HomeJanuary 5, 2012
Ecova to Acquire LPB Energy Management
Copyright 2012 EnergyChoiceMatters.com.
Ecova, f/k/a Advantage IQ, today announced the planned acquisition of LPB Energy Management (LPB), a privately held energy management company headquartered in Dallas, Texas.
The acquisition of LPB grows Ecova's client base to nearly 700 commercial companies with multiple sites. The transaction is projected to close by January 31, 2012, to be funded by Ecova through an expansion of its credit facilities and an equity infusion from existing shareholders, and to be neutral to Ecova's earnings in 2012.
LPB reported revenue of $18.4 million for the year ended December 31, 2010 and $15.0 million for the nine months ended September 30, 2011.
"This acquisition significantly expands our geographical reach; our new offices in Dallas and Houston enable us to better serve clients in the important energy hub of Texas," said Jeff Heggedahl, CEO of Ecova.
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