PowerSecure Acquires ESCO Business from Lime Energy
PowerSecure International (NASDAQ: POWR) today announced that
PowerSecure has acquired Lime Energy's (NASDAQ: LIME) energy services
company (ESCO) support business, which serves major ESCOs in delivering
energy efficiency upgrades for large facilities, for $1.9 million in
cash. PowerSecure also will assume $3.7 million of net liabilities
related to projects in progress.
PowerSecure takes over approximately $27 million of projects previously
awarded to Lime Energy and expects to recognize the revenue and profit
from these projects as they are completed.
PowerSecure expects that the transaction will be accretive to EBIDTA and
earnings in 2013, subject to finalization of the accounting related to
the amortization of intangible assets.