The deal will allow Ecova to increase its client base to nearly 700 commercial companies with multiple sites thereby increasing its overall capability for utility expense management.
The transaction, expected to close by 31 January of this year, will be funded by Ecova through an expansion of its credit facilities and an equity infusion from existing shareholders.
LPB’s reported revenue is $18.4m for the year ended 31 December 2010 and $15.0m for the nine months ended 30 September 2011.
For Ecova’s utility clients, the acquisition brings additional locations from which utilities can work with commercial customers to enhance existing commercial energy efficiency programs.
