PowerSecure takes majority stake in Electronic Solutions Lighting to expand LED business
By APTuesday, April 6, 2010
PowerSecure buys majority stake in LED light co.
WAKE FOREST, N.C. — PowerSecure International Inc. said Tuesday that it has paid $4.4 million for a majority stake and company that makes energy efficient LED lighting.
PowerSecure, which helps electric utilities and large power users manage their energy networks, said it acquired a two-thirds controlling interest in Innovative Electronic Solutions Lighting LLC on April 1.
PowerSecure also it plans to exercise an option to expand its ownership of its existing EfficientLights LED business from 67 percent to 100 percent. That transaction is expected to be valued at $10 million and should close in the second quarter.
The company said the steps will increase its 2010 earnings per share in the range of a penny to three cents.
Shares of PowerSecure rose 56 cents, or 7.1 percent, to $8.49. The stock has ranged from $3.40 to $10.25 over the past year.
