NRG Systems (www.NRGsystems.com), founded in 1982, is the global leader in the design and manufacture of highly-engineered resource assessment and plant optimization equipment for the renewable energy industry. Its products are used during both the pre-development stage of a project and in the operational stage when project owners need to optimize the performance of their assets. Used in a wide variety of environments and locations, the company’s products have been shipped to customers in over 155 countries around the world. The company believes its products and services have facilitated the development of two-thirds of all the wind energy generated worldwide.
ESCO (www.escotechnologies.com) headquartered in St. Louis, Missouri manufactures highly-engineered filtration and fluid control products for the aviation, space, and process markets worldwide; is the industry leader in RF shielding and EMC test products; provides diagnostic instruments, software, and services for the benefit of the electric utility industry and industrial power users; and, produces custom thermoformed packaging, pulp based packaging, and specialty products for medical and commercial markets.
NRG Systems, Inc. announced that it has been acquired by ESCO Technologies Inc. (NYSE: ESE) a leading manufacturer of highly-engineered products. NRG Systems will become an independently operated subsidiary of Doble Engineering as part of ESCO’s Utility Solutions Group and will continue to operate out of its headquarters in Hinesburg, Vermont. This ownership transition is the successful culmination of an initiative led by Bigelow LLC to proactively identify the best new majority shareholder for NRG Systems.
“I’m proud to have found the next great owner for our company. Partnering with ESCO gives me great confidence that the future is incredibly bright and exciting for everyone involved.” Jan Blomstrann, Co-Founder and Chair of the Board NRG Systems, Inc.
Jan Blomstrann, Co-Founder and Chair of the Board, commented, “NRG Systems has been a privately-held family-run business for over three decades. As we saw more and larger opportunities in the world market, it became evident that it was responsible of us to explore a way to expand our resources to assure the sustained success of NRG for all our stakeholders. We built a unique culture focused on making the world a better place, and ESCO shares in that same belief. I am proud of my management team and employees for all that they have given to the company over the years and look forward to watching the company blossom under ESCO’s stewardship.”
“Adding NRG to our existing utility segment introduces a unique and exciting growth opportunity for ESCO. NRG's capabilities are a great complement to Doble's product and solution portfolio providing an immediate entry point into a large and growing market. NRG is clearly a market leader with an exceptional brand, reputation, and strong management team, and I'm excited to welcome the outstanding and dedicated employees of NRG to our team.” Vic Richey, Chairman and Chief Executive Officer ESCO
NRG Systems leadership team will remain in place led by President Justin Wheating, as will all employees. Justin Wheating, remarked, “Becoming a part of ESCO strengthens our ability to grow our business through continued investment in product development and application of our technologies to new markets. We are pleased to see that ESCO shares our core values, including a strong focus on customers and employees.”
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St. Louis, Missouri
The undersigned acted as M+A advisor to NRG Systems, Inc.