Jan. 25, 2012: Siemens Acquires Pace Global Energy Services
Siemens said the acquisition of Pace Global supports its strategic commitment to enhance enterprise value by optimizing energy and resource efficiency.
“Sustainability and energy efficiency are top priorities for enterprises and municipalities,” said Andreas Schierenbeck, president of the U.S. Building Technologies Division of Siemens. “With a current portfolio ranging from energy services to performance contracting, we have expanded our capabilities with the addition of energy consulting and procurement services. By combining both companies’ market-leading solutions, Siemens has formed an end-to-end energy consulting and project delivery capability that is unique in the market, and is a perfect complement to the realities of running today’s business operations.”
Pace Global has a 36-year history providing energy services to a global portfolio of clients. The company manages more than $5 billion in energy spending for 200 clients around the world, oversees a risk portfolio valued at approximately $10 billion, and supports the development, acquisition, and financing of over $100 billion of energy assets worldwide.
Pace Global will integrate within Siemens Building Technologies Division, but will continue to operate as a separate operating unit. Timothy F. Sutherland will continue to lead the operating unit after the acquisition, and Pace Global’s executive staff and employees will remain intact. Pace Global has offices in Fairfax, Va., Houston, Columbia, S.C., London, and Moscow.
“The purchase of Pace Global allows us to extend our reach into the energy market and enhance our current building automation portfolio of energy management solutions and services to both the private and public sectors,” said Dave Hopping, vice president of the U.S. Siemens Building Automation business unit. “Together, Siemens and Pace Global have established a recognized and client-valued position in the marketplace.”
Publication date: 01/23/2012