17.11.11

Transaction Announcement: World Energy Solutions Acquires GSE Consulting

Benning Associates' Greg Benning served as financial advisor to World Energy Solutions, Inc.
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DALLAS, TX and WORCESTER, MA--(Marketwire -11/01/11)- World Energy Solutions, Inc. (NASDAQ: XWES - News), a leading energy management services firm, today announced it has purchased GSE Consulting, LP (GSE), a TX-based energy management and procurement company, for approximately $8.6 million at closing plus a potential earn-out. The acquisition provides World Energy a major foothold in Texas, the largest de-regulated electricity market in the U.S., and a significant presence in the fast-growing small and medium-sized market. World Energy expects the transaction to positively impact top-line revenue, EBITDA and backlog in 2012.

"With GSE, we gain a proven winner in the competitive Texas marketplace with a large pool of customers and a top flight sales team," said Richard Domaleski, CEO of World Energy Solutions. "This transaction caps off a series of strategic acquisitions we have made over the last several weeks that we believe are 'game-changing' for us. Together these moves advance our consolidation of the energy procurement space, broaden our customer target set and geographical reach, and increase our energy management capabilities. Consolidating these companies will accelerate our growth and enhance our EBITDA margins."

Added Brian Dafferner, President, GSE: "We see tremendous upside for our customers and employees in joining forces with a national leader like World Energy. The Company's vision for lowering total energy costs, and its ability to execute that vision, will be well received by the hundreds of businesses we serve. Not only do we see an opportunity to cross-sell new services into our existing customer base, but we believe our knowledge and relationships will help World Energy penetrate additional Texas-based and national accounts."

Formed in 2002 following the inception of electricity deregulation in Texas, GSE has become one of the premier energy consulting and management firms in the country. World Energy will retain the services of more than 20 GSE employees across three offices: Dallas, Fort Worth and Houston.

Today's deal marks the third in seven weeks for World Energy, which recently announced the acquisition of Co-eXprise's energy procurement business and energy efficiency firm Northeast Energy Solutions.

Greg Benning of Benning Associates served as investment banker to World Energy Solutions in the transaction. Benning is licensed as and acted in the capacity of a General Securities Principal through Burch & Company, Inc.