Crius Energy Working on "Multiple" Deals on M&A Front

Crius Energy is working on "multiple" deals on the M&A front, CEO Michael Fallquist said during an earnings call yesterday.

"We have multiple deals we're working on; we have a robust pipeline," Fallquist said.

Crius Energy recently acquired 40,000 RCEs from Superior Plus Energy Services.

"Acquisition growth continues to be an important part of our business strategy and we expect that the fragmented nature of the retail energy industry, along with the current market volatility, will deliver further accretive acquisitions during the remainder of the year," Crius said in an earnings report.

"We have sufficient cash availability to execute on additional transactions through our expanded working capital facility with Macquarie Energy," Crius said.

Crius Energy reported total cash and availability of $46.8 million, consisting of $15.3 million of cash and cash equivalents, no long-term debt, and availability under the credit facility with Macquarie Energy of $31.5 million.