Retail Supplier Acquires Broker, Network Marketer

IDT Energy said that it will acquire Dallas-based Diversegy, LLC, a retail energy advisory and brokerage company that serves commercial and industrial customers, and its network marketing channel, Epiq Energy.

IDT Energy serves residential and small business customers primarily in the Northeast.

Terms of the acquisitions were not disclosed.

"Through Diversegy and Epiq Energy, we have acquired access to two new customer acquisition channels, and expanded our geographic reach beyond our current service area," said Geoff Rochwarger, CEO of IDT Energy. "We expect these channels will complement our existing retail energy business by creating opportunities for new customer acquisitions and long term growth."

"The acquisition of both Diversegy and Epiq Energy fit well into our long term growth strategy. Through Epiq Energy’s retail energy marketing program, we expect to boost our residential customer acquisition efforts. Diversegy will help us broker competitive offerings for large commercial and industrial customers beyond our current footprint," concluded Rochwarger.