As consolidations on the retail side of the industry continue, Newark-based Genie Retail Energy – an independent supplier of electricity and natural gas to residential and commercial customers in the Mid-Atlantic and Midwest – announced on November 3 that it had acquired Phoenix-based Retail Energy Holdings for 9.5 million in cash plus REH’s working capital.
Retail Energy Holdings – a privately held competitive retail energy provider formed in 2013 – had been operating as Town Square Energy in eight Eastern states, providing electricity to about 47,000 residential customer equivalents (RCEs).
Genie Retail Energy is an independent retail energy provider that, prior to this acquisition, served over 239,000 RCEs in six states and the District of Columbia.
Genie said intends to operate REH as a wholly owned subsidiary under the Town Square Energy brand. Current Town Square Energy customers will experience no change in their service and Genie will honor existing residential contracts, the companies said.
“The acquisition of Retail Energy Holdings reflects our commitment to expand Genie Retail Energy through a program of strategic acquisitions and organic growth,” said company CEO Michael Stein. “Pursuant to this program, we continue to seek out and review additional growth opportunities.
“[Town Square’s] licenses and customer base expand our footprint to four new states – New Hampshire, Rhode Island, Massachusetts and Connecticut; while increasing our existing meter base in New Jersey, Maryland, Ohio and Pennsylvania. We anticipate that Town Square Energy’s marketing engine will be a significant contributor to our growth,” Stein added.
Town Square Energy President Randal Miller commented, “The synergies between our two companies will help to accelerate growth and expand the combined geographic footprint while maintaining our customer-centric focus.”