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Completed Transactions > Construction and Engineering > Water & Energy Saving Corporation have been acquired by Constellation Energy

Water & Energy Saving Corporation have been acquired by Constellation Energy

Wesco

Date

Sep 2008

Region

Florida

Water & Energy Saving Corporation (W&ESCO), a Floridabased water and energy consulting business, was purchased by Constellation Energy Projects and Services Group, a subsidiary of Constellation Energy. Based in St. Petersburg, Florida, W&ESCO performs energy and water savings audits, predominantly for public housing projects.

The result of their work is often millions in projected savings, as well as increased efficiency in the use of natural resources. "W&ESCO was attractive to many buyers from the outset," explained Bill Hunter, who managed the transaction for M&A advisors Generational Equity. "However, in the course of conducting our financial analysis, we learned about a significant backlog of valuable contracts that W&ESCO simply did not have the resources to handle immediately." "Joining with Constellation Energy will increase our capabilities to assist clients in reducing their water and energy consumption and costs.

"Opportunities for our employees should grow exponentially," said Gene Overmyer, president and chief executive officer of W&ESCO. (It is anticipated that the employees, including the founders, will join Constellation.) "The services provided by W&ESCO are especially valuable in today's 'green' environment," said Ryan Binkley, President of Generational Equity. "With this deal, the company can expand the positive impact it is having on the environment and the cost of low-income housing." About Water & Energy Savings Corporation Water & Energy Savings Corporation (W&ESCO) was founded in 1992 when representatives of the Department of Housing and Urban Development (HUD) invited President Gene Overmyer to participate in the announcement of HUD's Energy Incentive Program. Since then, the company has grown from a small start up to a leading provider of community energy and engineering solutions. Water & Energy Savings Corporation has completed more than a quarter of HUD's Public Housing Energy Performance Contracts (EPCs). Water & Energy Savings Corporation's energy performance contracts have successfully met all guaranteed savings.

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