Smartcool Systems Inc., Canada, announced plans to acquire Total Energy Concepts Inc. (TEC). The letter agreement contemplates that TEC will merge into a wholly-owned subsidiary of Smartcool, thus creating a new TEC division.
TEC is a Baxter, Minn.-based distributor of Smartcool products and other energy efficient items, including power factor correction equipment (PFC), voltage conditioning units (VCU) and intelligent generator optimization systems (IGOS).
“I first met Damian three years ago, and was immediately impressed with the way he combined his engineering background with sound sales strategies, a rare combination,” says Ted Konyi, chief executive officer of Smartcool Systems. “As I have become more familiar with TEC’s suite of products, the tremendous synergies between the companies has become impossible to ignore. I am very excited for this merger to occur, and I am eagerly anticipating significant benefits for all parties.”
“I am excited to join the Smartcool team at a time when major inroads are being made by a number of Smartcool divisions, as well as our own,” adds Damian Smith, chief executive officer of TEC, who will continue as CEO of the new division. “Although TEC has been enjoying rapid growth in recent years, Ted and I believe that the combination of our two company’s sales and distributor networks, as well as the complimentary products that we can offer as a comprehensive solution are key to growth in new sales opportunities, both domestically as well as internationally.”