Spark Energy, Inc. announced Monday that it will be forming a new purchase and sale relationship with Entrust Energy, Inc. for the acquisition of approximately 33,500 customer contracts in the Pacific Gas and Electric (PG&E) natural gas market in Northern California.
“This acquisition is a strong complement to our existing customer base in the PG&E territory and evidences another successful execution of our retail energy acquisition strategy,” Spark Energy, Inc.’s President and Chief Executive Officer Nathan Kroeker said. “While we continue to see organic growth potential, I’m very excited about the breadth of M&A opportunities as we predicted back at the time of our IPO.”
The final purchase price is $2.83 million, or approximately $85 per customer. Discontinuation of the settlement is expected to occur within the first two weeks of April.
“We are excited to announce this mutually beneficial transaction between Spark and Entrust. When we decided to restructure our retail energy business, we wanted to ensure we transferred our valued customers to a company with a strong record of customer satisfaction,” President and Chief Executive Officer of Entrust Layne Loessin said. “We chose Spark Energy because of its national reputation.”
Spark Energy, Inc. is a successful growing independent retail energy services company operating in Northern California since 2006.
