Dive Summary:
- The Houston-based Direct Energy, a leading energy retailer in North America with more than six million residential, business and services customers, has agreed to acquire Bounce Energy, a cutting-edge retail electricity provider based in Houston, for $46 million in cash plus additional working capital.
- Through the deal, Direct Energy, a subsidiary of Centrica Plc, will be the largest retail energy company in North America. In addition to gaining Bounce Energy’s 80,000 residential and small business customers in Texas, Pennsylvania and New York, Direct will leverage Bounce’s much talked-about digital marketing and e-commerce capabilities.
- Bounce was the first electricity company to offer its services through Facebook. As a result, Bounce Energy was ranked second in a Texas retail electricity provider customer satisfaction survey by J.D. Power and Associates and is one of the fastest growing deregulated energy companies. Founded by CEO Robbie Wright, a veteran e-commerce entrepreneur, and six other founders in 2008, Bounce specializes in e-commerce, online digital marketing and customer interaction on social media.
From the press release:
" ‘The further expansion of our residential business is an essential component of our North American growth strategy,’ " said Badar Khan, President and CEO of Direct Energy. ‘The acquisition of Bounce Energy will provide customers with more innovative, efficient and competitive energy services options.’"
