PowerOne to Purchase Power Equity, Inc. Company to receive personnel, intellectual property and customers in stock buyout
CHICAGO, Aug. 6, 2013 /PRNewswire/ -- PowerOne Corporation of Chicago, Illinois, has agreed to purchase Power Equity, Inc. (PE), a competitive energy sales organization based in Garden Grove, California. The purchase, which includes all company assets, including personnel, intellectual property and customer lists, was made for cash and PowerOne stock.
"PowerOne continues to implement its aggressive growth plan, both organically and through strategic acquisitions," noted George Wahbeh, President and CEO of the company. "The acquisition of PE provides us with key personnel and IP and helps us expand our customer base. This is especially important to our California operations, given the implementation of the state's Direct Access (DA) program following SB 695."
This acquisition demonstrates PowerOne's continuing commitment to increasing value to its customers, employees, shareholders and partners through targeted growth initiatives. With the purchase of PE, PowerOne takes another large step towards its goal of becoming a driving force in the competitive electricity market.
PowerOne Corporation provides its customers with discounted electricity, both through its network of competitive suppliers and the company's own retail electricity supply offerings. Headquartered in Chicago, Illinois, the company is positioned to grow with the competitive energy market and gain share through better pricing, superior service and effective marketing strategies. Please visit www.power1co.com for more information.
SOURCE PowerOne Corporation