Ameresco Inc., a Massachusetts-based energy efficiency and renewable energy services company, has bought Ennovate Corp., an Aurora energy services firm, for undisclosed terms.
Ameresco (NYSE: AMRC), based in Framingham, Mass., operates 63 offices in 34 states and five Canadian provinces, and employs more than 900 people.
The company provides energy efficiency and renewable energy services to schools, higher education, and city, town and county governments.
Ennovate’s Colorado employees will become Ameresco employees in the transaction, bringing the total number of Denver-based employees in the new company to 19.
Ameresco had net income of $34.7 million on revenue of $728 million in 2011.
“We are delighted the acquisition of Ennovate has been completed, and we are happy to have the team join the Ameresco family,” George P. Sakellaris, president and chief executive of Ameresco, said in a news release.
“Ennovate’s industry experience and strong customer commitment closely aligns with Ameresco’s,” Sakellaris said. “With the additional talent and resources in our Central Region, we not only increase our footprint and penetration in the Rocky Mountain area, but continue to focus on delivering outstanding results and innovative, energy-saving solutions for our customers while welcoming all of those joining us through Ennovate.”
Jeff Schuster, president of privately held Ennovate, said the combined companies will create synergies “and will offer incomparable value to both existing and future clients.”
“We have great expectations for introducing our building commissioning and engineering services to Ameresco’s customers and Ameresco’s renewable energy services to our customers,” Schuster said.
The company will combine its operations at Ennovate’s current offices, at 10650 E. Bethany Drive, Aurora.
The company performs energy audits and construction services, among other activities, for commercial and government building managers seeking greater efficiency or alternative energy sources.
Both companies are relatively new.
Ennovate was founded in 1997, Ameresco in 2000.
Compiled by Neil Westergaard | nwestergaard@bizjournals.com