US-based independent power company LS Power has signed a definitive agreement to purchase US energy management firm Enerwise Global Technologies from HIG Capital for a private fund it manages.
Enerwise Global Technologies has a trade name CPower, which provides demand response and distributed energy resources in North America.
Financial details of the transaction have not been disclosed by both the companies and the deal is expected to close in December this year.
The acquisition is said to be in line with LS Power’s focus on implementing its power market expertise in important and developing sectors of the market.
LS Power Private Equity co-head David Nanus said: “CPower is a well-established leader in demand response and distributed energy resources across all key power markets, with a high- quality customer base and talented, cohesive and dedicated management team.
“This acquisition gives LS Power the opportunity to support the continued growth of CPower’s unmatched energy management platform through the advancement of its proprietary technology, development of new products and ongoing delivery of superior customer service.”
Upon completion, CPower will continue to operate as an independent business entity under the LS Power umbrella of companies.
The deal is also expected to benefit CPower as it will be able to quickly advance its growth strategies while maintaining its industry leadership position.
CPower president and CEO John Horton said: “We look forward to building upon our success and further strengthening our customer and partner relationships as we enter the next phase of our growth with LS Power.”