PowerSecure Acquires ESCO Business from Lime Energy

PowerSecure International POWR today announced that PowerSecure has acquired Lime Energy's LIME energy services company (ESCO) support business, which serves major ESCOs in delivering energy efficiency upgrades for large facilities, for $1.9 million in cash. PowerSecure also will assume $3.7 million of net liabilities related to projects in progress. PowerSecure takes over approximately $27 million of projects previously awarded to Lime Energy and expects to recognize the revenue and profit from these projects as they are completed. PowerSecure expects that the transaction will be accretive to EBIDTA and earnings in 2013, subject to finalization of the accounting related to the amortization of intangible assets. See full press release