No formal nuptial news as of yet, however a St. Thomas Energy merger partner could be unveiled as early as this coming week. City council, the sole shareholder of parent company Ascent Group, met in closed session Tuesday to pour over a summary report from Grant Thornton, the financial consultants hired by the city to explore potential utility partnerships for St. Thomas Energy.
“We’re working through some things and we hope that will lead to an announcement, hopefully next week,” advised city manager Wendell Graves in an interview Thursday.
Speculation has run high a potential suitor might be London Hydro and we asked Graves how many offers are under consideration.
“I can’t be too specific,” said Graves, “but I will say . . . we cast the net across the entire province with all of the municipally owned electrical distribution companies . . . it did garner some interest so we’re happy about that.” Continue reading
That buzzing and crackling sound audible earlier this week was the rumor mill churning full tilt at the prospect of London Hydro and St. Thomas Energy uniting in utility bliss.
Mum’s the word from the potential partners, however the picture may come into better focus following a special in-camera meeting Tuesday where St. Thomas council – sole shareholders of parent company Ascent Group – will be briefed on the findings of Grant Thornton, the financial consultants hired by the city to explore merger partners.
Their suitor search has been completed, advised Ascent Group board chairman John Laverty on Tuesday, and they “are in the middle of putting together a summary that is to be presented to the Ascent Group board and city council.” Continue reading
There was more pruning over at Ascent/St. Thomas Energy this week, leaving the city’s utility pared back to the bone.
A release issued Thursday announced Alltrade Industrial Contractors Inc. of Cambridge, Ont., had acquired Ascent Utility Solutions for an undisclosed amount.
This small division of Ascent dealt with traffic and streetlights in the Greater Toronto Area and employed four or five non-union staff and any union staff were retained through a union hiring hall, according to Ascent acting CEO Rob Kent.
Alltrade operates in numerous sectors including automotive, food and beverage, manufacturing and its energy group works within the renewable energy sector, solar, water and wind and within the power and utilities sector.
The transaction does not include St. Thomas Energy, the local distribution company owned by the city and Ascent Energy Services which deals in fibre optics and provides IT services in the city. Continue reading
No disrespect to the hospital’s vice-president, but you can bet Nancy Whitmore was anything but the first choice to replace out-going president and CEO Paul Collins who exits on Oct. 31.
Whitmore will take over the helm in November, but the hospital board of directors did not hire healthcare recruitment firm The MedFall Group only to have them say look from within.
Back in March of this year we talked to board chair Melanie Taylor who asserted the hunt for a new president and CEO would be far-reaching.
“We’re looking to retain the best possible talent who could come from someplace other than southwestern Ontario,” advised Taylor. Continue reading