total energy and sustainability management company--today announced the
planned acquisition of LPB Energy Management ("LPB"), a privately held
energy management company headquartered in Dallas, Texas. With twelve
years of experience providing utility expense management and energy
procurement for clients, LPB grows Ecova's client base to nearly 700
commercial companies with multiple sites. The transaction is projected
to close by January 31, 2012, to be funded by Ecova through an expansion
of its credit facilities and an equity infusion from existing
shareholders, and to be neutral to Ecova's earnings in 2012. LPB
reported revenue of $18.4 million for the year ended December 31, 2010
and $15.0 million for the nine months ended September 30, 2011.
"Adding LPB's capabilities and skilled staff to Ecova solidifies our
position in the energy and sustainability management industry," said
Jeff Heggedahl, CEO of Ecova. "This acquisition significantly expands
our geographical reach; our new offices in Dallas and Houston enable us
to better serve clients in the important energy hub of Texas. Having
multiple offices and data centers also provides added security and
back-up capability, strengthening the support we can offer our customers
for our software products."
The acquisition increases Ecova's scale, capacity and reporting options,
as well as Ecova's overall capability for utility expense management. It
gives the company an unrivaled ability to deliver insights based on
energy cost and consumption across more facilities, increasing
benchmarking capabilities and data. For Ecova's utility clients, this
acquisition brings additional locations from which utilities can work
with commercial customers to enhance existing commercial energy
efficiency programs. Ecova's CEO Jeff Heggedahl will continue to lead
the combined organization and the Dallas office will become Ecova's
South Central regional office.
"LPB Energy Management has been helping clients save money by managing
utility expenses and securing low energy rates in deregulated markets
for more than a decade," said Matthew Berke, president of LPB. "Joining
forces with Ecova makes sense for our company, our employees and our
customers. We can now deliver the best thinking, data and service to our
Ecova is the total energy and sustainability management company
whose sole purpose is to see more, save more, and sustain more for its
clients. Using insights based on consumption, cost and carbon footprint
data spanning thousands of utilities, hundreds of thousands of business
sites and millions of households, Ecova provides fully managed,
technology-optimized solutions for saving resources, which in turn
increase returns, lower risks, and enhance reputations. Ecova is the
largest non-regulated subsidiary of Avista Corp (NYSE:AVA and avistacorp.com).
For more information, visit the company's website at ecova.com,
on LinkedIn at linkd.in/ecovainc,
or follow Ecova on Twitter at @ecovainc.
This news release contains forward-looking statements regarding the
company's current expectations. Forward-looking statements are all
statements other than historical facts. Such statements speak only as of
the date of the news release and are subject to a variety of risks and
uncertainties, many of which are beyond the company's control, which
could cause actual results to differ materially from the expectations.
These risks and uncertainties include, in addition to those discussed
herein, all of the factors discussed in Avista Corp's Annual Report on
Form 10-K for the year ended Dec. 31, 2010 and the Quarterly Report on
Form 10-Q for the quarter ended Sept. 30, 2011.
Wendy Carhart, 503-525-2700 ext. 465