Houston-based EMEX announced on September 13 that the company has created a new subsidiary, EMEX Consolidated Partners (ECP) – which has, in turn, acquired all of the assets of Waco-based Texas Energy Aggregation (TEA).
TEA – which provides energy brokerage and consulting services to residential, commercial, and governmental entities in the deregulated areas of Texas – will hold a minority ownership interest in the newly created subsidiary. TEA said that it currently manages more than a quarter billion dollars in energy contracts.
The formation of ECP and its subsequent acquisition of all TEA assets will significantly enhance EMEX’s presence in the Texas retail energy market, the parties to the deal said.
“Our formation of EMEX Consolidated Partners is a major boost for EMEX, and we are excited to have parlayed our own organic success and increases in capital into the majority stake of such an exciting new avenue for growth,” said EMEX President Dan Marzuola, who has now become managing director of ECP.
“By acquiring TEA’s assets,” Marzuola stated, “we’re augmenting our focus in the government sector and providing TEA with several avenues for enhanced business, including access to new products and every open market in the country, as well as the ability to provide more customers with our revolutionary reverse auction platform.”
“The partnership with EMEX will increase TEA’s presence in other states, enhance our back-office operations and bring a wealth of knowledge and experience to our firm,” said TEA President TJ Ermoian. “…This is a great fit for both companies, with each group having a similar culture and a commitment to customer satisfaction. I look forward to working with EMEX and continuing the mission we began 14 years ago.”