OAKVILLE, ON, Nov. 1, 2019 /CNW/ - Spark Power Group Inc. (TSX:
SPG), parent company of Spark Power Corp. ("Spark Power" or
the "Company"), is pleased to announce the acquisition of
One Wind Services Inc. and One Wind Services (US), Inc.
(collectively, "One Wind").
One Wind is based out of
Dartmouth, Nova Scotia with US
facilities in Austin and
San Benito, Texas. Spark Power
purchased One Wind with guaranteed
proceeds on closing of C$13.0M and
post-closing contingent proceeds of up to C$4.0M, for a total purchase price of up to
C$17.0M. Proceeds on closing were in
the form of cash, a promissory note, and Spark Power equity,
similar in ratio to previous deals completed by the Company. The
contingent proceeds, if earned, will be in the form of cash, and
are payable based on achieving certain key growth-based financial
metrics over the 14-month period, post-closing. On a trailing
twelve-month basis at September 30,
2019, One Wind generated
approximately C$24.0M in revenue and
adjusted EBITDA of C$4.4M, making
this transaction highly accretive to Spark Power, including the
effect of any contingent proceeds that may become payable.
One Wind specializes in
delivering operations and maintenance (O&M), and
construction-related services to leading renewable asset owners,
OEMs, and developers. This acquisition will primarily
complement the Company's existing Northwind renewables business and
further expand Spark Power's geographic coverage in the
Southwestern United States
—approximately 80% of One Wind's
revenue comes from the US market — and Eastern Canada. The combination of
One Wind with Spark Power's existing
Northwind business creates a true powerhouse and one of the
leading independent providers of renewable asset
operations and maintenance services in North America.
"We are very pleased to announce the completion of our eleventh
transaction and welcome One Wind to
the Spark Power Group of Companies," said Jason Sparaga, Co-Founder and Co-CEO, Spark
Power Corp. "One Wind has an
outstanding leadership team whose commitment to excellence has
shaped One Wind into the leading
independent renewables operations and maintenance company that it
is today. This partnership will position One Wind for accelerated growth within our
renewables business and significantly extends our footprint in the
Texas and Maritime markets—regions
we've identified as highly strategic to our growth strategy. We are
confident that this acquisition will create significant shareholder
value and we will continue to work hard to earn the right to be our
customers' Trusted Partner in Power in these key locations."
"This is an excellent fit for both our companies," said
Paul Pynn, President, One Wind. "Economic forces, customer demands,
and environmental needs are disrupting the electrical industry as
we know it and driving a shift toward clean energy
generation. Joining Spark Power gives us the financial,
operational, and strategic backing to provide a richer set of
offerings to our collective customers. We look forward to growing
with our customers and employees and contributing to a cleaner
environment."
About Spark Power
Spark Power is the leading independent provider of end-to-end
electrical contracting, operations and maintenance services, and
energy sustainability solutions to the industrial, commercial,
utility, and renewable asset markets in North America. We work to earn the right to be
our customers' Trusted Partner in Power™. Our highly skilled and
dedicated people, located in the communities we serve, combined
with our knowledge of the power industry, technology expertise, and
commitment to safety, ensures we deliver the right solutions that
keep our customers' operations up and running today and better
equipped for tomorrow. Learn more at www.sparkpowercorp.com.
About One Wind
One Wind is a renewables services
provider with a focus on wind power operations and maintenance
(O&M) and construction related services, primarily doing
business in Texas and Canada's east coast markets. With over 13
years of experience, One Wind
delivers quality, professionalism, and expertise for large projects
within the renewable energy sector. Learn more at
www.onewindinc.com
Forward-Looking Statements
This news release may contain forward-looking statements
(within the meaning of applicable securities laws) which reflect
Spark Power's current expectations regarding future events.
Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate" and other similar expressions. These
statements are based on Spark Power's expectations, estimates,
forecasts and projections and include, without limitation,
statements regarding the future success of Spark Power's long-term
growth strategy and execution thereof and, in particular, it's
United States growth strategy,
business development, and execution thereof by Mssrs. Sparaga and
Pynn.
The forward-looking statements in this news release are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Several
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements. Readers,
therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, Spark Power assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Spark Power Group Inc.