ENGIE announces an agreement to buy Conti Corporation (“Conti”) and its subsidiaries Indicon Corporation (“Indicon”), Ion Electric, LLC (“Ion”) and McGilvray Mechanical, LLC (“McGilvray”). Conti is a construction and energy services company operating in the United States and Canada.
Conti and its subsidiaries provide services in the building, design, engineering and construction sectors providing heating and air conditioning, electrical and mechanical systems and digital networks, industrial systems and control panels. In addition, Conti is a North American leader in solar farm construction, from the smallest projects through to the largest plants.
ENGIE has adopted a strategy aiming to offer its business and local authority clients the possibility of achieving their zero-carbon transition in a simple, integrated and funded way. To do so, ENGIE takes on the management and optimization of its clients’ assets over a large number of energy uses to achieve significant energy savings while also supplying the green energy required, thanks to dedicated capacities installed at the client’s site or off site.
Conti, its subsidiaries, their skills and their 2,000 employees are another great contribution to the deployment of ENGIE’s strategy in North America. They will significantly increase the Group’s ability to optimize and modernize its clients’ assets, in order to make them more energy-efficient. Conti’s arrival in the Group will enable its offers to be enriched by ENGIE’s technical and digital solutions, to include them in the high added value offer of the zero-carbon transition “as a service” and to benefit from ENGIE’s commercial strength. In addition, Conti’s excellence in solar power plant construction will support the development of ENGIE’s renewable energy projects in the region.
This acquisition is therefore, a highly value-creating transaction and is perfectly in line with the Group’s objectives and strategy.
“We are pleased to welcome our 2,000 new colleagues from Conti. They will bring great wealth to our portfolio of activities and skills. Together, we will be able to extend our range of services while expanding and strengthening our geographic presence in North America, ” said Franck Bruel, Executive Vice President of ENGIE, who supervises the North America, United Kingdom and Latin America Business Units. “We are also looking forward to welcoming clients of Conti, Ion, McGilvray and Indicon to our client base in North America, where we are working on more than 55,000 projects. With them, we will continue to develop our potential and devise comprehensive and innovative solutions to lead the zero-carbon transition.”
ENGIE has acquired several energy services companies in North America since the fall of 2017, including six mechanical and electrical services companies owned by Talen Energy Group, Unity International Group, Donnelly Mechanical Corporation and Systecon Inc. In addition, ENGIE is already undertaking a large number of zero-carbon transition “as a service” projects in North America, for Target, Walmart, Ohio State University, Verizon Wireless, Walgreens, and Canadian government and parliament buildings in Ottawa.
With 6,000 employees in North America, the Group offers a wide portfolio of skills to its clients in the United States and Canada to help them decarbonize, decentralize and digitize their operations. The Group is the world’s largest independent electricity generator and energy efficiency services provider and has 160,000 employees.
The transaction is subject to several legal formalities, notably approval by the Federal Trade Commission, the U.S. competition authority. Closing of the transaction is scheduled for early July 2019.