M&A Deal Summary

Direct Energy Acquires Vectren Source

On January 3, 2012, Direct Energy acquired energy services and equipment company Vectren Source from Vectren for 39M USD

Acquisition Highlights
  • This is Direct Energy’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Direct Energy’s 8th largest (disclosed) transaction.
  • This is Direct Energy’s 6th transaction in the United States.
  • This is Direct Energy’s 2nd transaction in Ohio.

M&A Deal Summary
Date 2012-01-03
Target Vectren Source
Sector Energy Services and Equipment
Buyer(s) Direct Energy
Sellers(s) Vectren
Deal Type Divestiture
Deal Value 39M USD

Target

Vectren Source

Westerville, Ohio, United States
Vectren Source has more than 146,000 residential and small commercial customer accounts, together with an additional 134,000 aggregation customer accounts1. Around 95% of customers are located in Ohio, with the remainder in New York State and Indiana.

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Buyer(S) 1

Buyer

Direct Energy

Houston, Texas, United States
Category Company
Founded 1997
Sector Utilities
DESCRIPTION

Direct Energy LP is retail provider of electricity, natural gas, and home and business energy-related products and services. Direct Energy was founded in 1997 and is based in Houston, Texas.

DEAL STATS #
Overall 7 of 15
Sector (Energy Services and Equipment) 2 of 4
Type (Divestiture) 3 of 8
State (Ohio) 2 of 4
Country (United States) 6 of 13
Year (2012) 1 of 3
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-09 Carrot Creek Assets

Alberta, Canada

Carrot Creek is located 160 km west of Edmonton and lies adjacent to the successful Cardium oil development in which Direct Energy is already involved. This acquisition represents a unique opportunity to invest in a liquids-rich, multi-zone area that has significant development potential, deploying the same horizontal drilling techniques currently utilised by Direct Energy.

Buy CA$58M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-12 Energetix DE

Westerville, Ohio, United States

Energetix DE, LLC (a Delaware limited liability company), is an energy services company (ESCo) that provides electricity, natural gas, and clean energy solutions to residential, small business, large commercial and industrial customers. We are one of the leading energy and green energy suppliers in New York State.

Buy -

Seller(S) 1

SELLER

Vectren

Evansville, Indiana, United States
Category Company
Founded 1912
Sector Utilities
Employees5,600
Revenue 2.4B USD (2015)
DESCRIPTION

Vectren Corp., is an energy holding company. Vectren's wholly owned subsidiary, Vectren Utility Holdings, Inc., serves as the intermediate holding company for three operating utilities: Vectren Energy Delivery of Indiana - North (Vectren North), Vectren Energy Delivery of Indiana - South (Vectren South) and Vectren Energy Delivery of Ohio (VEDO).

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-31 Minnesota Limited

Big Lake, Minnesota, United States

Minnesota Limited LLC, owns and operates a large fleet of new and well-maintained construction equipment, which enables us to complete any project with efficiency and flexibility to meet the needs of our customers.

Buy -
Mergr

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