North Little Rock-based Powers announced the sale of its territorial divisions in Mississippi, Oklahoma, Louisiana and Alabama to New Jersey-based Albireo Energy, an independent building controls and energy services provider and a Huron Capital portfolio company.
The transaction, which was finalized this month, does not include Powers’ operations in Arkansas or its portfolio of federal projects and national business accounts. Terms of the deal were not disclosed.
For four decades, Powers has been an independent, family-owned business serving commercial, educational, government, healthcare, industrial and other mission-critical facilities across Arkansas and nationwide. It remains Arkansas’ largest privately held building HVAC, controls, and service company.
“This is an exciting milestone for our Mississippi, Oklahoma, Louisiana and Alabama divisions,” said Powers CEO Alan Hope. “It reflects strong customer relationships and the work of exceptional people who built these divisions over the past seven years and earned a reputation for delivering long-term quality, service, safety and value.”
Hope said the priority throughout the sale was to protect Powers’ customer relationships, employees, and culture.
“Albireo was an ideal choice because they share our customer-first mindset and understand the importance of honoring commitments and maintaining trusted relationships,” he said. “They know that Powers and these divisions succeed because of our people, and I am confident they will continue to build on that.”
“We look forward to continuing to grow as a trusted leader in high-performance, energy-efficient HVAC and building automation and controls systems and to serving our customers in Arkansas and across the country,” Hope said.
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