Berkshire: BCMS advises Energyexcel on acquisition by Ameresco
Substantially all of the assets of Energyexcel LLP, an independent energy services business, have been acquired by Ameresco Inc, a leading independent provider of comprehensive energy consulting services listed on the New York Stock Exchange (AMRC), in a transaction managed by international M&A adviser BCMS.
Energyexcel identifies and delivers innovative, quantifiable and sustainable energy savings solutions to major blue-chip clients and a number of well-known supermarket chains that are all household names in the UK. London-based, Energyexcel was founded in 2007 by five experienced energy industry specialists with a long-term vision to provide clients with high-quality, innovative engineering solutions.
The acquirer Ameresco Inc is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Headquartered at Framingham, MA, Ameresco operates internationally, providing its expertise through 69 offices located in 34 American states, five Canadian provinces and the United Kingdom. Ameresco Inc is a listed organisation on the New York Stock Exchange (AMRC).
BCMS deal leader Hugh Ashburner, who managed the transaction, commented: “There was significant interest in the proposed acquisition of Energyexcel, which at the latter stages involved a number of organisations competing for the business, including private equity firms, international utility services providers and energy management services organisations.
“BCMS did anticipate a high degree of interest in the business, as consulting firms such as Energyexcel occupy a current niche, due to energy legislation requiring large organisations to actively reduce their carbon emissions. As part of the Ameresco Inc family Energyexcel is set to grow and will undoubtedly become a prevailing force in the provision of energy efficiency services both in the UK and in Europe.”
As part of its advisory work for Energyexcel, BCMS researchers profiled 122 companies that could potentially acquire the business. Following discreet approaches by the BCMS deal team, 32 organisations expressed a serious interest in reviewing the acquisition. The partners met with 13 of these interested parties to discuss the acquisition in detail. Following offers from five of these organisations, Ameresco Inc negotiated the preferred deal structure and went on to complete the acquisition.
This transaction is Berkshire-based international M&A advisor BCMS’ 10th energy-sector related transaction. BCMS was lead sale adviser to the partners of Energyexcel.
