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Industry News
April 16, 2007
Eltek Energy Joins With Valere Power to Create $500 Million DC Power Equipment Provider
Eltek ASA announced that its Eltek Energy subsidiary has agreed to acquire Valere Power to create a $500 million provider of dc power systems to telecommunications and industrial markets worldwide. The combined company will be called Eltek Valere and will be headquartered in the Dallas-Fort Worth area. The company will have more than 1,300 employees with sales in 100 countries and operations in 25 countries. Eltek Valere intends to investigate a separate listing of the company in the US or another major global exchange in the future.
Andy Marsh, President and CEO of Valere, will be the CEO of the new company, Ken Vines, Valere’s CFO, will continue in the same position with the new company. The rest of the management team will be composed of executives from both companies. All three Valere co-founders will continue with the new company.
"Valere’s first five years were an exciting combination of fast growth and achieving our goal to be the industry leader in innovation and customer service. Now we have a great opportunity to build on that foundation, expand our product development and sales capabilities, and set our sights on leading the industry in market share as well," Marsh said. "I am grateful to the Valere team for its hard work during this time and excited about what lies ahead for all of us."
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Founded in 2001, Valere Power claims to be one of the fastest growing telecom start-ups in recent years, having recorded a 77% average annual sales growth from 2004 through 2006. The company’s 2006 revenues were $88 million, and revenues in the company’s first quarter of 2007 were up 44% year-on-year, powered by its innovative power supply technology, which is smaller and more efficient than competing technology. Valere counts large telephone companies such as Verizon and AT&T as customers.
Eltek Energy provides dc power systems, installation-related services and other power products for telecom and industrial applications. The company has experienced 26% average annual revenue growth from 2004 to 2006. Through the acquisition, Eltek Energy more than doubles its revenues in the US market and further strengthens its position in the rapidly growing Indian market. It is claimed that the combined company will be the second largest provider of dc power systems in the world with revenues of more than $500 million.
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"This is a perfect strategic match combining Valere’s fast market growth and U.S. installed base with Eltek’s broad product line and worldwide reach. This will give Eltek market leadership in the U.S.," said Morten F. Angelil, Eltek ASA CEO. "Valere brings a high level of technical innovation and an excellent blue-chip customer base to the table. Eltek Energy and Valere are complementary in terms of customers, products and geographical exposure, and we are also excited to get a strong management team onboard."
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