We have exciting news! Early this morning we announced the recent agreement of the acquisition of Bounce Energy, a privately-held retail electricity provider based in Houston, for $46 million in cash plus additional working capital.
The acquisition of Bounce Energy makes our residential business even stronger!
Here’s some background on Bounce Energy:
The company provides full-service electricity to 80,000 residential and small business customers in the competitive energy markets of Texas, Pennsylvania and New York. As one of the fastest growing deregulated energy companies, Bounce Energy was founded in 2008 by CEO Robbie Wright, a veteran e-commerce entrepreneur, and six other founders. The company leads the way in e-commerce, online digital marketing and customer interaction on social media, and was the first electricity company to offer its services through Facebook.
And here’s why we’re excited:
Currently, Bounce Energy has more than 111,000 “Likes” on Facebook, making it one of the most liked electricity companies on Facebook. Earlier this year, Bounce Energy launched a “Build Your Own Energy Plan,” the first of its kind in the electricity industry, which allows customers to choose plan length, green energy percentage, billing options and rewards programs. In 2012, Bounce Energy was ranked second in a Texas retail electricity provider customer satisfaction survey by J.D. Power and Associates.
According to Steven Murray, President of Direct Energy Residential. “Bounce Energy’s digital marketing insights and e-commerce platform will bolster our capabilities as we expand our product offerings to current and potential customers.”
The transaction is subject to regulatory review and is expected to close in the third quarter of 2013.
We are happy to welcome Bounce Energy to the Direct Energy family!