O2 Investment Partners (“O2”) (www.o2investment.com) is pleased to announce that SIB Fixed Cost Reduction (“SIB”) (www.aboutsib.com) has acquired Cost Control Associates (“CCA”) (www.costcontrolassociates.com). The acquisition is an exciting step for the SIB platform as it seeks to partner with leading spend management and cost reduction firms.
Kevin Flounders, CEO of SIB, commented, “Bringing CCA into the SIB family is a natural step in our strategy as we grow both organically and through M&A. CCA’s expertise allows us to deepen our existing customer relationships and strengthen our market position. We value CCA’s strong reputation and excellent track record. We are excited to provide its dedicated employees more resources to grow.”
Founded by Keith Laake in 1991, CCA specializes in helping businesses and other organizations reduce and better manage their utility costs for energy, waste removal, and telecom. The company offers a variety of innovative services including cost recovery and reduction, energy procurement, invoice processing and payment, and budgeting and forecasting.
“I spent almost 30 years making Cost Control Associates what it is today,” said Laake. “Partnering with SIB allows us to do even more for our clients while also expanding SIB’s client offerings. This is a positive move for CCA, and I feel good about our combined teams doing great things together.”
Pat Corden, Partner at O2, commented, “O2 is very excited about the SIB and CCA combination. We believe there are many revenue synergies to be achieved. CCA has a top-notch team and is highly regarded in the industry. We look forward to combining their strengths with SIB as we continue to scale the business.” Mr. Corden added, “We want to thank our financial partners TCF Capital Funding and LBC Small Cap Credit for their confidence and continued support in this investment.”
About SIB Fixed Cost Reduction:
SIB is a leader in fixed cost reduction services providing invoice analysis, vendor negotiation and cost monitoring for customers across a variety of expense categories including telecom, utilities, and waste management. The company earns contingent fees based on the savings found for clients. SIB is headquartered in Charleston, SC.
About Cost Control Associates:
CCA is a leader in utility spend management providing customized utility expense oversight solutions ranging from utility cost-cutting and procurement to budgeting and forecasting, bill pay, and data management and analysis for customers across the energy, waste, and telecom expense categories. Like SIB, the company earns contingent fees based on savings found for its clients. CCA is headquartered in Queensbury, NY.
About O2 Investment Partners:
O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select niche industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management.
Additional information is available at www.o2investment.com ; www.aboutsib.com ; www.costcontrolassociates.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20201026005025/en/
Contacts:
pcorden@o2investment.com
(248) 554-4229
