CenterPoint Energy Closes on Acquisition of Retail Energy Supply Business
April 04,2016
CenterPoint Energy Services, Inc., (CES) an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc., has closed on its previously announced agreement to acquire the retail energy services business of Continuum Retail Energy Services, LLC, including its wholly-owned subsidiary Lakeshore Energy Services, LLC.
The acquisition also includes the natural gas wholesale assets of Continuum Energy Services, LLC.
"With similar business models and a commitment to customer service, this transaction positions us to have access to more markets and efficiently grow our customer base by more than 30 percent across 26 states," said Joe Vortherms, vice president of CES.
With the addition of these businesses, CES now operates in 26 states serving nearly 24,000 commercial and industrial customers, and more than 65,000 individual Choice customers. CES will be ranked as one of the nation's top 15 natural gas marketers based on volume.
The previously announced aggregate purchase price for the acquisition was $77.5 million plus working capital, subject to customary post-closing purchase price adjustments.