TORONTO — Mississauga-based Kontrol Energy Corp. recently announced it has completed the acquisition of Efficiency Engineering Inc. (EE Inc.), which operates out of Cambridge, Ont.
EE Inc. has been in operation for more than 20 years providing engineering services to industrial, municipal and commercial building owners across Canada, noted a media statement issued Aug. 8. EE Inc. offers energy efficiency analysis, energy audits, management of facility system solutions, electrical and mechanical design and energy conservation studies.
Based on its unaudited financial statements for the fiscal years 2015, 2016 and 2017, EE Inc. generated average annual revenues of approximately $2 million and approximately $450,000 of average annual net earnings before tax, the statement indicated.
"We are excited about the closing of this acquisition and we look forward to expanding EE Inc.’s unique services and solutions across Canada, and adding further growth to our revenue and earnings. This acquisition provides a strategic fit to enhance our capacity to deliver turn-key energy efficiency solutions for our customers while providing a corresponding reduction in greenhouse gas emissions," said Paul Ghezzi, CEO of Kontrol Energy, in the statement.
The aggregate purchase price for Efficiency Engineering Inc. is more than $2.2 million.
Kontrol Energy specializes in energy efficiency solutions and technology.
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