FMI Advises The Efficiency Network on Sale to Duquesne Light Holdings

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Jun 19, 2019, 11:00 ET

RALEIGH, N.C., June 19, 2019 /PRNewswire/ -- FMI Capital Advisors is pleased to announce the acquisition of The Efficiency Network, Inc. ("TEN") by Duquesne Light Holdings ("DLH"). FMI Capital Advisors served as the exclusive financial advisor to TEN for this transaction.

TEN, headquartered in Pittsburgh, Pennsylvania, is a provider of customized energy solutions for large businesses, governments, universities and hospital systems that enable those organizations to meet their energy efficiency and sustainability goals. Established in 2012, TEN has 35 employees who serve a diverse group of customers, with a significant concentration in western and central Pennsylvania. TEN's client list includes Carnegie Museums of Pittsburgh, the University of Pittsburgh, the cities of Cleveland, OH and Portland, ME, in addition to multiple projects for the Commonwealth of Pennsylvania's Energy Savings Program. TEN's CEO, Troy Geanopulos, and President and COO, Rob Campbell, will continue to lead the company and report directly to Steve Malnight, President and CEO of DLH and DLC.

This acquisition provides DLH a platform for growth and expansion, with a focus on energy efficiency services, distributed generation projects, and smart street lighting and smart city solutions in Pennsylvania and elsewhere.

Duquesne Light Holdings, Inc. is an energy services holding company formed in 1989 to serve as the holding company for Duquesne Light Company, a regulated electric public utility, and to engage in certain unregulated energy and related businesses. Duquesne Light Company was formed in 1912 and provides electric transmission and distribution services in Southwestern Pennsylvania, including the City of Pittsburgh. Duquesne Light Holdings, Inc. is a wholly owned subsidiary of DQE Holdings LLC, with principal executive offices located in Pittsburgh. In 2007, Duquesne Light Holdings, Inc. was acquired by a private equity consortium that owns all of the common equity of Duquesne Light Holding Inc.'s parent company, DQE Holdings LLC, and is represented on the Company's Board of Directors.

About FMI Capital Advisors:

FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm exclusively serving the Built Environment. With more than 700 completed M&A transactions, our industry focus enables us to maximize value for our clients through our deep market knowledge, strong technical expertise and unparalleled network of industry relationships.

FMI Capital Advisor's Energy Solutions & Cleantech Group provides M&A and capital formation services for companies in the energy solutions and cleantech industry, including those focused on: