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Revolution Lighting to Acquire TNT Energy

2016-05-05

Revolution Lighting Technologies (RLT) Inc. of Stamford Connecticut USA, reported that it has agreed to acquire TNT Energy, LLC. TNT Energy is a comprehensive “full-turnkey” energy services provider. TNT Energy addresses energy savings projects within the education, commercial, industrial, hospitality, retail, and municipal sectors. The energy company is headquartered in Raynham, Massachusetts; additional offices are located in Westfield, Massachusetts.

The acquisition’s closing is subject to customary closing conditions and is expected to occur on or before May 6, 2016. Revolution Lighting says that the acquisition of TNT Energy expands its footprint within key lighting retrofit markets in the northeast and allows it to deliver comprehensive energy savings projects.

Under the purchase agreement, Revolution Lighting will pay a total of $10 million for 100 percent of the outstanding membership interests of TNT Energy. The RLT payment will be comprised of $8 million in cash, and $2 million in promissory notes (with $1 million due each on the respective twelve (12) month and eighteen (18) month anniversaries at an annual interest rate of 5%). An additional 2-year earn-out payment will be based on revenue and Adjusted EBITDA of TNT Energy.

RLT says that TNT Energy offers a direct, complementary fit with its division, Energy Source of Providence, Rhode Island USA. According to RLT, combining the companies combines resources, while it plans to expand its capabilities to other U.S. utilities and regions.

TNT Energy boasts a broad existing customer base and serves as a contract vendor for the Small C&I Business Programs of three northeast utility companies throughout 120 municipalities within Massachusetts. As a contract vendor, TNT Energy offers small business customers within industrial and commercial sectors cost-effective energy efficiency turnkey solutions that can include lighting and lighting controls.

Project incentives within the Small C&I Business Programs contributing up to 70% of the qualified project cost to significantly increase energy efficiency. The incentives can make a project’s payback period as low as one year. Funding for the Small C&I Business Programs incentives comes from the Massachusetts Energy Efficiency plan (2016 – 2018) known as “Mass Save,” that the Massachusetts Department of Public Utilities (DPU) recently approved. Mass Save secured $2.4B in funding for energy efficiency programs.

“We are excited to welcome TNT Energy as the latest addition to our company, expanding our comprehensive “full turnkey” service capabilities throughout Massachusetts and the northeast to drive future growth and incremental revenue,” said Robert V. LaPenta, CEO and Chairman of Revolution Lighting. “TNT’s extensive market experience in lighting and energy management solutions will allow Revolution Lighting to continue to provide leading services to customers, partnering to maximize project benefits including energy savings, environmental and individual well-being.”

“We are pleased to join Revolution Lighting, utilizing our extensive experience within retrofit and energy management solutions to deliver successful lighting and energy efficiency retrofit solutions,” said Tim Blanchard, Founder, TNT Energy. “As a Small Business C&I Program contract vendor for three northeast utilities, we will continue to deliver cost effective retrofit opportunities, combined with offering Revolution Lighting’s extensive line of industry leading LED products, to drive high-impact sales.”

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