Schneider Electric has acquired Summit Energy

Lincoln International, a leading independent mid-market investment bank, has announced its role as exclusive financial adviser to Schneider Electric SA (SCHN.PA), the global specialist in energy management products and services, in its $268 million acquisition of Summit Energy Services Inc. (“Summit”), the world’s largest provider of outsourced energy procurement and sustainability services to industrial, commercial and institutional enterprises.

Summit Energy provides its clients with services including energy procurement, risk management, market intelligence, data management and sustainability consulting. It employs more than 350 individuals based in 11 international offices across North America and Europe and serves client facilities in more than 90 countries. Summit Energy is a fast-growing business, expected to generate sales of approximately $65 million for the current year with an EBITA margin above the Schneider Electric average.

Chris Curtis, Schneider Electric’s Senior Executive Vice President, North America, commented: “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 has over the years built long-term relationships with its clients based on its ability to deliver value through skilled personnel supporting the customer. Summit Energy will be an excellent complement to Schneider Electric’s demand-side capabilities in the fields of energy audits, energy monitoring and energy efficient solutions. The total purchase price for the company is $268 million (~ €190 million) on a debt-free cash-free basis, subject to certain adjustments.

As the exclusive financial advisor to the Company, Lincoln International worked with the senior management team throughout the acquisition process providing advisory expertise and assisting in the negotiation and due diligence phases of the transaction.

Federico Mennella, Managing Director at Lincoln International, commented: “We are delighted to have had the opportunity of continuing to work with Schneider on another important transaction as our client continues to build its energy management services and solutions portfolio in the U.S. and around the world.”

About Schneider Electric SA

As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, and efficient, the company’s 110,000 plus employees achieved sales of €19.6 billion in 2010, through an active commitment to help individuals and organizations “Make the most of their energy.” More information about Schneider Electric can be obtained at www.schneider-electric.com.

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