CLEVELAND, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Innovest Global, Inc (OTC PINK:IVST) has acquired Shepherd Energy Solutions, launching a Commercial Energy Division for the diversified holding company, adding a 7-figure revenue stream for 2018 to Innovest’s top-line.
The agreements were negotiated over the past month, after the signed letter of intent was announced by Innovest in November. “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 three principals of Shepherd have 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. With the transaction, Shepherd now has a platform with a national footprint to assist in its growth strategy.
Look for much more news to come soon about Shepherd, its principals, and the Innovest Energy Group. As the year closes, the teams have been working very hard on the transition and on continuing momentum, and now are thrilled to enter 2018 with this transaction complete. Happy New Year!
For more information contact firstname.lastname@example.org, or call Innovest, Investor Relations Matt Rego at 216.815.1122.
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Source:Innovest Global, Inc