Accretive Transaction of Leading Energy
Technology Provider Expands ICF's Utility and State & Local
Government Capabilities
Divestiture Allows
Ameresco to Focus on Core Projects, Asset and O&M
Businesses
RESTON,
Va. and FRAMINGHAM,
Mass., Jan. 7, 2025 /PRNewswire/ -- ICF
(NASDAQ:ICFI), a global consulting and technology services
provider, today announced it has acquired Applied Energy Group
(AEG), a leading energy technology and advisory services company
with over 100 utility management and demand-side energy experts
from Ameresco (NYSE:AMRC). AEG provides a suite of integrated
technology and advisory solutions to a growing set of electric and
gas utilities, state and local governments, and state energy
offices nationwide.
AEG brings to ICF a highly trusted energy technology platform
that centralizes management of various demand-side management (DSM)
programs, including energy efficiency, demand response, load
management and more. The cloud-based platform offers real-time
business intelligence and analytics to help organizations ensure
programs provide grid reliability and affordability. AEG also
brings to ICF best-in-class advisory services which provide market
assessments, potential energy studies, as well as program planning,
design, implementation and evaluation services. ICF and AEG have
partnered together on a growing number of utility programs and
services projects for over a decade.
AEG is projected to generate approximately $30 million in annual revenue in 2024 at margins
comparable to ICF's overall commercial energy business. AEG's
revenues are expected to increase at least at a mid-teens rate in
2025, and the transaction is anticipated to be immediately
accretive to ICF's Non-GAAP EPS.
"This transaction aligns with our strategy to extend our
capabilities in ICF's growth areas, with specific emphasis on our
energy markets advisory and technology-enabled services," said
John Wasson, ICF chair and CEO. "We
are expanding our capabilities with an innovative, cutting-edge
technology solution for utilities and state and local government
clients that will drive added value for them, as well as their
customers and stakeholders. AEG's portfolio is highly
complementary to our own, and both companies have seen strong
growth in the energy arena. Together, we'll build on that momentum
and create incremental revenue synergies as we address top-of-mind
energy challenges with our clients."
"We have successfully partnered with ICF on dozens of utility
management projects and have a proven track record of delivering
positive results for our clients," said Ingrid Rohmund, president and general manager of
AEG. "As one team, I am confident we can significantly expand our
revenue and reach."
"We are excited to see the AEG team transition over to ICF where
they can continue to grow and complement the ICF portfolio of
services," said George Sakellaris,
President and CEO of Ameresco. "This successful divestiture will
allow us to remain focused on our core businesses and the exciting
growth opportunities within our target markets."
The acquisition of AEG follows ICF's strong year-to-date
performance in the commercial energy market as utility clients
expand their use of the company's energy efficiency, grid
resilience, electrification, decarbonization and flexible load
management services.
Read more about ICF and AEG.
Canaccord Genuity acted as exclusive financial advisor to
Ameresco on this transaction.
About ICF
ICF is a global consulting and technology
services company with approximately 9,000 employees, but we are not
your typical consultants. At ICF, business analysts and policy
specialists work together with digital strategists, data scientists
and creatives. We combine unmatched industry expertise with
cutting-edge engagement capabilities to help organizations solve
their most complex challenges. Since 1969, public and private
sector clients have worked with ICF to navigate change and shape
the future. Learn more at icf.com.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc.
(NYSE:AMRC) is a leading cleantech integrator and renewable energy
asset developer, owner and operator. Our comprehensive portfolio
includes solutions that help customers reduce costs, decarbonize to
net zero, and build energy resiliency while leveraging smart,
connected technologies. From implementing energy efficiency and
infrastructure upgrades to developing, constructing, and operating
distributed energy resources – we are a trusted sustainability
partner. Ameresco has successfully completed energy saving,
environmentally responsible projects with Federal, state and local
governments, utilities, healthcare and educational institutions,
housing authorities, and commercial and industrial customers. With
its corporate headquarters in Framingham,
MA, Ameresco has more than 1,500 employees providing local
expertise in North America and
Europe. For more information,
visit www.ameresco.com.
Caution Concerning Forward-looking Statements -
ICF
Statements that are not historical facts and
involve known and unknown risks and uncertainties are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Such statements may concern our
current expectations about our future results, plans, operations
and prospects and involve certain risks, including those related to
the government contracting industry generally; our particular
business, including our dependence on contracts with U.S. federal
government agencies; our ability to acquire and successfully
integrate businesses; and various risks and uncertainties related
to health epidemics, pandemics, and similar outbreaks. These and
other factors that could cause our actual results to differ from
those indicated in forward-looking statements that are included in
the "Risk Factors" section of our securities filings with the
Securities and Exchange Commission. The forward-looking statements
included herein are only made as of the date hereof, and we
specifically disclaim any obligation to update these statements in
the future.
Caution Concerning Forward-looking Statements -
AMRC
Statements that are not historical facts and
involve known and unknown risks and uncertainties are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Such statements may concern
Ameresco's current expectations about its future results, plans,
operations and prospects and involve certain risks, including those
related to the renewable energy and energy efficiency industry
generally, Ameresco's particular business including its ability to
complete and finance its projects and assets, its reliance on
contracts with the U.S. federal government agencies and the impact
of various other risks on Ameresco's
business such as severe weather events,
government regulation and cost of labor and equipment particularly
given global supply chain challenges, tariffs and global trade
conflict. These and other factors that could cause
Ameresco's actual results to differ from those indicated in
forward-looking statements that are included in the "Risk Factors"
section of Ameresco's securities filings with the Securities and
Exchange Commission. The forward-looking statements included herein
are only made as of the date hereof, and Ameresco specifically
disclaim any obligation to update these statements in the
future.
Contact: Lauren Dyke,
lauren.dyke@ICF.com, +1.571.373.5577
Leila Dillon, news@ameresco.com,
+1.508.661.2264
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SOURCE ICF
