Advantage IQ and Ecos to become Ecova

October 26, 2011 — Fusion DigiNet

Advantage IQ, a utility expense, energy and sustainability management firm serving large commercial and industrial companies throughout North America, and Ecos, an Advantage IQ subsidiary delivering electric and gas utility demand-side management services, are joining forces to become Ecova.

“As Ecova we can leverage the deep expertise of several incredible companies working in both energy supply and demand-side management, for a comprehensive solution to help our customers see more, save more, and sustain more,” said Jeff Heggedahl, CEO of Ecova. “The world is changing. Financial pressures are causing companies and utilities to look more closely at how they can save money and resources. Energy management is a key strategy for cost-savings—and a way for organizations to improve their environmental performance and reputations with stakeholders.”

Ecova’s subsidiary, Ecos, will immediately begin merging its operations into Ecova but continue as a separate legal entity through the end of the year. Ecova is the largest non-regulated subsidiary of Avista Corp.

USA, Spokane, WA

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NUS Consulting Group acquires Viking Energy Management

September 5, 2011 — Fusion DigiNet

NUS Consulting Group, a provider of energy management solutions to businesses and energy intensive organisations, has acquired Viking Energy Management, a private company, specialising in risk management and energy procurement. Viking Energy Management is based in Charlotte, North Carolina.

The acquisition of Viking Energy Management will not only complement NUS Consulting Group’s existing staff and services, but will also provide us with a strong and experienced energy trading and risk management team which will broaden our existing service offerings in this extremely important area. I am very pleased that Viking has agreed to join and become part of NUS Consulting Group,” said Richard D. Soultanian, Co-President of NUS Consulting Group.

“We are very excited to be part of NUS,” said Bryant Lee, Co-Founder and Managing Director of Viking Energy Management. “This transaction recognizes Viking’s unique strengths in the area of energy trading and risk management. By joining with NUS Consulting Group we become part of the world’s largest and most respected energy management consulting firm and will be able to provide our energy trading and risk management support to NUS and Viking clients around the world.”

Bryant Lee  takes new role as Manager of Energy Trading and Risk Management at NUS Consulting Group.

USA, Park Ridge, NJ & Charlotte, NC

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Schneider Electric to acquire Telvent for $2BN

June 2, 2011 — Fusion DigiNet

Schneider Electric is to acquire smart grid company Telvent for around $2 billion.

Schneider Electric will make a cash tender offer for all of Telvent’s shares at a price of $40 per share, which represents a premium of 36% to Telvent’s average share price over the last 3 months and values the transaction at approximately $2 billion. Abengoa SA has irrevocably agreed to tender its 40% shareholding in Telvent into the offer. Certain members of management of Abengoa SA and Telvent, who collectively hold approximately 1.5% of Telvent’s capital, have also agreed to tender their shares. The transaction is expected to close in the third quarter of 2011.

In March this year, Schneider acquired Kentucky based energy procurement and sustainability services business Summit Energy Services. In December 2010, Schneider acquired two French-based software technologies for building management companies: Vizelia, a software provider of real time energy monitoring of buildings, and D5X, a specialist in solutions to optimize commercial space utilization.

Based in Madrid and listed on NASDAQ, Telvent (symbol: TLVT) is a leading and highly-recognized software and IT solution provider of real-time management of smart infrastructures. It provides its customers with increased reliability and flexibility of power distribution networks as well as operational and energy efficiency of their infrastructures.

Jean-Pascal Tricoire, Schneider Electric’s President and CEO, commented: “The acquisition is in line with our ambition to become a complete solution provider for our customers.   Telvent offers software capability that complements and integrates with Schneider Electric’s offering.  It also brings complementary customer base and geographical coverage.  Together, we will be able to provide our customers with high value added solutions that integrate smart devices and full software capability, hence reinforcing our position in the smart grid and critical infrastructure space.  We look forward to welcoming the Telvent teams who will enrich the cultural diversity and capability of our company. ”

Telvent employs more than 6,000 people on a worldwide basis and operates in more than 19 countries.  It reported 2010 sales of approximately €753 million and adjusted EBITDA of €115 million. Its key markets are in Europe (42% of 2010 sales), North America (35%) and Latin America (16%).  Its presence in the other regions of the world is more limited (7% of 2010 sales) but growing.  Its five operating segments are: Energy (34% of sales), Transportation (28%), Environment (8%), Global Services (19%) and Agriculture (11%).

Schneider Electric expects the transaction to generate revenue synergies of €250-300 million by 2016 thanks to enlarged offerings, complementary customer bases and geographical exposure. The estimated impact on EBITA is of approximately €30-35 million by 2016.  The Group also aims to achieve cost efficiencies which could improve EBITA by up to €20-25 million by 2016.

In total, the full potential impact of revenue and cost synergies on EBITA is estimated to reach € 50-60 million by 2016, of which two thirds should be achieved by 2014.

France, Rueil-Malmaison & Spain, Madrid

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Balfour Beatty WorkPlace acquires energy consultancy Power Efficiency for up to £18 million

April 7, 2011 — Fusion DigiNet

Balfour Beatty, the international infrastructure group, announces today that Balfour Beatty WorkPlace has acquired Power Efficiency, the energy procurement and carbon strategy consultancy, for a cash consideration of up to £18 million.

Power Efficiency, which is an employee-owned firm, is a leader in the energy management market, providing energy procurement, invoice validation, compliance and carbon reduction advisory services to a range of private sector customers.

Power Efficiency will be integrated with Balfour Beatty WorkPlace’s existing capabilities in energy management to create a leading energy services business with over 100 dedicated technical specialists and account managers. The acquisition marks an important development for Balfour Beatty WorkPlace, bringing together a powerful combination of M&E and energy capabilities to reduce customers’ energy spend and implement carbon reduction targets. It further strengthens its ability to maintain large complex portfolios, monitor consumption and deliver end-to-end energy and carbon management services, which is seen as a key requirement by many of Balfour Beatty WorkPlace’s existing customers.

Balfour Beatty Chief Executive, Ian Tyler, said: “Increasingly, providing our customers with advice and help to reduce their energy costs and carbon footprint is seen as an integral part of the service we offer them. This acquisition enables us to add additional skills and capabilities to our existing range of services and I am delighted that Power Efficiency’s management share our goal to build a leading energy services business.”

UK, London & Kent

 

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Schneider Electric acquires energy procurement and sustainability services business Summit Energy

March 25, 2011 — Fusion DigiNet

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.

Signed

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

France, Rueil-Malmaison & USA, Kentucky

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Bergen Energi forms global energy management alliance

March 8, 2011 — Fusion DigiNet

Here is a story we missed in early February:

Energy services company Bergen Energi, has formed a strategic alliance with US based Delta Energy and Brazilian Comerc Energia. The alliance, known as Energy Experts, is created with the mission to offer a global solution to serve the energy management and data reporting needs of industrial and commercial clients with facilities around the world.

Bergen Energi is also cooperating with energy data management company Entech USB.

The global energy markets have over the last decades seen a rapid development. Deregulation in the markets for, inter alia, electricity and gas, the emergence of increasingly international markets and a sharpened focus on CO2-emissions related to energy consumption are three key features of this development.

Bill Schjelderup, CEO and founder of Bergen Energi says: “Just as global companies demand financial and legal consulting from advisors with a global reach they now request the same reach from their energy management advisors. They need expertise and tools to benefit from price movements in a global market. They need frequently updated reports on their worldwide energy consumption, cost and carbon footprint. Via the Energy Expert Alliance we will be able to provide these services in a comprehensive and comprehensible way – also to clients with global operations”.

The member companies of Energy Experts combine more than 285 energy experts serving over 1,200 clients with facilities in North America, Europe and South America. The alliance plans to expand Energy Experts’ presence into additional geographies in the coming months.

Bergen Energi: Norway, Bergen
Delta Energy: USA, Columbus, OH
Comerc Energia: Brazil, Sao Paulo
Entech USB: London

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Advantage IQ to acquire Building Knowledge Networks

January 27, 2011 — Fusion DigiNet

Advantage IQ, a provider of strategic energy management solutions has entered into an agreement to acquire Building Knowledge Networks, a Seattle-based real-time building energy management services provider.

Under the terms of the acquisition agreement, Building Knowledge Networks will be fully integrated and operated as Advantage IQ.  The transaction has been funded by Advantage IQ and is expected to be neutral to earnings in 2011, as revenues are approximately $1 million for the 12 months ending Dec. 31, 2010.  Advantage IQ President and Chief Executive Officer Jeff Heggedahl will continue to lead the organisation, and Building Knowledge Networks founders Jay Marshall and Mike Willson will maintain leadership roles in furthering the development of this offering.

“Building management systems are rich with data, yet businesses are finding that this data is often difficult to acquire, aggregate, interpret and leverage toward actionable energy management,” said Heggedahl. “By acquiring Building Knowledge Networks, we are taking the next logical step to provide our clients with real-time connectivity to their building systems, empowering them with the data and analytics they need to make good business decisions that reduce costs while improving operations and reducing overall environmental impact.”

“Building Knowledge Networks was formed in 2003 to provide commercial building owners with analysis services that optimize building systems, reduce energy expenditures and improve operations management,” said Mike Willson, co-founder of Building Knowledge Networks. “There is a focus on technology to improve environmental design in the development of new buildings, yet there is a need for businesses to reduce energy use in existing, older buildings. We share Advantage IQ’s mission to provide businesses with the counsel and information needed to reduce energy consumption and costs.”The effective management of commercial building systems is a critical component of lowering overall energy demand in the United States and globally. According to the U.S. Energy Information Administration, there are 4.8 million commercial buildings in the U.S. that use $107.9 billion in energy annually. The U.S. Environmental Protection Agency’s ENERGY STAR program cites that 30 percent of the energy spent by commercial and industrial  buildings is being used inefficiently or unnecessarily.

Advantage IQ is a subsidiary of Avista Corp. (NYSE: AVA)

USA, Spokane, WA & Seattle, WA

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Fusion’s fifth deal in the energy services sector: Utility Masters Limited sold to M&C Energy Group

January 7, 2011 — Fusion DigiNet

Fusion Corporate Partners are pleased to announce our latest deal, the sale of procurement and energy management consultancy Utility Masters Limited (UML) to M&C Energy Group, an energy procurement and compliance specialist. M&C Energy Group are a portfolio company of private equity business, Lyceum Capital.

Fusion Corporate Partners acted as exclusive advisers to the shareholders of UML.  Paul Kelly (pkelly@fusioncorp.co.uk) led the transaction at Fusion. It is the fifth energy services sector deal completed by Fusion. Previous deals were:

As previously reported on Fusion DigiNet, Lyceum Capital acquired McKinnon and Clark in January 2010 for £22 million.

This is M&C’s fourth acquisition in just 12 months and will see the Fife-headquartered company’s turnover increase to £40million. Already an established global player in cost analysis, carbon management, energy procurement, bill auditing, energy price risk management and carbon optimisation, the acquisition of UML adds further depth and breadth of expertise to the company’s existing services, innovative energy management solutions and carbon compliance. M&C now manages in excess of £6.25billion of energy consumption each year for 3,500 of the world’s largest energy users across 20 offices in 13 countries.

In 2010, M&C also acquired Australian firm Creative Energy Solutions and German consultancy ETT, increasing its international footprint. Earlier that year it acquired Encore International, a leading provider of energy price risk management services, which handles more than £2billion of procurement annually.

Dan Adler, Partner at Lyceum Capital, said: “This acquisition further highlights our commitment to creating one of the world’s leading energy management consultancies in M&C, with a broad range of complementary services and significant geographical reach. With a well-invested operational infrastructure, high calibre management team and financial muscle, M&C is well-placed to continue its expansion as we identify further opportunities for organic and acquisition-led growth.”

Simon Northrop, CEO of M&C, said: “Utility Masters is a well respected energy consultancy with significant expertise in supply management. This company is a natural fit for our business and supports M&C’s aggressive growth strategy. As the energy consultancy business matures, there will be less of an opportunity for smaller players to compete effectively with the services and product range offered by large international consultancies such as M&C. Our aim is to become a major global provider of energy management services and we are working on a number of further acquisitions, both in Europe and globally, to enable us to deliver on this objective.”

Following the acquisition, UML’s founding partners, Jim McGhie, Shaun McClarnon and Kevin Whaites, will join the M&C team.

Jim McGhie, Managing Director, Utility Masters Limited, said: “M&C is unquestionably one of the world’s leading energy consultancies with a strong reputation for excellence in customer services and product innovation. M&C’s global reach will bring significant benefits to our clients, many of whom require an integrated energy service across many sites worldwide. My partners and I are looking forward to working with M&C to drive forward this strong business.”

Paul Kelly, Director at Fusion, said “We were delighted to work with Jim, Kevin and Shaun. They built a fantastic business which meant we were able to run a highly competitive deal process. Even with all the acquisitions that have taken place in the energy services sector in 2010, it is still a fragmented market where even the biggest global players only have a small market share. We expect to see further consolidation in the market. Fusion continue to be active in the space in 2011”.

UK, Dunfermline and Oldham

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Advantage IQ acquires The Loyalton Group

December 9, 2010 — Fusion DigiNet

Strategic energy management solutions company Advantage IQ, is to acquire The Loyalton Group.

The Loyalton Group is headquartered in Minneapolis, MN, and has additional offices in Washington, DC and Houston, TX. The company provides energy procurement and price risk management solutions. The Loyalton Group is strong in the hospitality industry, with a particular presence in the multi-family, senior living, education and food service sectors.

Under the terms of the acquisition agreement, The Loyalton Group, with revenues in excess of $7.5 million for the 12 months ending Sept. 30, 2010, will become part of Advantage IQ. The transaction will be funded entirely by Advantage IQ and is expected to be slightly accretive to earnings in 2011. The transaction is expected to close before Jan. 1, 2011, and is subject to customary closing conditions.

Commenting on the acquisition, Jeff Heggedahl, president and chief executive officer of Advantage IQ, said, “This acquisition shows further progress in our strategy to expand market share, while continuing to provide clients with a deep bench of expertise to help them manage energy consumption and reduce costs.”

He continued, “The Loyalton Group has a roster of world-class clients. Their proven ability to secure aggressive energy pricing and develop unique risk management solutions will augment Advantage IQ’s well-established procurement services for its clients, many of which are Fortune 1000 companies.”

Services offered include utility expense management, energy procurement and price risk management, facility optimization and sustainability consulting. To support its national client base, Advantage IQ plans to maintain The Loyalton Group regional offices in Minneapolis, Minn., and Washington, D.C. Advantage IQ’s Heggedahl will continue to lead the organization, and Loyalton co-founders Michael R. Vaughan and Martin B. Sieh will assume roles on Advantage IQ’s senior leadership team. 

“Advantage IQ is a leader in the energy management space, and we are thrilled to be joining this outstanding group of professionals,” said Michael R. Vaughan, chief executive officer of The Loyalton Group. “The combined strength of both organizations will create opportunities for clients to further reduce expenditures, manage risk and leverage their sustainability initiatives for a competitive advantage.”

With this acquisition, Advantage IQ continues to build upon its already significant position in the industry, growing its valuable electric usage database of more than 25,000 MW of commercial and industrial load.  

Advantage IQ is a subsidiary of Avista Corp. (NYSE: AVA)

USA, Spokane & Minneapolis, MN

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Cinven’s acquisition of Spice plc is complete

December 5, 2010 — Fusion DigiNet

Cilantro Acquisitions Limited, a company formed at the direction of funds managed and advised by Cinven Limited has acquired Spice PLC.

Fusion DigiNet reported the announcement of The Scheme of Arrangement on 27 September 2010. The Scheme is now Effective.

As part of the terms of the acquisition, non-executive directors, Peter Cawdron, Julie Baddeley, Michael Shallow and Timothy Huddart, have resigned from the Spice Board.

The listing of the Spice Shares on the Official List of the UK Listing Authority, and their admission to trading on the main market of the London Stock Exchange, will be cancelled.

Spice Shareholders will receive 70 pence in cash for each Spice Share, valuing Spice at approximately £251.1 million.

UK, Morley, Leeds

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