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Executives at Ameresco Inc. sold off a combined $14.2 million in common stock following the company’s initial public offering, according to regulatory filings.
The Framingham-based company went public on July 22 in an $87 million IPO, through the sale of 8.7 million shares at $10 each. The company provides energy efficiency services and also constructs and operates renewable energy projects.
Ameresco executives reported selling a combined 1.5 million shares in the company at $9.30 each on July 27, according to filings with the U.S. Securities and Exchange Commission.
The largest sales came from David Corrsin, executive vice president and general counsel, who sold shares worth roughly $3.5 million, and executive vice president David Anderson, who sold $2.3 million in shares.
A total of nine company executives sold stock, seven of them taking in more than $1 million. George Sakellaris, the company’s founder and CEO, sold 200,000 shares, worth $1.8 million. He still retains 3.1 million shares, according to an SEC filing.
Ameresco (Nasdaq: AMRC) incorporated in 2000 and has been profitable since 2002, earning a $19.9 million profit in 2009. Customers include manufacturers, hotels, government agencies and educational and health care facilities.
The company never reported taking venture capital and was financed through debt, including a roughly $3 million subordinated note held by Sakellaris. The company said some proceeds from the IPO would be used to pay back Sakellaris and pay off other debt.
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