Ameresco Acquires Substantially All Assets of UK Energy Services Provider Energyexcel LLP to Further Expand its Comprehensive Energy Efficiency and Renewable Energy Solutions to International Customers
Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced that it has acquired the energy consultancy and energy project management business of Energyexcel LLP, an independent energy services provider located in Central London, United Kingdom. With this acquisition, Ameresco adds to its local presence in the UK and commercial and industrial (C&I) customer base having purchased Energy Services Partnership (ESP), one of the UK's leading providers of innovative energy management solutions, in June 2013.
The two UK-based businesses, each a UK Energy Consultant Award recipient, provide complementary energy efficiency, supply management and sustainability services. Together they broaden Ameresco's international expertise and service offerings for multi-national customers, and augment Ameresco's team with seasoned energy industry professionals locally.
'We look forward to having the Energyexcel team join the Ameresco family, further supporting our commitment in the UK market and expanding our capabilities and value-added services to serve local and multi-national commercial, industrial and manufacturing customers in North America and Europe,' said David J. Anderson, Executive Vice President, Ameresco. 'Our acquisition of the Energyexcel business, combined with the capabilities of our recent acquisition of ESP, allows Ameresco to provide a comprehensive range of energy efficiency, renewable energy solutions and intelligent energy management services, addressing both sides of the customers' meter, including energy supply, demand response, real-time energy data information and analytics, and utility invoice management. The experience and capabilities of these award-winning organizations allows Ameresco to advance its geographic expansion abroad while increasing our business in the C&I space.'
Energyexcel's efficiency and project management services help C&I customers improve performance of existing energy systems, introduce new energy-efficient technologies and onsite generation, institute energy monitoring and targeting (M&T), reduce carbon emissions and track sustainability initiatives, comply with energy and climate change requirements, and realize energy cost savings to improve business performance. Some current Energyexcel customers include a large UK-based pharmaceutical company, four of the five largest supermarket chains in the UK, and a multinational chocolate bar manufacturer.
'The whole team at Energyexcel is excited by the opportunities presented by joining forces with Ameresco,' said Tony Coleman MA MSc CEng MEI MInstR, Managing Director, Energyexcel LLP. 'We look forward to working with the Ameresco team to deliver greater value to our clients by widening the scope and capacity of the service we can offer. We believe that this deal is good news for our clients and our staff.'
Coleman continued, 'As a management team we are impressed by the immediate understanding that Ameresco has demonstrated of our business and our competitive position. We are also impressed by the enthusiasm that they have to help us grow the combined UK business to become a prevailing force this side of the Atlantic as Ameresco is in the U.S.'
Energyexcel and ESP share Ameresco's passion for and commitment to providing innovative energy services and renewable solutions while relentlessly focusing on customer satisfaction. Consistent with one of Ameresco's key competitive advantages, Energyexcel is an independent energy services provider and ESP is supplier-independent. As a result, each is able to select the most cost effective and tailored solutions for its customers. Ameresco already provides an extensive portfolio of innovative energy efficiency and renewable energy solutions, as well as energy procurement services similar to Energyexcel and ESP's, to customers across North America.
Terms of the acquisition were not disclosed. Ameresco does not anticipate the acquisition will have a material effect on its 2014 results, subject to finalization of purchase accounting. The Company expects to provide a further update on its third quarter earnings conference call.
Energyexcel was founded in 2007 by five experienced energy industry specialists with a long-term vision to provide clients with high-quality, innovative engineering solutions. Caring about the environment and its clients' needs, Energyexcel operates using a fresh and flexible approach to reducing energy and carbon emissions. The Energyexcel team has experience across all sectors and energy technologies. Located in Central London, UK, the team is comprised of more than 30 engineers and energy specialists. In June 2014, Energyexcel was awarded the Green Champion Award at the Energy Live Consultancy Awards dinner presented by the UK Energy Consultants. For more information about Energyexcel, visit http://www.energyexcel.com.
About ESP, an Ameresco Company
ESP was acquired by Ameresco in June, 2013. Founded in 2002 and incorporated in 2009, ESP provides innovative energy solutions including comprehensive utility risk management, strategy and consultancy services. ESP is completely independent of all suppliers, which leaves the Company free to select the most cost effective and tailored solution for its clients. Combining financial, capital market and energy trading expertise with an intimate understanding of the wholesale energy markets, ESP helps clients proactively manage their energy exposure and work to enhance each client's bottom-line, corporate valuation and management reputation. ESP assists clients to buy smarter without increasing greater levels of price uncertainty; reduce overall energy usage without adversely impacting operational performance; and reduce their carbon footprint without increasing the cost of doing business. ESP has 22 employees and is located in Castleford, UK. ESP was recognized as Energy Consultant of the Year in 2010 and 2011, and was awarded the I&C Most Innovative Consultancy Award at the Energy Live Consultancy Awards in June 2013. For more information about ESP, visit www.energyservicespartnership.co.uk.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco's services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 69 offices in 34 states, five Canadian provinces and the United Kingdom. Ameresco has more than 900 employees. For more information, visit www.ameresco.com.
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about the expected benefits of the acquisition and estimated future results, as well as other statements containing the words 'projects,' 'believes,' 'anticipates,' 'plans,' 'expects,' 'will' and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including Ameresco may be unable to successfully operate the acquired business to achieve the expected financial results; Ameresco may be unable to retain and maintain relationships with key employees, customers and other strategic partners of the acquired business, as well other factors discussed and detailed from time to time in reports filed by Ameresco with the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q. In addition, the forward-looking statements included in this press release represent Ameresco's views as of the date of this press release. Ameresco anticipates that subsequent events and developments will cause its views to change. However, while Ameresco may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Ameresco's views as of any date subsequent to the date of this press release.
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