ESCO Technologies Inc. has acquired NRG Systems, Inc. (NRG), doing business as Renewable NRG System
global market leader in the design and manufacture of decision support tools for the renewable energy industry, primarily wind.
NRG serves electric utilities, wind turbine manufacturers, renewable energy developers, research institutes, and government agencies in more than 150 countries.
The business, which will join Doble Engineering as part of ESCO’s Utilities Solutions Group (USG) operating segment, has annualized sales of approximately $45 million (with nearly half of its sales coming from international markets) and operating margins in the mid-teens. The terms of the transaction were not disclosed.
Bryan Sayler, President of Doble, commented, “The addition of NRG offers Doble the opportunity to access the growing renewable energy market, expand our geographic presence, and provide our existing customers with proven tools to optimize their renewable energy generation assets.”
Justin Wheating, President of NRG, commented, “Becoming part of ESCO further strengthens our ability to grow through the continued investment in new products and the expansion of our existing technologies into new markets. We are excited about our future and pleased to join a company that shares our core values and demonstrates its strong focus on customers and employees.”