Ameresco, Inc. Acquires Substantially All Assets of Colorado Energy Services Provider Ennovate Corporation
Ameresco expands footprint in the Rocky Mountain Region
FRAMINGHAM, MA and DENVER, CO – February 7, 2013 – Ameresco, Inc. (NYSE: AMRC), a leading energy efficiency and renewable energy company, announced today that it has completed the purchase of substantially all of the assets of Ennovate Corporation, an energy service company active throughout Colorado, Nebraska, Montana and Wyoming. Ennovate is currently serving customers that include schools, higher education facilities, municipalities and counties.
“We are delighted the acquisition of Ennovate has been completed, and we are happy to have the team join the Ameresco family,” said George P. Sakellaris, President and Chief Executive Officer, Ameresco. “Ennovate’s industry experience and strong customer commitment closely aligns with Ameresco’s. With the additional talent and resources in our Central Region, we not only increase our footprint and penetration in the Rocky Mountain area, but continue to focus on delivering outstanding results and innovative, energy-saving solutions for our customers while welcoming all of those joining us through Ennovate.”
“The entire Ennovate team is very excited to be part of the Ameresco family,” said Jeff Schuster, President, Ennovate Corporation. “The synergies between the companies are remarkable and will offer incomparable value to both existing and future clients. We have great expectations for introducing our building commissioning and engineering services to Ameresco’s customers and Ameresco’s renewable energy services to our customers.”
“It is a pleasure to welcome Jeff Schuster, President of Ennovate, and his organization to Ameresco’s Central Region,” said Louis P. Maltezos, Executive Vice President and General Manager, Central Region, Ameresco. “In his new role as Ameresco Vice President of the newly combined Ameresco/Ennovate Regional Office, I look forward to Jeff’s continued leadership and commitment in expanding the customer base and serving customers.”
The Ameresco and Ennovate Colorado offices will be combined at the current Ennovate location in Aurora, Colorado, and operating together as Ameresco, the team will be responsible for leading Ameresco’s efforts in the Rocky Mountain Region of the United States. Ennovate’s employees will join Ameresco’s current workforce of more than 900.
As a result, Ennovate’s customers can benefit from Ameresco’s comprehensive energy services including energy efficiency, energy savings performance contracts, energy supply and risk management, energy infrastructure services, renewable energy and carbon management, and Ameresco’s data and invoice management platforms.
Terms of the transaction were not disclosed.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) 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 63 offices in 34 states and five Canadian provinces. Ameresco has more than 900 employees. For more information, visit www.ameresco.com.
Ennovate is a full service energy engineering firm dedicated to providing performance contracting, freelance energy engineering, facility infrastructure improvements and many other services to improve clients’ facilities. Since inception in 1997, Ennovate has focused on development, implementation and commissioning of energy projects. Ennovate’s experience in the Rocky Mountain and Great Plains Regions is predicated on Ennovate’s long-standing knowledge of local contractors, participation in client associations, and unsurpassed expertise in the region.
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.