Itron to Acquire Comverge for $100M, Diving into the Demand Response Business

Itron to Acquire Comverge for $100M, Diving into the Demand Response Business

May 10, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 5/8/17, GreenTech Media reported that “[s]mart metering giant Itron announced Monday that it will acquire demand response provider Comverge for about $100 million. It’s a move that puts Itron into a totally new business…. Itron signed a definitive agreement to acquire Comverge through the purchase of its parent company, Peak Holding Corp., which is the latest in a long string of owners. Comverge was one of two big companies to IPO early last decade (EnerNOC being the other) as the automated demand response market soared. But Comverge, which combined residential and commercial-industrial programs, didn’t fare well financially. In 2012, it went private for $49 million, a fraction of its post-IPO valuation. Owner H.I.G. Capital then built a deal to combine Comverge’s C&I operations with Constellation Energy’s CPower, itself created out of a former Comverge business line.” More also at UtilityDIVE.

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Posted by CompetitiveAssets on May 10th, 2017

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