ALLENTOWN, Pa., March 27, 2017 /PRNewswire/ -- Talen Energy, one of the largest competitive energy and power generation companies in North America, announced today that it is exploring a sale of its Talen Energy Services business line.
Talen Energy Services is a wholly owned subsidiary of Talen Energy Corporation and is comprised of eleven industry leading, well-recognized mechanical contracting companies located in the Northeast and Mid-Atlantic. The companies, which are operated by experienced energy services management teams and founders, operate under established local brands and provide comprehensive mechanical contracting services to a diverse array of clients primarily within the industrial (heavy and light), institutional and commercial sectors. Core service offerings include process piping, HVAC construction and service and maintenance, energy service / savings, plant maintenance, sheet metal and other capabilities.
Talen Energy Services generated EBITDA of approximately $22 million for the fiscal year ended December 31, 2016.
The announced strategic alternatives and sale process is consistent with Talen Energy's strategy to divest non-core assets within its portfolio and focus on cash flow generation from its core power generation business.
Greenhill & Co., LLC and FMI Capital Advisors, Inc. are acting as financial advisors to Talen Energy in connection with the proposed sale process. For more information, please contact:
About Talen Energy Services
Talen Energy Services is comprised of eleven companies located in Pennsylvania, Massachusetts, New York, and Connecticut:
- McCarl's Inc.
- McClure Company
- H.T. Lyons, Inc.
- B-G Mechanical Contractors, Inc.
- B-G Mechanical Services, Inc.
- Burns Mechanical, Inc.
- Elmsford Sheet Metal Works, Inc.
- Fred Williams, Inc.
- General Control Systems, Inc.
- Millennium Builders
- Trystate Mechanical, Inc.
About Talen Energy
Talen Energy is one of the largest competitive energy and power generation companies in North America. The company owns or controls 16,000 megawatts of generating capacity in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. For more information, visit www.talenenergy.com.
This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements consist of words like "anticipate," "expect," "project," "continue" and similar words. These statements are based on the Company's and its subsidiaries' current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the forward-looking statements. Except as required by law, the Company assumes no obligation to update forward-looking statements for any reason after the date of this news release.
Non-GAAP Financial Measures
This news release contains EBITDA, which is a non-GAAP financial measure. This non-GAAP financial measure should be considered supplemental to and not a substitute for financial information prepared in accordance with generally accepted accounting principles.
SOURCE Talen Energy Corporation