HOUSTON, Feb. 16, 2017 (GLOBE NEWSWIRE) -- National Gas & Electric, LLC (“NG&E”) announced today that it has closed on a company acquisition with an option to purchase additional customers. Upon exercising the option, NG&E would house over 100,000 residential customer equivalents (RCEs) which it intends to offer as dropdowns to Spark Energy, Inc. (“Spark”) (NASDAQ:SPKE) in the first half of 2017.
“National continues to focus on delivering multiple pathways of significant growth for Spark,” said W. Keith Maxwell III, NG&E’s Chief Executive Officer and Founder and Chairman of Spark.
“We continue to work closely with our sponsor on the M&A front,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “Our strategy and platform has continued to prove itself to be highly scalable with the successful completion and integration of seven transactions since our IPO in July 2014.”
Spark has closed on several dropdown acquisitions from its parent company, including Oasis Power in July 2015 and Major Energy in August 2016.
About National Gas & Electric, LLC
NG&E serves as the parent company of Spark and is wholly owned by W. Keith Maxwell III, who is also the Founder and Chairman of Spark. NG&E is working alongside Spark to develop a strategy that maximizes Spark’s ability to aggressively pursue accelerated growth through M&A. NG&E also serves as a retail holding company for the de-risking of acquired books of customers in preparation for potential dropdowns to Spark.
Contact: National Gas & Electric, LLC
Michael Tsang, VP of Finance & Capital Markets
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 18 states and serves 90 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
Contact: Spark Energy, Inc.
Andy Davis, 832-200-3727
Eric Melchor, 281-833-4151
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology including “may,” “should,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “plan,” “intend,” “project,” or other similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct. However, a variety of factors could cause actual results to differ materially from those projected in the forward-looking statements, including (i) restrictions in our debt agreements and collateral requirements, (ii) our ability to borrow funds and access credit markets, (iii) our level of indebtedness, (iv) our ability to successfully and efficiently integrate acquisitions into our operations, (iv) other business risks affecting our liquidity and results of operations. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Spark’s Form 10-K for the year ended December 31, 2015 and subsequent Form 10-Q’s filed with the SEC. While Spark makes these statements and projections in good faith, neither Spark nor its management or affiliates can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Spark assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Spark, whether as a result of new information, future events, or otherwise.
Source:Spark Energy, Inc.