Norcross, Ga., March 26, 2012 — Comverge, Inc., provider of intelligent energy management solutions for residential and commercial and industrial customers, entered into an agreement to be acquired by Peak Merger Corp., an affiliate of H.I.G. Capital, LLC, a global private investment firm, about $49 million in equity value.
The offer price represents a premium of about 18 percent over Comverge‘s average closing price of $1.48 over the last 30 days. The H.I.G. Capital offer is not subject to a financing condition. Affiliates of H.I.G. Capital will provide debt financing to Comverge in the amount of $12.0 million, which is not contingent on the closing of the acquisition by H.I.G. Capital.
Acting upon the unanimous recommendation of the strategy committee of the board, which is comprised entirely of independent directors, the Comverge board of directors has approved the definitive agreement.
Since the fall of 2010, Comverge has actively sought additional capital financing necessary to support the execution of the company’s business plan and has explored a variety of financing alternatives and strategic alternatives.
The board of directors considered a variety of alternatives, including continuing to operate as a stand-alone company, financing the company through the issuance of additional equity or debt, selling various company assets and selling the company as a whole.