Enfield’s Northeast Energy Partners Inc. has been sold to a rival Massachusetts broker that helps commercial customers manage their energy bills.
World Energy Solutions Inc., of Worcester, said Thursday it paid some $7.9 million upfront, and will pay another $5.2 million in seller notes and potential earn-outs, for assets of privately held NEP.
Founded in 2000 amid natural gas and electricity deregulation in Connecticut and Massachusetts, NEP had more than $5 million in annual revenues.
All 17 NEP workers and its Enfield office at 174 South Road will stay, officials said.
World Energy, which trades on Nasdaq under the ticker XWES, said the deal extends its mid-market commercial reach in New England nationwide as well as provides cross-sell opportunities to customers of both brokers.
World Energy is an approved contractor of Connecticut Light & Power and United Illuminating – the state’s two largest electricity vendors. It also shares in NStar’s small business and municipal programs in Massachusetts.
Both states have some of the largest utility incentive programs in the country – nearly $1 billion combined – which help fund energy efficiency projects, World Energy CEO Phil Adams said.
