CPE Media News – pcJournal (7/5/2018) – Spark Power Corp., soon to be a Toronto Stock Exchange (TSX) listed company, has acquired Edmonton, Alberta based Orbis Engineering Field Services, and the California branches of New Electric.
The acquisitions follow yesterday’s announcement of Bullfrog Power acquisition.
Orbis is an engineering design and technical field services firm specializing in power systems engineering and on-site field services including commissioning and start-up. Building on the company’s 2017 acquisition of the Canadian operations of electrical contracting services company New Electric, Spark Power has acquired New Electric’s branches in Fresno and Fremont, California.
On June 11, 2018, Spark Power Corp. entered into a merger agreement with Canaccord Genuity Acquisition Corp. (TSX: CGAC.UN, CGAC.WT) (CGAC), which will constitute CGAC’s qualifying acquisition.
photo credit: sarangib via pixabay
News Release
Canaccord Genuity Acquisition Corp. Announces Spark Power Acquisitions to Expand Power Services and Sustainable Power Solutions Offerings
Spark Power Acquires Orbis Engineering Field Services
TORONTO, ONTARIO, CANADA – July 5, 2018 – Canaccord Genuity Acquisition Corp. (“CGAC”) is pleased to announce that in conjunction with the earlier announcement of the acquisition of Bullfrog Power, Spark Power Corp. (“Spark Power”), a leading independent electrical power services and solutions company, has acquired Orbis Engineering Field Services (“Orbis”), and the California branches of New Electric. On June 11, 2018, CGAC announced its proposed merger (the “Merger”) with Spark Power. The Merger will constitute CGAC’s qualifying acquisition.
• Orbis, based in Edmonton, Alberta, is an engineering design and technical field services firm specializing in power systems engineering and on-site field services including commissioning and start-up. The company’s meticulous safety protocols, supportive culture, experienced staff, and ability to service remote and restricted areas have made Orbis the preferred engineering firm for clients in oil and gas, mining, utilities, forestry, and public sector markets.
• Building on the company’s 2017 acquisition of the Canadian operations of electrical contracting services company New Electric, Spark Power has acquired New Electric’s branches in Fresno and Fremont, California.
“At Spark Power, we take great pride in our ability to identify and acquire businesses that support our mission to provide integrated, ‘pole to product’, technical power services to the North American market,” said Jason Sparaga, co-CEO, Spark Power. “These companies have tremendous depth of expertise and a solid brand history of being best-in-breed service providers across multiple geographies and markets. We are excited to welcome them to the Spark Power Group of Companies.”
Spark Power, its subsidiaries, and the acquired companies will continue to operate under their respective brand names and their management teams will remain as key members of the Spark Power team.
As previously disclosed on June 11, 2018, Spark Power believes that with the addition of these acquisitions and Bullfrog Power, the corporation will realize pro-forma
annualized revenues and Adjusted EBITDA of approximately $148.0 million and $25.0 million, respectively, for the year ending December 31, 2018.
About Canaccord Genuity Acquisition Corp.
CGAC is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving CGAC.
About Spark Power Corp.
Spark Power is a leading independent electrical power services and solutions company serving more than 4,500 industrial, commercial, institutional, renewable and agricultural customers, as well as utility markets including municipalities, universities, schools and hospitals across North America. For more information, visit us at www.sparkpower.ca.
About Orbis Engineering Field Services
Orbis Engineering Field Services is an engineering design firm specializing in field engineering for power systems. The company’s meticulous safety protocols, supportive culture, experienced staff, and ability to service remote and restricted areas have made Orbis Engineering the preferred engineering firm for clients in oil and gas, mining, utilities, forestry, and public sector markets. For more information, visit
www.orbisengineering.net.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canaccord Genuity Acquisition Corp.
Brad Cameron
Chairman and Chief Executive Officer
bcameron@canaccordgenuity.com
Spark Power Corp.
Jason Sparaga
Co-CEO
jsparaga@sparkpower.ca
Andrew Clark
Co-CEO
aclark@sparkpower.ca