May 27 2013
PowerSecure International, Inc. today announced that it has gained 100 percent ownership of its solar business with the purchase of the final 10 percent ownership stake from Southern Energy Management and also has gained 100 percent ownership of its IES LED lighting business with the purchase of the final 33 percent ownership interest from IES.
In addition, PowerSecure has acquired Powerline EHV & Safety Training, LLC, a leader in utility infrastructure safety training. This acquisition further enhances the company’s strong focus on its safety programs.
The company completed these three transactions for approximately $1.3 million in cash and approximately $3.0 million in common stock, for a total aggregate value of approximately $4.3 million.
As a result of these transactions, PowerSecure is now positioned to capture 100 percent of the net income from these businesses in the future, and has bolstered its utility infrastructure safety and training programs with additional resources and capabilities.
“These transactions reflect our growing confidence in our solar and LED businesses and allow us to capture full value for our success, while our continued investments in the safety and training of our utility infrastructure teams reflect our commitment to serving our utility partners with the safest and most productive crews in the industry,” said Sidney Hinton, chief executive officer of PowerSecure.
“Given the momentum we are seeing, we anticipate the cumulative impact of these acquisitions will be modestly accretive to 2013 earnings,” Hinton added.