MILWAUKEE, Oct. 2, 2014 – Today’s announcement that Pure Energies Group, Inc. (“Pure Energies”), has been acquired by NRG Energy, Inc., marks another successful transaction in the energy technology space for Baird Global Investment Banking. Baird acted as the exclusive financial advisor to Pure Energies on the transaction. Terms of the deal were not disclosed.
Toronto-based Pure Energies advises homeowners on residential solar systems and home conservation products to help them save money and make a difference for their communities. Through a unique online platform, Pure Energies identifies and provides detailed analysis of the customer’s home solar feasibility versus their energy needs.
Investment bankers Michael Horwitz and Owen Hart led the Baird deal team and say the transaction indicates a continuing interest in the solar sector. “With an increased focus on energy sustainability, residential solar businesses continue to be quite active in both M&A and IPOs,” said Horwitz, Managing Director and Head of Baird’s Energy Technology Investment Banking Team. “Companies and investors recognize the push for alternative energy solutions, and this deal is one of many that demonstrate that.”
Baird has completed a number of successful transactions in the Energy Technology space in the past 18 months, including:
- EnerNOC’s senior convertible notes pricing – $160 million
- NextEra Energy Partners’ IPO – $467.2 million
- Ecova’s sale to GDF SUEZ – $335 million
- Aspen Aerogels’ IPO – $82.5 million
- Hannon Armstrong Sustainable Infrastructure Capital’s follow-on offering – $74.8 million
- Glori Energy's merger with Infinity Cross Border Acquisition Corporation
- Hy-Bon Engineering’s sale to Regal Beloit Corporation
- PowerSecure International’s follow-on offering – $40 million
About Baird’s Global Investment Banking group
Recognized as the 2011 “Investment Banking Firm of the Year” by The M&A Advisor, Baird is a leading global investment bank focused on the middle market. Approximately 250 investment banking professionals in the U.S., Europe and Asia provide corporations, entrepreneurs, private equity and venture capital firms with in-depth market knowledge and extensive experience in merger and acquisition and equity financing transactions. Since 2009, Baird has advised on 305 M&A transactions representing more than $71 billion in transaction value and has served as lead or co-manager on 440 equity offerings raising $131.8 billion. Baird has received “Deal of the Year” recognitions from The M&A Advisor for nine years running, demonstrating commitment to attaining great outcomes for clients.
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has approximately 3,000 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has more than $125billion in client assets. Committed to being a great place to work, Baird ranked No. 9 on FORTUNE’s 100 Best Companies to Work For in 2014 – its 11th consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. and McAdams Wright Ragen, Inc. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s investment banking and private equity operations. For more information, please visit Baird’s Web site at www.rwbaird.com.
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