Schneider Electric acquires energy procurement and sustainability services business Summit Energy

Schneider Electric is to acquire Kentucky based energy procurement and sustainability services business Summit Energy Services.

Summit Energy provides its clients with services including energy procurement, risk management, market intelligence, data management and sustainability consulting. It employs around 350 staff based in 11 international offices across North America and Europe and serves client. The business is expected to generate sales of approximately $65 million for the current year with an EBITA margin above the Schneider Electric average.

The total purchase price for the company is $268 million (~ € 190 million) on a debt-free cash-free basis, subject to certain adjustments. The completion of the transaction is subject to regulatoryapprovals and customary closing conditions. This acquisition is expected to be accretive on earnings per share from year 1 and to meet Schneider Electric’s Return on Capital Employed criteria in 2014.

According to Schneider Electric, Summit Energy will be an excellent complement to Schneider Electric’s demand-side capabilities in the fields of energy audits, energy monitoring and energy efficient solutions.

Chris Curtis, Schneider Electric’s Senior Executive Vice President, North America, commented: “The acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities.”

“By joining with Schneider Electric, we will be able to deliver Summit’s unique service offering to Schneider Electric customers,” said Steve Wilhite, Summit Energy’s President and CEO. “In recent years, we have invested heavily in people and technology to serve our clients. In combining our strengths with Schneider Electric’s resources, Summit Energy will be even better positioned to lead our clients to cost-effective and sustainable energy.”

Summit Energy and Schneider Electric have issued an Open Letter about the acquisition, as follows:

Today we are excited to announce that Summit Energy has agreed to be acquired by Schneider Electric.

This is an expansion and growth strategy for both companies:

Schneider Electric will benefit by expanding into the energy procurement and sustainability services space, broadening its energy management solution portfolio through the acquisition of a leader in this regard.

Summit Energy benefits from access to Schneider Electric’s global reach, technical capabilities and financial resources enabling continued expansion in terms of services and technology-related tools for our clients, as well as increased geographic growth opportunities.

As you may know, Schneider Electric is a global specialist in energy management with operations in more than 100 countries. Headquartered near Paris, France and with North American headquarters in Palatine, Illinois, Schneider Electric has been in operation for nearly 175 years and is widely recognized as the global specialist in energy management.

In recent years, Summit Energy has invested heavily in people and technology to serve its clients. In combining Summit Energy’s strengths with Schneider Electric’s knowledge and resources, we will be even better positioned to lead customers to cost-effective and sustainable energy.

This is a very positive step for both organizations. This partnership of two leaders will only serve to strengthen our service offering as well as provide customers with additional energy management related resources. We look forward to sharing more information with you on the new opportunity this acquisition presents in the near future.


Steve Wilhite, President and CEO, Summit Energy
Jeff Drees, US Country President, Schneider Electric

France, Rueil-Malmaison & USA, Kentucky

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