On a conference call with analysts and investors, GSCAC president Matthew Kaufman said the company looked at 100 acquisitions before choosing Complete Energy.
"Complete Energy best fit the characteristics we were looking for: strong and stable cash flow and a management team with a track record of success," he said. "We believe the power industry is very attractive. Reserve margins are tightening across the country, particularly in California, and the time required to build a new facility adds to the complexity."
Kaufman said the price represented a 28% discount to Ebitda multiples of comparable transactions in the market.
Hugh Tarpley, a co-founder of Complete Energy who will continue to lead the company as CEO, said investments in the power industry are attractive and he's looking at expansion opportunities, including acquisitions.
See the full story from The Daily Deal. - Claire Poole
