OAKVILLE, ON, Aug. 1, 2019 /CNW/ - Spark Power Group Inc. (TSX: SPG)(SPG.WT), parent company to Spark Power Corp. ("Spark Power" or the "Company"), a leading independent provider of integrated power solutions to industrial, commercial, institutional, and utility customers across North America, today announced the acquisition of 3-Phase Electrical Ltd. ("3-Phase"), by way of a share price agreement ("SPA"). 3-Phase is a low-voltage electrical service and contracting firm based in Winnipeg, Manitoba. It will become a wholly-owned subsidiary of Spark Power, operating within its Technical Services Group. While the terms of the deal are confidential, the acquisition is expected to be immediately accretive to earnings.
3-Phase specializes in delivering medium to large-scale electrical installations and providing value-added services to blue-chip customers in the industrial and commercial sectors. This acquisition will further expand Spark Power's geographic coverage in the Canadian midwest and round out its capabilities in low-voltage to deliver more fully-integrated power service offerings to its customers in that market.
"We want to be our customer's Trusted Partner in Power and their first and only call for delivering integrated, end-to-end solutions that encompass their entire electrical power infrastructure," said Jason Sparaga, Co-Founder and Co-CEO, Spark Power Corp. "3-Phase is a leader in the Manitoba market with a long history of delivering high calibre electrical installations and value-added services. Their highly skilled and COR-certified technical staff, strong reputation within the industry, and blue-chip customer base makes them an ideal partner. We are very excited to welcome the 3-Phase team to the Spark Power Group of Companies."
"3-Phase is a recognized industry leader in electrical power services and project management in the Winnipeg market," said 3-Phase Co-Founders, John Gigliotti, Brent Prusak, and Vince Audino. "We see a tremendous opportunity to lever the Spark Power platform to accelerate our growth beyond the local market and deliver a more comprehensive and integrated suite of services to our long-standing, blue-chip customers."
In the near term, 3-Phase will continue to operate under its brand name and the management team will remain as key members of the Spark Power organization.
About Spark Power Group Inc.
Spark Power Group Inc., ("Spark Power") is committed to becoming the Trusted Partner in Power and the leading independent and integrated power solutions provider to the industrial, commercial, institutional, and utility markets across North America. Spark delivers cost-effective, customer-centric solutions that address cost, quality, reliability, and power sustainability to integrate new technologies and help transition our customers to the grid of the future. Learn more at www.sparkpowercorp.com and Like us on social @SparkPowerCorp.
About 3-Phase Electrical Ltd.
3-Phase Electrical, a Spark Power company, is an industrial and commercial electrical projects and services firm based in Winnipeg, Canada. With over 17 years of experience in all facets of electrical construction and service, 3-Phase delivers quality, reliability, and experience to large commercial and industrial projects. Learn more at www.3phaseelectrical.com
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on Spark Power's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business, including revenue growth, synergistic savings expected to be realized, potential expansion of the business and include, without limitation, statements regarding the growth and financial performance of Spark Power's business and execution of its business strategy by Messrs. Sparaga and Clark.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Spark Power Group Inc.