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Grainger Announces Acquisition of Alliance Energy Solutions
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Grainger - 11/19/2009
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Grainger (NYSE: GWW), North Americas leading broad line distributor of facilities maintenance products, today announced it has signed and closed an all cash acquisition of Alliance Energy Solutions. Grainger anticipates the transaction should be accretive to earnings in 2010 by approximately $0.01 - 0.02 per share. Other terms of the deal were not disclosed.
Grainger Chairman, President and Chief Executive Officer James T. Ryan said, "This transaction is the first service-based acquisition were adding to our U.S. customer offering and we anticipate it will help us accelerate our strategy to become our customers indispensable partner in helping them keep their facilities safe, efficient and functional."
"Our customers told us they had a need for a service to complement our deep product line around lighting products and we listened," said Mike Pulick, President of Graingers U.S. Business. "The Alliance Energy Solutions team is dedicated to helping customers through offering value added services that help them drive energy efficiency and productivity, with particular expertise in the area of lighting retrofits. We are delighted to have them join the U.S. team."
Alliance Energy Solutions, headquartered in Oxford, Connecticut, provides turn-key energy-efficient retrofits. Alliance Energy President Kevin Siebrecht, and Chief Operating Officer Matt James will continue to lead the operations under the Alliance brand name. Working with Graingers U.S. business, Alliance will leverage the scale of Graingers sales network to help bring its unique service capabilities to more businesses and institutions. Alliance had sales of $20 million in 2008.
"Like Grainger, we have a passionate team dedicated to serving customers with integrity," said Siebrecht. "Weve been working with Grainger for several years and we are excited about how combining with Grainger increases the growth opportunity that exists to bring customers solutions to their efficiency problems."
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Grainger |
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http://www.grainger.com |
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888-361-8649 |
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