Pace Global manages more than $5 billion in energy spend for 200 clients around the world, oversees a risk portfolio valued at approximately $10 billion, and supports the development, acquisition, and financing of over $100 billion of energy assets worldwide.

Pace Global will integrate within the Siemens Building Technologies division, but will continue to operate as a separate operating unit. Timothy F. Sutherland will continue to lead the operating unit after the acquisition, and Pace Global's executive staff and employees will remain intact.

"The purchase of Pace Global allows us to extend our reach into the energy market and enhance our current building automation portfolio of energy management solutions and services to both the private and public sectors," said Dave Hopping, Vice President of the U.S. Siemens Building Automation business unit.