In buying Summit Energy, Schneider Electric receives a client-focused service platform; an experienced, multilingual team of regionally deployed energy and sustainability experts; leadership position for energy and sustainability reporting solutions through the online platform dashboarDView; and proprietary risk management analysis and modeling for key global energy commodities. Summit Energy will also complement Schneider Electric’s demand-side capabilities in energy audits, energy monitoring, and energy efficient solutions.
Chris Curtis, Schneider Electric’s Senior Executive Vice President for North America, says. “The acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities.”
Summit Energy’s President and CEO, Steve Wilhite, adds: “By joining with Schneider Electric, we will be able to deliver Summit’s unique service offering to Schneider Electric customers. In recent years, we have invested heavily in people and technology to serve our clients. In combining our strengths with Schneider Electric’s resources, Summit Energy will be even better positioned to lead our clients to cost-effective and sustainable energy.”
Schneider Electris is reportedly paying $268 million (€ 190 million) on a debt-free cash-free basis, subject to certain adjustments. The deal is subject to regulatory approvals and customary closing conditions.
Schneider Electric provides integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centers. For more information, visit www.schneider-electric.com
Summit Energy is expected to generate sales of approximately $65 million for the current year with an EBITA margin above the Schneider Electric average.