PowerSecure Acquisition Of PDI Data Center Business Expands Data Center Capabilities
Inc. (NYSE: POWR) today announced it has acquired the data center energy
services business of Power Design, Inc. (PDI). This business provides full
turnkey electrical infrastructure design, implementation and commissioning
service to data center owners.
Under the purchase agreement, PowerSecure paid PDI $13 million in cash, with
the potential for an additional earn-out payment of up to $2 million.
"The data center energy services business of PDI has established itself as a
market leader in designing and delivering electrical infrastructure for data
centers and we are very excited to add this capability to our portfolio," said
Sidney Hinton, chief executive officer of PowerSecure.
"PowerSecure has served as a supplier providing our data center solutions to
PDI and we believe by adding their direct customer channel and capabilities we
have the potential to accelerate our access to key data center decision makers
who are designing and evaluating backup power and control systems for their
facilities," Hinton added.
In the trailing twelve month period from the third quarter of 2013 through the
second quarter of 2014, this business generated more than $24 million in
revenue, resulting in approximately $7.8 million of pre-tax operating income
for PDI. These results are subject to adjustment following the completion of
an independent audit. PowerSecure expects the transaction to be slightly
dilutive to earnings per share (EPS) in Q4 2014, and meaningfully accretive to
EPS in 2015.
Conference Call Information
The company will host a conference call to discuss the PDI transaction
commencing today at 8:30 am eastern time. The conference call will be webcast
live and can be accessed from the Investor Relations section of the company's
website at www.powersecure.com. Participants can also access the call by
dialing 866-318-8616 (or 617-399-5135 if dialing internationally), and
providing pass code 20744302. If you are unable to participate during the
live webcast, a replay of the conference call will be available beginning
today through midnight on October 28, 2014. To listen to the replay, dial
toll-free 888-286-8010 (or 617-801-6888 if dialing internationally), and enter
pass code 42474409. In addition, the webcast will be archived on the Company's
website at www.powersecure.com.
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