Ecova to Acquire LPB Energy Management

Source:  Ecova Press Release, January 5, 2012.

Ecova—a total energy and sustainability management company based in Spokane—today announced the planned acquisition of LPB Energy Management (“LPB”), a privately held energy management company headquartered in Dallas, TX. With twelve years of experience providing utility expense management and energy procurement for clients, LPB grows Ecova’s client base to nearly 700 commercial companies with multiple sites. The transaction is projected to close by January 31, 2012, to be funded by Ecova through an expansion of its credit facilities and an equity infusion from existing shareholders, and to be neutral to Ecova’s earnings in 2012. LPB reported revenue of $18.4 million for the year ended December 31, 2010 and $15.0 million for the nine months ended September 30, 2011.

“Adding LPB’s capabilities and skilled staff to Ecova solidifies our position in the energy and sustainability management industry,” said Jeff Heggedahl, CEO of Ecova. “This acquisition significantly expands our geographical reach; our new offices in Dallas and Houston enable us to better serve clients in the important energy hub of Texas. Having multiple offices and data centers also provides added security and back-up capability, strengthening the support we can offer our customers for our software products.”

The acquisition increases Ecova’s scale, capacity and reporting options, as well as Ecova’s overall capability for utility expense management. It gives the company an unrivaled ability to deliver insights based on energy cost and consumption across more facilities, increasing benchmarking capabilities and data. For Ecova’s utility clients, this acquisition brings additional locations from which utilities can work with commercial customers to enhance existing commercial energy efficiency programs. Ecova’s CEO Jeff Heggedahl will continue to lead the combined organization and the Dallas office will become Ecova’s South Central regional office.

“LPB Energy Management has been helping clients save money by managing utility expenses and securing low energy rates in deregulated markets for more than a decade,” said Matthew Berke, president of LPB. “Joining forces with Ecova makes sense for our company, our employees and our customers. We can now deliver the best thinking, data and service to our customers.”