CLEVELAND, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC PINK:IVST) announced today that it has signed a Letter of Intent to acquire a Commercial Energy business, which will launch a Commercial Energy Division for the diversified holding company, and add a 7-figure revenue stream to Innovest’s top-line.
“We’re focusing on a few key industries that we believe have significant growth potential,” said Innovest CEO, Dan Martin, “Certainly, new trends and technologies make Commercial Energy an attractive opportunity, and considering our existing business to business sales division, it’s also a great strategic fit.”
The Letter of Intent is subject to a confidentiality agreement. However, Innovest is fully equipped to execute the transaction, and does not need any financial or other arrangements to close. Preliminary due diligence has been completed, and once Innovest completes final due diligence, the Parties expect the transaction to close by January, 2018.
The target company features executives, each having more than 15 years experience at the highest level in their field, and excited to join the Innovest team. After a very successful history, they expanded the business to reflect the current needs of commercial and industrial clients. They now provide an all-in-one offering: procurement, management, and efficiency solutions for commercial and industrial clients. In seven months since the expansion, the new offerings added annual run rate revenue of $1 million, which is growing rapidly. It is a scalable model, expandable geographically.
According to the 2017 Power and Utilities Trends report by PwC, current trends in the industry are a “Blueprint for a Service Based Model”, such as the model Innovest has found in this company. Energy management, emerging technologies, equipment use monitoring, are all part of a revolutionary new way of managing cost and efficiency in a technologically driven economy, with increasing energy demands. “We want to be on the front end of these trends, with an amazing team and sales momentum, and we get all three with this transaction,” said Martin.
Innovest’s diversified holding company model, and their focus on efficient customer acquisition and reduced risk, are the core tenets of what the company hopes will create significant value for their shareholders.
For more information contact info@innovestglobal.com, or call Innovest, Investor Relations Matt Rego at 216.815.1122.
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