Grainger (NYSE: GWW), a leading North American distributor of facilities maintenance products, announced it has closed an all cash acquisition of Alliance Energy Solutions (AES), a Connecticut-based company that provides turn-key energy-efficient retrofits.
Grainger anticipates the transaction should be accretive to earnings in 2010 by approximately $0.01 - 0.02 per share. Other terms of the deal were not disclosed.
Though focused primarily on lighting, AES also implements comprehensive
conservation projects deriving additional energy savings from HVAC
systems, direct digital controls, compressor upgrades, and industrial
process improvements. AES has expertise in securing federal, state and
local incentives, rebates and tax benefits and can arrange
interest-free loans for energy savings projects.
AES had sales of $20 million in 2008.
Grainger Chairman, President and CEO James T. Ryan said, "This transaction is the first service-based acquisition we're adding to our U.S. customer offering and we anticipate it will help us accelerate our strategy to become our customers' indispensable partner in helping them keep their facilities safe, efficient and functional."
"The Alliance Energy Solutions team is dedicated to helping customers through offering value added services that help them drive energy efficiency and productivity, with particular expertise in the area of lighting retrofits," Mike Pulick, President of Grainger's U.S. Business, said.
W.W. Grainger, Inc. had 2008 sales of $6.9 billion.
