Wednesday, Grainger W W Inc (GWW), a broad line distributor of facilities maintenance products, said it signed and closed an all cash acquisition of Alliance Energy Solutions. The company anticipates the transaction to be accretive to earnings in 2010 by approximately $0.01 - 0.02 per share. Other terms of the deal were not disclosed.
James Ryan, Grainger chairman, president and chief executive officer said, "This transaction is the first service-based acquisition we're adding to our U.S. customer offering and we anticipate it will help us accelerate our strategy to become our customers' indispensable partner in helping them keep their facilities safe, efficient and functional."
Alliance Energy Solutions, headquartered in Oxford, Connecticut, provides turn-key energy-efficient retrofits. The company said that Kevin Siebrecht, president and Matt James, chief operating officer will continue to lead the operations under the Alliance brand name. Working with Grainger's U.S. business, Alliance will leverage the scale of Grainger's sales network to help bring its unique service capabilities to more businesses and institutions. Alliance had sales of $20 million in 2008.
"Our customers told us they had a need for a service to complement our deep product line around lighting products and we listened," said Mike Pulick, president of Grainger's U.S. Business. According to Siebrecht Alliance Energy has been working with Grainger for several years and combining with Grainger increases the growth opportunity that exists to bring customers solutions to their efficiency problems.
GWW is currently trading on the New York Stock Exchange at $99.39, down $2.04 or 2.02%.
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