Investors apparently like the latest move made by PowerSecure.
Shares in the Wake-Forest based firm climbed to a 52-week high of $12.85 early Monday.
The surge came after PowerSecure (Nasdaq: POWR), which focuses on a variety of energy products and services, said it was expanding its light-emitting diode business with the purchase of Connecticut-based Solais Lighting.
POWR opened at $12.78, up 26 cents from Friday’s close. Just before 11 a.m., shares traded at $12.78.
PowerSecure shares have risen more than 50 percent so far this year, trading at $7.92 on Jan. 1.
The deal worth a total of some $15 million was announced early Monday before the stock markets opened.
PowerSecure is paying $6.5 million cash plus another 675,160 shares of its stock and is assuming $200,000 in what the company called “negative working capital.”
Solais provides LED lamps and fixtures that are focused on commercial and industrial uses.
PowerSecure already offers a number of LED products and services.
“The expertise Solais has demonstrated in developing best-in-class innovative technology in parallel with some of the most effective sourcing, procurement and manufacturing in the industry will provide us with catalysts to accelerate the growth and profitability of our LED lighting business,” said Sidney Hinton, chief executive officer of PowerSecure, in a statement.
“James and the accomplished Solais leadership team bring additional strength to PowerSecure and experience with distributor channel relationships that add to our new ESCO product channel and broaden our product offerings to our direct customers and utility partners,” Hinton added.
PowerSecure says it expects the deal will be “slightly accretive” to revenues and earnings this year.
