Ascent hometown utility (St. Thomas Energy Inc.) to remain intact and continue to be owned by the City of St. Thomas
St. Thomas, ON – Ascent Group announced today that Spark Power Corp has made an acquisition offer to Ascent Solutions Inc. that both sides see as a win-win, with the hometown utility, St. Thomas Energy, continuing to be owned by the City of St. Thomas.
Spark Power Corp, headquartered in Oakville, Ontario, has made an offer to Ascent Solutions Inc. (“ASI”) to acquire its assets, including its operating units in both Tillsonburg and Belleville. The deal is currently undergoing a 30 day due diligence process with Ascent, after which time it is expected to be completed. Ascent Utility Solutions Inc., the Toronto subsidiary of Ascent Solutions Inc. is not involved in this transaction.
John Laverty, acting CEO for Ascent, says that the deal is positive for everyone involved. After several years of financial difficulty and some uncertainty we decided that it was in the best interests of everyone involved including the shareholder and employees of Ascent Solutions Inc. to move forward and begin a new era. We know that Spark Power is committed to growing their business and will move ahead with integrity and transparency.”
Electricity rates and service will not be affected and the hometown utility, St. Thomas Energy, that’s been in business for more than 100 years will not be affected. For the almost 70 former Ascent Solutions employees, the details of their futures won’t be known definitively until the due diligence process is complete. However, Spark Power Corp has stated that they are a growth oriented company both organically and through acquisition.
Spark Power Corp, which has five offices across Ontario and has over 140 employees, believes that acquiring the assets of Ascent Solutions Inc. fits well into their overall national growth strategy. Co- Founder and CEO Jason Sparaga, is very optimistic about the deal.
“We are eager to get to know the employees and to continue building our growing company. We don’t anticipate our new employees’ day-to-day responsibilities and compensation being markedly different from today under Spark Power’s leadership and we’ll be able to more definitively assess these issues as the due diligence and documentation process is completed.”
Beginning Monday, March 7th, Ascent’s Acting CEO John Laverty and his Management team will be travelling to Belleville and Tillsonburg to deliver the news in person to their employees. It is also expected that representatives from Spark Power will also address employees at this time with the overall intent of growth and business as usual.
For more information or to set up interviews please contact:
John Laverty, Acting CEO, Ascent Group Inc.
Mayor Heather Jackson
Spark Power Group (sparkpower.ca) provides development and asset management services to the renewable energy sector and technical services to the high voltage power sector. We are organized into two major business lines:
(a) The Spark Solar Group provides development and management services to the Canadian solar market, we have developed a number of projects (some in Southwestern Ontario) through partnerships with the AGRIS Solar Co-operative and the Green Energy Co-operative of Ontario.
(b) Spark Power Services Corp. operates under three brands:
Northwind Solutions, providers of renewable asset operations & maintenance services
Rondar providers of maintenance services to the high and low voltage markets. (Acquired 2014)
Pelikan Engineering providers of professional services to the Canadian power and electrical markets. (Acquired 2016).
The Ascent group of companies (ascent.ca ) are wholly owned by the City of St. Thomas with offices in Belleville, St. Thomas, Tillsonburg and Toronto. They are a leading electrical construction service provider in Ontario with a client base in communities throughout the province. They specialize in technological and operational with a primary focus on electrical
services and solutions.