TORONTO, ONTARIO--(Marketwired - Jan. 10, 2017) - Spark Power Corp. ("Spark Power"), a provider of traditional and renewable power services and solutions, and New Electric Enterprises Inc. ("New Electric"), an electrical contracting services company, today announced the completion of a transaction to combine the two companies.
New Electric will become a wholly owned subsidiary of Spark Power, joining previously acquired high-voltage service companies Rondar, Pelikan, Tiltran and Tal Trees, and equipment sales and rental company Lizco.
Spark Power's roots are in renewable energy and community power development, management and operations; it has been recognized as a leader in this space since 2009. In recent years, the company expanded into the medium and high voltage power services market. With the addition of New Electric's capabilities, Spark Power now brings a complete "pole to plug" solution to the ICI market, supporting their entire low, medium and high voltage power infrastructure.
The combined company will employ more than 400 team members, the majority of which are highly trained power technicians, technologists and engineers, in its 16 branches across Ontario.
"Spark Power has been successful in identifying and acquiring businesses that support our mission to enable our customers to respond to and manage the rapid transformation of the electrical grid and the rising cost of power. These companies fit the markets we want to lead and have solid and recognizable brands with long histories of being best-in-breed service providers," said Jason Sparaga, Co-CEO, Spark Power Corp. "New Electric is a proven market leader, providing highly technical, low voltage power services to the ICI sector, allowing Spark Power to offer an end-to-end solution to its clients. New Electric has an incredibly talented workforce and a strong, blue chip customer base. We are thrilled to welcome them to the Spark Power family."
"New Electric has been growing steadily over the last 15 years; largely through organic growth of our branch offices," said Andy Ketelaars, CEO of New Electric. "We are seeing a lot of activity in the power and utilities space as the modern grid transforms. Technology is changing rapidly and, by combining our strengths with those of Spark Power, we see a tremendous opportunity to lead the sector by delivering fully-integrated solutions to our blue-chip ICI customer base."
Ron Dizy, Spark Power Board Member and the Managing Director of the Advanced Energy Centre at MaRS commented, "It is very interesting to see Spark Power's continuing efforts - through a series of smart acquisitions - to offer industrial, commercial and institutional customers an integrated platform for energy services. Coupled with Spark Power's growing partnerships with utilities, I think this gives us a glimpse of how grid and energy services will evolve as technology cost reduction and service innovation bring customers a much wider range of choice."
The merger was complete December 31, 2016. Spark Power, its subsidiaries and New Electric will continue to operate under their respective brand names.
About Spark Power Corp.
Spark Power Corp. delivers technical innovation, asset management, project development, maintenance, service and operational support to the renewable energy sector and industrial, commercial, institutional ("ICI") and utility markets. Headquartered in Oakville, Ontario, with branches in Chatham, Tillsonburg, Hamilton, Markham, Peterborough, Bellville, Perth and New Liskeard, the company has over 200 employees and 4,500 customers across Ontario. For more information, please visit us at www.sparkpower.ca.
About New Electric Enterprises Inc.
Established in 1970, New Electric is headquartered in Oakville, Ontario, with branches in Cambridge, Stoney Creek, Oakville, Mississauga, Brampton, Barrie, Vaughan and Whitby, and its 200-plus team members, provide electrical contracting and related services from its electronic repair and panel shop to over 3,800 customers across Canada. For more information, please visit us at www.newelectric.com.