Schneider Electric, a global energy management company, has signed an agreement to acquire Louisville-based Summit Energy Services for $268 million.
Summit, founded in 1991, specializes in outsourced energy procurement and sustainability services to industrial, commercial and institutional enterprises in more than 90 countries. The company employs more than 350 people in 11 offices across North America and Europe – approximately 220 of whom are located in Louisville – and has more than 650 clients. The company will continue to operate under the Summit name following the acquisition.
Schneider, which is headquartered near Paris, France, has been in business for nearly 175 years. It has operations in more than 100 countries and a staff of more than 110,000 employees. The company’s North American headquarters are located in Palatine, Ill.
Chris Curtis, senior executive vice president of North America for Schneider, said, “The acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities.”