Ameresco Buys Arizona Co.
Framingham-based energy management company Ameresco Inc. has acquired APS Energy Services Co. Inc. of Arizona from Pinnacle West Capital Corp.
APS provides energy efficiency and renewable energy products and services to institutions including state and local governments, schools and universities. Ameresco said the acquisition will allow it to expand its customer base in the Southwest and will position it for more organic growth.
APS will be renamed Ameresco Southwest.
Financial terms of the deal were not disclosed.
According to financial filings, Ameresco had revenues of $311.9 million and profits at $14.1 million in the first half of 2011.
For all of 2010, APS had profits of $30 million, according to Pinnacle's financial filings. Pinnacle also reported in its 2011 second-quarter filing dated Aug. 8 that it was classifying $28 million in APS assets and $6 million in liabilities as held pending finalization of a deal.
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