Town of Genesee-based Generac Holdings Inc.
has closed on its acquisition of Canadian smart thermostat maker ecobee in a deal potentially worth up to $770 million.
Generac is paying
$200 million in cash and $450 million in stock for ecobee. The $650 million price could climb to $770 million by 2023 based on the number of homes ecobee is in and its annual recurring revenue.
When the deal was announced in early November, Aaron Jagdfeld, chairman, president and chief executive officer of Generac, said it was about more than entering the smart thermostat market.
Generac has made several acquisitions in recent years as it enters the energy technology space. Those deals have included home battery storage, energy monitoring offerings, and water heater and propane tank monitors.
is that the ecobee platform will help Generac bring all those products together, maximizing their benefit to customers and the company.
"With the addition of ecobee and its energy management products focused on conservation, convenience, peace of mind and comfort, we will be able to further build out Generac's suite of offerings around an intelligent home energy ecosystem. Such a system will help homeowners save money on their energy costs and allow grid operators to better balance supply and demand in more cost-effective ways."
Stuart Lombard, founder and CEO of ecobee, said being part of Generac would help the company grow.
"Leveraging Generac's global footprint and extensive distribution network, we'll be able to maximize our growth opportunities and further unleash the power of our smart products to deliver a cleaner, more resilient and sustainable energy future for customers and communities."