PowerOne to Buy Garden Grove CompetitorWednesday, August 7, 2013
PowerOne Corp., a Chicago company that provides discounted electricity to commercial customers, announced that it would buy Power Equity Inc., a smaller Garden Grove competitor it has used as a contractor in the past.
PowerOne stock does not trade publicly.It did not announce terms of the cash-and-stock deal, but an executive said Power Equity’s operations would be consolidated with PowerOne’s Costa Mesa office.
Jeff Moses, PowerOne executive vice president said Power Equity has a similarly strong aggressive sales focus, so the merging of the two companies will be a good fit.
PowerOne has been growing its operations in California since the 2009 passage of Senate Bill 695, the Ratepayer Protection Act. The legislation phases in the ability for commercial and industrial customers to purchase electricity directly from non-utility sources.