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Hinesburg-based NRG Systems sold to St. Louis firm
Credit: Dan D'Ambrosio , Free Press Staff Writer | Burlington Free press | May 8, 2017 | www.burlingtonfreepress.com ~~
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A St. Louis energy company has acquired Renewable NRG Systems in Hinesburg for an undisclosed amount.
Esco Technologies, Inc. said in a statement Monday that NRG Systems will join Doble Engineering as part of Esco’s Utilities Solutions Group. The terms of the sale were not disclosed. The Hinesburg company has annual sales of about $45 million, according to Esco, with half of its sales coming from international markets.
The privately owned NRG Systems, founded in Vermont 35 years ago, helps energy companies decide whether and where to build wind turbines. Company representatives could not be reached for comment after business hours Monday.
There was no mention in the Esco statement about whether staff in Hinesburg would be affected by the sale. Vic Richey, chairman and CEO of Esco Technologies, did say he was “excited to welcome the outstanding and dedicated employees of NRG to our team.”
Esco characterized NRG Systems as the “global market leader” in the design and manufacturing of “decision support tools” for the renewable energy industry, primarily wind. NRG Systems makes instruments to assess the viability of a site for wind power generation, along with tools to optimize the efficiency of wind power turbines once they are up and running.
The tight niche of wind assessment served NRG Systems well since David Blittersdorf founded the company in 1982 in Bristol. NRG Systems grew at an average annual rate of 30 percent for 25 years, moving to Hinesburg for more space.
NRG Systems was one of the few companies in the world doing wind assessments and developed a global reputation. In 2010, Jan Blomstrann, the former wife of Blittersdorf, became sole owner of NRG Systems. Blomstrann had taken on the roles of president and CEO of the company in 2004.
NRG Systems cut about 40 employees in 2013, reducing the total workforce for the first time in the company’s history to about 78.
Blomstrann said at the time that the forces leading to NRG Systems’ downsizing were large and global, beginning with the absence of a consistent long-term energy policy for renewables in the United States.
Justin Wheating became president and CEO of NRG Systems in January 2014 after joining the company as chief financial officer in 2009. Blomstrann became chairwoman as well as owner of the company.
Wheating said in a statement Monday that joining Esco “further strengthens” NRG Systems’ ability to grow through investing in new products and new markets.
“We are excited about our future and pleased to join a company that shares our core values and demonstrates its strong focus on customers and employees,” Wheating said.
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