SCOTTISH Gas-owner Centrica yesterday snapped up an electricity supplier in Texas as it looks to grow its North American business.
Direct Energy, the FTSE 100 giant’s United States subsidiary, bought privately-owned Bounce Energy for $46 million (£30m) in cash and said it would pump in additional working capital.
Bounce has more than 80,000 residential customers and has developed an internet-based platform for marketing products to customers and servicing their accounts.
Badar Khan, chief executive of Direct Energy, said: “The acquisition marks a further step in the development of our North American residential energy business. It will provide our customers with more innovative and efficient energy options and also gives Direct Energy a leading online platform as we look to grow our North American customer base.”
Patrick Gordon, senior investment strategist and head of fixed income at Killik & Co, said the “small” acquisition was in line with the company’s strategy.”