Direct Energy completes $110M acquisition of Energetix, NYSEG
Firms supply retail electricity, natural gas to 245,000 customers in New York, Pennsylvania
mergers and acquisitions
HOUSTON— Direct Energy says it has sealed a $110-million deal to acquire New York-based energy retailers Energetix, Inc., and NYSEG Solutions, Inc.
Based in Rochester and Binghamton, New York, respectively, Energetix and NYSEG Solutions supply retail electricity and natural gas to approximately 245,000 residential and commercial customers in New York and Pennsylvania.
The addition of Energetix and NYSEG Solutions expands Direct Energy’s U.S. Northeast customer count to 1.3 million, the company announced.
“We are pleased to welcome Energetix and NYSEG Solutions to the Direct Energy family and look forward to offering more customers in New York and Pennsylvania innovative energy solutions and superior customer service,” Direct Energy Residential president Steven Murray said in a statement. “This deal builds on Direct Energy’s North American growth strategy and allows us to provide consumers with more choice and services when it comes to how they purchase and consume natural gas and electricity.”
The two acquired companies operate as a single retail organization, according to Direct Energy, and were wholly owned subsidiaries of Iberdrola USA.
Earlier this year, Direct Energy announced the addition of 280,000 new residential and small business customers to its U.S. Northeast customer base following the acquisition of Vectren Source, a supplier of natural gas in Ohio, Indiana and New York.
In addition, in 2012 the company entered a total of 22 new markets while achieving significant organic growth in the U.S. Northeast.