Charleston cost-cutting consulting firm acquires Florida lighting business
A Charleston firm that helps companies, schools and government agencies lower their energy bills and other fixed expenses has acquired a lighting business.
SIB Development & Consulting said Monday that it has purchased Florida-based HOA Energy Advisors. The renamed SIB Lighting operates as a subsidiary of the Meeting Street parent company and specializes in energy-efficient lighting products and installation work.
Terms of the acquisition were not disclosed. SIB Development said the deal was financed with help from Gold Ridge Asset Management and Silicon Harbor Ventures, both Charleston-based investment firms that also will provide strategic and financial support to the lighting business.
The new division’s sales office and warehouse will remain in Boca Raton. Administrative functions will be handled in Charleston.
The South Florida subsidiary will focus on converting commercial customers to more energy-efficient LED lighting systems, including the financing portion. Technological advancements in recent years “have resulted in compelling economics” for making such an investment, SIB Development said in a written statement.
“A number of our clients have expressed frustration in dealing with LED vendors,” CEO Dan Schneider said in the statement. “We believe SIB Lighting’s unique vendor-neutral approach will allow us to work with our clients to increase their profits.”