US-based PowerSecure International has sold its subsidiary, Southern Flow to Zedi for $16.5mn.
The transaction value includes base purchase price of $15.5mn, and $0.9mn for additional Southern Flow working capital.
The company has amended credit facility to accommodate the deal, including covenants modification, financial profile, and resizing of facility to $25mn.
PowerSecure CEO Sidney Hinton said this transaction enables the company to use its capital more efficiently into areas of even higher return.
PowerSecure is a provider of energy and smart grid solutions to the electric utilities and their customers, and energy services to the oil and natural gas industry.
Southern Flow provides sales, installation, calibration, inspection, maintenance, and measurement services to the petrochemical industry.