Engie Acquired Ecova
- On May 30, 2014, Engie (formerly GDF Suez) announced the acquisition of Ecova for $335M.
- Engie is a $65B market capitalization company engaged in the provision of gas, electricity and energy-related services in 70 countries.
- This transaction will help further develop Engie’s data-driven energy services capabilities globally.
- Engie has 100,000+ customers worldwide and will leverage Ecova’s solution suite and data insights to deliver smarter energy services to new and existing customers across its global platform.
- Ecova manages $20B+ in annual energy and resource spending for 700+ commercial and industrial C&I clients in North America and has developed the largest database of C&I energy and resource use data.
- Ecova is the leading North American provider of technology-enabled energy and sustainability management solutions to commercial, industrial and utilities clients.
- Ecova has a blue-chip customer base, serving 24% of Fortune 500 companies and 50+ of the largest North American utilities.
- Engie intends to expand Ecova’s data-driven energy services capabilities and augment Ecova’s data warehouse.
- Greentech served as a financial advisor to Engie and was closely involved in all aspects of the transaction, including structuring, valuation, due diligence and negotiations.
WHAT THE TRANSACTION MEANS FOR THE ENERGY SERVICES SECTOR
- International energy firms are increasingly expressing an interest in developing a U.S. energy services business. Most often, these firms are looking for platform acquisitions with an entrenched customer base.
- U.S. companies with a stable base of customers and broad service offerings can command premium valuations.