ESCO Technologies acquires NRG system

ESCO Technologies announced that it has acquired NRG Systems. 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 and operating margins in the mid-teens. The terms of the transaction were not disclosed.

NRG President, Justin Wheating said that Becoming part of ESCO further strengthens their ability to grow through the continued investment in new products and the expansion of their existing technologies into new markets. They are excited about their future and pleased to join a company that shares their core values and demonstrates its strong focus on customers and employees.

Chairman and CEO, Vic Richey said that Adding NRG to their existing utility segment introduces a unique and exciting growth opportunity for ESCO. NRG’s capabilities are a great complement to Doble’s product and solution portfolio providing an immediate entry point into a large and growing market. Clean, renewable and sustainable energy is a $300 billion-plus per year global industry where approximately 600 GW of new wind capacity and 700 GW of solar PV capacity are expected to be added over the next 10 years. NRG is clearly a market leader with an exceptional brand, reputation, and strong management team, and He is excited to welcome the outstanding and dedicated employees of NRG to their team.