DENVER, Dec. 2, 2010 /PRNewswire/ -- OpTerra Energy Group, a newly formed, best-in-class energy service company (ESCO), has acquired Energy Control Inc. (ECI), a comprehensive energy services company and building automation/control systems integrator serving the New Mexico and Southern California markets. Terms of the deal were not disclosed.
ECI is a 34-year-old company headquartered in Albuquerque, New Mexico that designs and constructs energy efficiency, building automation, and renewable energy projects for large public and private sector clients. ECI has significant experience implementing energy conservation and generation solutions for a wide range of facilities, including universities and school districts, hospitals and other customers in New Mexico and surrounding states. ECI has also developed national recognition for its work with demand response applications in the commercial building market. For more information, visit www.energyctrl.com.
OpTerra was established to become a leading national ESCO offering a comprehensive array of energy conservation services and technologies to public and private sector customers. OpTerra is backed by the GFI Energy Group of Oaktree Capital Management. For more information, visit www.opterraenergy.com.
"Joining OpTerra will enable the next phase of growth for Energy Control," said Jack McGowan, ECI president. "We look forward to leveraging OpTerra's operating platform to launch our energy efficiency and demand response solutions into new markets including Southern California and Florida. In addition, the financial backing of Oaktree-managed funds will allow us to implement projects of larger and more complex scope."
"ECI is an excellent addition to OpTerra's growing portfolio of regional ESCOs, and this transaction will enable it to accelerate its participation in utility demand response programs in high-cost energy states as well as to grow its coverage of the Southwestern U.S. market for energy services," said Raouf Abdel, OpTerra CEO. "In addition, ECI will contribute to OpTerra's national roll out of comprehensive energy efficiency and clean energy solutions to public and private sector customers."
"ECI is OpTerra's second acquisition in less than 4 weeks and gives us excellent representation in key markets such as Southern California and the Southwest," said Ian Schapiro, head of the GFI Energy Group. "OpTerra's strategy of combining leading regional ESCOs to create a national best-in-class energy service provider is being extremely well received in the marketplace and we look forward to future announcements as OpTerra expands its national coverage and service offering."
About Energy Control
ECI is an energy service company (ESCO) and building automation/control systems integrator providing energy engineering and building control services in New Mexico, California, Florida and surrounding markets. ECI's services include design, specification and engineering of energy efficiency, renewable energy, building automation, demand response, smart grid, security, and systems integration solutions. Founded in 1976 and headquartered in Albuquerque, NM, ECI services a wide range of clients in the commercial, educational, government and industrial sectors. For information, visit www.energyctrl.com.
About OpTerra Energy Group, Inc.
OpTerra was established to create a nationally-scaled, best-in-class energy service company (ESCO). OpTerra will evaluate, design, and implement a portfolio of energy efficiency and clean energy generation solutions for building owners and occupants in governmental, educational, institutional, commercial and industrial markets across the United States. OpTerra's platform provides its operating divisions expanded business development channels and resources, broader service offerings, wider geographic footprint, and increased financial strength, including greater working capital and bonding capacity. OpTerra is a portfolio company of Oaktree Power Opportunities Fund III, L.P., which is managed by the GFI Energy Group of Oaktree Capital Management. For information, visit www.opterraenergy.com.
About the GFI Energy Group
GFI Energy Group is a specialized investment team within Oaktree Capital Management. GFI's funds invest in profitable, growing companies with innovative products and services used in the power and energy industries. Through its fifteen year history, GFI funds have invested in more than sixty transactions with aggregate value of over $2.5 billion. Oaktree is a premier, global alternative and non-traditional investment manager headquartered in Los Angeles with over $78 billion in assets under management as of September 30, 2010. For information, visit www.oaktreecapital.com.
SOURCE OpTerra Energy Group, Inc.