Constellation -
June 4, 2009
Constellation Energy’s Projects & Services Group Acquires CLT Efficient Technologies Group
Constellation Energy’s Projects & Services Group has signed an agreement today to acquire energy services company CLT Efficient Technologies Group (CLT). CLT provides energy performance contracting and energy efficiency engineering services that complement Constellation Energy’s Projects & Services Group’s energy services business, geographic reach and customer base. CLT, based near Pittsburgh with offices throughout Pennsylvania, will operate under the Constellation Energy brand. Constellation Energy’s Projects & Services Group is based in Baltimore, Md.
“CLT is recognized as a regional leader in energy services and has a proven track record of working with customers in the public and private sectors to lower energy expenditures and improve operational efficiencies,” said Greg Jarosinski, president of Constellation Energy’s Projects & Services Group. “CLT’s experience and talented employees will be a welcome addition to Constellation Energy’s Projects & Service Group, and we look forward to combining resources and expanding our position within the energy services marketplace.”
“We are excited about this opportunity to advance our goal of becoming the premier Energy Services Company in the US by maintaining our vendor neutrality, strengthening our balance sheet, and expanding our capabilities. The combined organization will provide a more complete service offering for our customers and create an excellent opportunity for our employees,” said Troy Geanopulos, president of CLT Efficient Technologies Group.
It is anticipated that CLT’s approximately 40 employees, including senior executives, will join Constellation Energy.
Both CLT and Constellation Energy’s Projects & Services Group specialize in enabling customers to utilize the cost savings created by reduced energy consumption to finance capital improvements.
The transaction is expected to close in approximately 30 days, subject to standard closing conditions.