LMS Capital plc
7 June 2010
Investment in Nationwide Energy Partners
LMS Capital plc (LSE: LMS) the UK based listed private equity company has
acquired a majority stake in Nationwide Energy Partners (NEP), an energy
service provider based in Columbus, Ohio that provides owners of residential
properties with outsourced meter reading, billing and collection services for
water and electricity accounts. In addition to the purchase of the stake (at an
enterprise value of $23 million) from one of the outgoing founders, LMS has
committed to fund an additional $15 million for the acceleration of investment
in NEP's new business opportunities.
Ed Snow of LMS said, "There are significant growth opportunities for NEP in the
marketplace under the experienced leadership of its management team. We expect
to accelerate that growth with the additional capital we will provide."
NEP has been successfully managing residential electric and water accounts for
property developers in the Midwest for the past 10 years. A leader within the
industry, NEP provides cost saving and simplicity in customer management to
owners of residential apartments and condominiums. NEP offers competitive
electric rates for tenants and property owners and is pursuing energy
efficiency initiatives that will generate clean and cheaper alternatives.
Mike DeAscentis II, CEO of NEP said "Partnering with an experienced investor,
an energy industry expert and a value adding source of new capital was our
objective and we are excited about the growth potential this transaction
represents to us. It is important to us that we have a common approach to
building a business and we found that in LMS - our future is very bright."
NEP is an ideal investment for LMS and is a strong fit with the investment
strategy LMS is pursuing: direct investments in profitable growing businesses
that are managed by experienced partners in industries where the LMS team adds
value. Glenn Payne, CEO of LMS, adds, "I have been in the energy industry for
15 years and this company represents an investment in an area LMS knows and
where we expect to create substantial value for our shareholders - we invest in
profitable growing companies."
For further information please contact:
LMS Capital plc 020 7935 3555
Glenn Payne, Chief Executive Officer
Ed Snow, Director UK Investments
Nationwide Energy Partners +1 (614) 918 2031
Mike DeAscentis II
Brunswick Group LLP 020 7404 5959
Simon Sporborg
Oliver Hughes
Joe Shipley
About LMS Capital
LMS Capital plc is an international investment company with a 30 year history
of successful investing but now with a new team. Current investments are in the
UK and US in the consumer, energy & utilities and applied technology, software
& services industries. With anticipated strong near term cash flows based on
input from the portfolio of investments over the next 5-6 years, LMS is
actively seeking new direct investment opportunities in profitable and growing
businesses where it partners with experienced managers to create value. As
evidenced by recent acquisitions LMS is demonstrating it is a partner of choice
to experienced entrepreneurs.
www.lmscapital.com
About Nationwide Energy Partners
NEP is an energy service provider to real estate developers, property managers
and property management companies. NEP makes properties more profitable through
highly advanced water, gas and electric submetering solutions and utility
construction services.
www.nationwideenergypartners.com
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