Broker PowerOne Corporation Announces Acquisition

PowerOne Corporation of Chicago, Illinois, a broker, announced that it has agreed to purchase Power Equity, Inc. (PE), a competitive energy sales organization based in Garden Grove, California.

The purchase, which includes all company assets, including personnel, intellectual property and customer lists, was made for cash and PowerOne stock.

"PowerOne continues to implement its aggressive growth plan, both organically and through strategic acquisitions," said George Wahbeh, President and CEO of the company. "The acquisition of PE provides us with key personnel and IP and helps us expand our customer base. This is especially important to our California operations, given the implementation of the state's Direct Access (DA) program following SB 695."

Last month, PowerOne Corporation announced that it was expanding its service area through an agreement with Sherpa Energy Services (see prior story)