Juhl Wind Inc. (OTCBB: JUHL.OB), the Leader in Community Wind Power and Renewable Energy, today announced it recently closed on the acquisition of Power Engineers Collaborative, LLC (“PEC”) – a Midwest engineering firm dedicated to providing services to clients which include electric utilities, independent power producers (“IPP”), and industry and building systems.
Power Engineers Collaborative, LLC will continue to conduct its business under its industry-recognized name and its management/operations will remain unchanged.
“We are very proud to announce the addition of Power Engineers Collaborative to Juhl Wind,” stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. “We saw three very clear benefits to our acquisition of PEC: experience, significant expansion of our base business and an opportunity for our team to offer increased capabilities throughout the energy industry. The founders of PEC, George Shibayama, Matt Brown and Bryan Eskra, bring over 110 years of industry leading experience to our team along with one of the finest engineering groups in the space. The addition of their business into our organization brings an expected $4.5 million per year in annual revenue to our base business along with a host of cross-selling opportunities that we expect will lead to additional growth at PEC and across all of our subsidiaries.”
“By adding PEC to our team, we significantly boost our ability to grow well beyond Community Wind and into the full range of clean energy sectors including natural gas, biomass, waste-to-energy, medium-to-large on-site solar, and support to larger wind farm construction,” added John Mitola, President of Juhl Wind, Inc. “This move represents a natural expansion on top of the credibility we enjoy in the medium-scale wind industry. We see this as yet another step toward becoming a much broader enterprise with a leading position in the clean energy space. As a result, and of added significance, the expansion of our base services business with a leading professional services consulting firm allows us to not only expand our offerings, but also to begin establishing the growth of our base-line revenue flow from the development side of our business. As we have stated in the past, we expect to continue to add to our core operating businesses whether it be with acquiring professional services like PEC, increasing our maintenance services and/or with the continued growth in our Juhl Renewable Asset Inc. IPP subsidiary through acquisitions of existing clean energy assets or investment in our newly developed projects.”
“We are very excited to have joined the Juhl Wind Team,” stated George Shibayama, founder and president of Power Engineers Collaborative, LLC. “This is a great move for PEC – Juhl Wind has a very aggressive growth strategy and PEC will be an important part of that strategy. This will provide improved business development for PEC as well as an expanded range of offerings to our customers. Juhl brings a strong balance sheet made up of the ownership of three larger wind farms along with their ability to provide complete start-to-finish development support given their track record in developing 21 wind farms to date. That means, in addition to outstanding engineering, we can provide enhanced energy industry expertise, development consulting and the ability to help get our client’s projects financed.”
PEC’s core business includes aiding clients in site selection, environmental permitting, equipment studies, financing, preparation of contract documents, bid evaluation, contract awards, preparation of detailed construction documents, design of auxiliary facilities, engineering services during construction, and training of operating and maintenance personnel.
The Building Systems Engineering Division (BSE) extends these capabilities and focuses them toward the Mechanical, Electrical, Plumbing (“MEP”), Fire Protection, and energy-related needs of the commercial, residential and institutional sectors.
PEC’s MEP work experience ranges from interior developments to high-rise new construction. Business sectors include commercial, retail, data and communication, K-12 and higher educational, food service, high-rise development, hotel, multi-family residential, industrial, geothermal heat pump systems, power, municipal, public works, and parking facilities. PEC offers clients services in all phases of an MEP project including permitting, conceptual design, project management and detailed design and construction commissioning start-up.
The terms of the transaction described herein can be found in Juhl Wind, Inc.’s current report on Form 8-K filed on May 3rd, 2012.