For Immediate Release
December 22, 2008
Ewing Bemiss & Co. Announces the Sale of Indeck Maine Energy, LLC to Covanta Holding Corporation
Richmond, Virginia – Ewing Bemiss & Co. is pleased to announce that it represented Indeck Maine Energy, LLC (“IME”), owned by Ridgewood Renewable Power, LLC and Indeck Energy Services, Inc., in its sale to Covanta Holding Corporation (NYSE:CVA) for approximately $52 million plus working capital. IME owns and operates two 24.5 MW wood-fired biomass-to-energy facilities located in West Enfield and Jonesboro, Maine. The facilities combust clean wood biomass to produce renewable electricity. Biomass may include: woodchips, sawdust, bark, tree trimmings and agricultural waste. The electricity is sold into the merchant power markets of ISO New England and also qualifies for Massachusetts Class I renewable energy certificates.
Ewing Bemiss & Co. is an investment bank focused on delivering superior service and optimal results to middle market companies. The IME transaction adds to Ewing Bemiss & Co.’s strong experience in the Alternative/Renewable Energy and Environmental Services sectors and represents the 9th transaction closed in these sectors over the past 24 months.
Founded in 1992, Ewing Bemiss & Co. provides merger and acquisition advisory, private capital formation, financial restructuring and strategic advisory services. Ewing Bemiss & Co. provides extensive transaction experience and a strong relationship orientation to clients across a broad range of manufacturing and services sectors and is widely recognized for in-depth sector knowledge and expertise in several industries, including Alternative/Renewable Energy and Environmental Services, Healthcare, Transportation & Logistics and Business & Technology Services.
Contact:
Mary Bacon
Managing Director
Ewing Bemiss & Co.
(804) 780-1912
m.bacon@ewingbemiss.com
Henry Berling
Managing Director
Ewing Bemiss & Co.
(804) 780-1905
h.berling@ewingbemiss.com