OpTerra Energy Group Acquires Energy Control
DENVER, Dec. 1, 2010
/PRNewswire/ -- OpTerra Energy Group, a newly formed, best-in-class
energy service company (ESCO), has acquired Energy Control Inc. (ECI),
a comprehensive energy services company and building automation/control
systems integrator serving the New Mexico and Southern California
markets. Terms of the deal were not disclosed.
ECI is a 34-year-old company
headquartered in Albuquerque, New Mexico that designs and constructs
energy efficiency, building automation, and renewable energy projects
for large public and private sector clients. ECI has significant
experience implementing energy conservation and generation solutions
for a wide range of facilities, including universities and school
districts, hospitals and other customers in New Mexico and surrounding
states. ECI has also developed national recognition for its work
with demand response applications in the commercial building
market.
OpTerra was established to become a
leading national ESCO offering a comprehensive array of energy
conservation services and technologies to public and private sector
customers. OpTerra is backed by the GFI Energy Group of Oaktree
Capital Management.
"Joining OpTerra will enable the
next phase of growth for Energy Control," said Jack McGowan, ECI
president. "We look forward to leveraging OpTerra's
operating platform to launch our energy efficiency and demand response
solutions into new markets including Southern California and
Florida. In addition, the financial backing of Oaktree-managed
funds will allow us to implement projects of larger and more complex
scope."
"ECI is an excellent addition to
OpTerra’s growing portfolio of regional ESCOs, and this transaction
will enable it to accelerate its participation in utility demand
response programs in high-cost energy states as well as to grow its
coverage of the Southwestern U.S. market for energy services,"
said Raouf Abdel, OpTerra CEO. "In addition, ECI will contribute to
OpTerra’s national roll out of comprehensive energy efficiency and
clean energy solutions to public and private sector customers."
"The GFI Energy Group of Oaktree
Capital Management seeks to work with market leading companies and
world class management teams in the energy industry," said Ian
Schapiro, head of the GFI Energy Group. "We view OpTerra as an exciting
platform to create value through the consolidation of top-quality
regional players in the ESCO sector, and we are very enthusiastic about
OpTerra's purchase of ECI following its acquisition of Aircon Energy
last month."
About Energy Control
ECI is an energy service company
(ESCO) and building automation/control systems integrator providing
energy engineering and building control services in New Mexico,
California, Florida and surrounding markets. ECI’s services include
design, specification and engineering of energy efficiency, renewable
energy, building automation, demand response, smart grid, security, and
systems integration solutions. Founded in 1976 and headquartered
in Albuquerque, NM, ECI services a wide range of clients in the
commercial, educational, government and industrial sectors. For
information, visit www.energyctrl.com.
About OpTerra Energy Group, Inc.
OpTerra was established to create a
nationally-scaled, best-in-class energy service company (ESCO). OpTerra
will evaluate, design, and implement a portfolio of energy efficiency
and clean energy generation solutions for building owners and occupants
in governmental, educational, institutional, commercial and industrial
markets across the United States. OpTerra's platform provides its
operating divisions expanded business development channels and
resources, broader service offerings, wider geographic footprint, and
increased financial strength, including greater working capital and
bonding capacity. OpTerra is a portfolio company of Oaktree Power
Opportunities Fund III, L.P., which is managed by the GFI Energy Group
of Oaktree Capital Management. For information, visit
www.opterraenergy.com.
About the GFI Energy Group
GFI Energy Group is a specialized
investment team within Oaktree Capital Management. GFI's funds invest
in profitable, growing companies with innovative products and services
used in the power and energy industries. Through its fifteen year
history, GFI funds have invested in more than sixty transactions with
aggregate value of over $2.5 billion. Oaktree is a premier, global
alternative and non-traditional investment manager headquartered in Los
Angeles with over $78 billion in assets under management as of
September 30, 2010. For information, visit www.oaktreecapital.com.
SOURCE OpTerra Energy Group, Inc.
RELATED LINKS
http://www.OpTerraEnergy.com
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