WESTBOROUGH, Mass., Jan. 3 /PRNewswire/ -- NORESCO, one of the largest
providers of energy management and performance contracting services in the
United States, has been acquired by a fund managed by GFI Energy Ventures LLC
from Equitable Resources, Inc. (NYSE: EQT) on December 30, 2005. The sale
completes the previously announced strategic review by Equitable, which
concluded that the characteristics of NORESCO's business were inconsistent
with Equitable's regional, asset optimization focus. The transaction allows
Equitable to focus on its core businesses of natural gas supply and utility
operations while enabling NORESCO to grow as an independent service provider,
backed by the financial resources and sector expertise of one of the largest
private equity funds focused in this area.
"Because of NORESCO's national reach, technological independence,
engineering and project management expertise, the Company is exceptionally
well positioned to capitalize on the increasing focus by government agencies
and commercial and industrial companies on improving energy and environmental
efficiency," said Andrew Osler of GFI Energy Ventures. "High energy prices,
new and improved energy consuming and energy managing technologies, and
expanded government and utility incentives have created an environment in
which we believe NORESCO will prosper. For these reasons, GFI Energy Ventures
is delighted to add NORESCO to our portfolio of industry-leading companies."
"This is a terrific opportunity for us," said Neil Petchers, President and
CEO of NORESCO. "As an independent company, NORESCO will be able to unleash
the full entrepreneurial spirit of our talented and committed employees and
capitalize on market conditions that have never been better for the services
we provide. With energy prices likely to remain high for the foreseeable
future and with more facility owners focusing on energy management as an
operational priority, we believe our customers will increasingly look to us
for the professional expertise needed to implement complex energy management
solutions. When combining the freedom and flexibility NORESCO shall have as an
independent operating company, with the current energy and environmental
market trends and the financial and operational backing of GFI Energy
Ventures, we see an exciting, growth-oriented future for our company."
About NORESCO
NORESCO (http://www.noresco.com) is one of the largest U.S. energy services
companies specializing in the development, design, construction, financing and
operation of energy and environmental efficiency projects, performance
contracting, and central energy plants. Its clients include various
departments of the U.S. government, school districts, local governments, and
industrial and commercial businesses. Over the past two decades, NORESCO has
implemented more than $2 billion of energy projects at more than a thousand
sites throughout the United States and abroad.
About Equitable Resources
Equitable Resources, Inc. is an integrated energy company, with emphasis
on Appalachian area natural gas supply, transmission and distribution. For
more information please visit http://www.eqt.com.
About GFI Energy Ventures
GFI Energy Ventures LLC (http://www.gfienergy.com) is a private equity firm that
has initiated and led over 45 investments in the energy sector over the past
ten years. GFI is the co-general partner with Oaktree Capital Management of
the OCM/GFI Power Opportunity Funds through which they currently manage
approximately $1.5 billion of capital. GFI invests exclusively in successful,
profitable businesses providing the equipment, software, services, and systems
needed by utilities, other energy companies, and their largest customers to
compete successfully at a time of major sector change.
SOURCE Equitable Resources, Inc.
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Related links:
http://www.eqt.com
http://www.noresco.com http://www.gfienergy.com
CONTACT:
David Mannherz of NORESCO, +1-508-614-1020;
or Patrick Kane of Equitable Resources, Inc., +1-412-553-7833
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