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Willdan to close USD120m Lime Energy acquisition in Q4 2018.

Global Banking News-October 4, 2018-Willdan to close USD120m Lime Energy acquisition in Q4 2018

(C)2018 ENPublishing -

Electric consultancy company Willdan Group Inc (NASDAQ: WLDN) said on Wednesday that it has entered into an agreement and plan of merger to acquire all outstanding shares of Lime Energy Co for a total purchase price of USD120m in cash in the fourth quarter of 2018, subject to customary holdbacks and adjustments..

In conjunction with the acquisition, Willdan anticipates that Lime Energy's 2018 revenue will be approximately $145 million.

Lime Energy designs and implements direct install energy efficiency programmes for utilities that target energy savings for commercial customers. Its programmes help these businesses use less energy through the upgrade of existing equipment and installation of new, more energy efficient equipment. This service allows utilities to delay investments in transmission and distribution upgrades and new power plants, while cost-effectively complying with increasing environmental regulations.

Additionally, Lime Energy's acquisition will further expand Willdan's presence in the energy services market, enhance its offerings, provide the opportunity to diversify its geographical presence, including in the southeastern and mid-Atlantic regions of the United States, expand its utility customer base as well as will better position to take advantage of the anticipated upcoming expansions in energy efficiency budgets and contracts in California and the Northeastern US.

Under a new credit agreement with a syndicate of BMO Harris Bank, NA and MUFG Union Bank, Willdan is eligible to up to a USD90m delayed draw senior secured term loan, subject to certain conditions that must be satisfied prior to any borrowings (including the completion of the acquisition of Lime Energy) and a USD30m senior secured revolving credit facility, each maturing on 1 October 2023.

((Distributed via M2 Communications -

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Publication:Global Banking News (GBN)
Date:Oct 4, 2018
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