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Print Edition StoriesFriday, August 27, 2010
Ameresco acquires Quantum Engineering in Northwest expansion
By Kyle Alspach
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Energy services firm Ameresco Inc. has reached an agreement to buy a company based in Washington state to push the firm’s expansion into the Northwest, Ameresco said.
Ameresco, a Framingham-based company that went public in July, is buying Quantum Engineering and Development Inc., an energy services firm based in Renton, Wash. Terms of the deal were not disclosed.
Quantum, which will be renamed Ameresco Quantum Inc., has customers in the Northwest including the Portland, Ore., public schools, municipalities and schools in Washington and the state government of Washington. Quantum “will lead our efforts in the Northwest region,” said George Sakellaris, Ameresco CEO, in the announcement.
Ameresco (NYSE: AMRC) said it would add Quantum’s employees to its current workforce of more than 650. Ameresco did not say how many employees Quantum has currently.
Quantum’s services include energy and water auditing, engineering, construction and commissioning services for public, commercial and industrial clients.
Ameresco’s initial public offering raised about $87 million, with shares of the company pricing at $10, well below the expected range. Shares in Ameresco fell 60 cents during regular trading on Thursday, closing at $10.95.
Ameresco incorporated in 2000 and has been profitable since 2002, earning a $19.9 million profit in 2009. The company provides energy efficiency services and also constructs and operates renewable energy projects. Customers include manufacturers, hotels, government agencies and educational and health care facilities.
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