As schools and municipalities scramble to control soaring energy costs, a local energy efficiency consulting firm is entering a phase of hyper-growth as it aims to develop a coast-to-coast service network.
To gain a presence on the West Coast, Atlantic Energy Solutions President Tim Brock found an unlikely partner in Brett Weiss. Weiss ran a retail store sign manufacturer in Los Angeles called Notch Novelty Corp.
Notch Novelty last week entered into an agreement to acquire Atlantic. Brock will succeed Weiss as chief executive officer and chairman of the merged entity, Notch Novelty announced Wednesday.
“I’ve been looking around for a while [for growth opportunities], and it turned out to be a perfect marraige,” Brock said of the merger.
But Brock, a 56-year-old Lake George native, will not sell signs made in China to American Dollar Stores and other retailers. Instead, he will rename the company Atlantic Energy Companies and employ Weiss as his West Coast director. And most importantly, he will use Notch Novelty’s status as a public-traded company on the Pink Sheets trading system to propel Atlantic’s nationwide growth.
“As the energy prices get higher, our business is in fast-pace growth,” said Brock.
By becoming a publicly traded company through the merger, Brock said Atlantic should be able to catch up with the rapidly increasing demand for energy efficiency consulting services.
Atlantic, which Brock founded in Saratoga Springs in 1992, last month opened a four-person office in Fairfield, N.J. Another office should open in Maryland within 90 days. After that, Atlantic will eye offices in other states facing imbalances in energy demand and supply, particularly Florida, Texas and Connecticut, Brock said.
Atlantic ended last year with $7.5 million in annual revenues, and Brock expects that figure to reach as much as $20 million this year. Brock wants Atlantic to be trading on the Nasdaq stock market within two years. During the next five years, the company’s annual revenues could climb up to $200 million, he said.
Atlantic currently employs 20, with 15 workers at its local headquarters on Congress Street. The company is now looking to employ up to 20 more workers, with half of them likely to go to the California office and the rest to be split among the East Coast offices.
By 2013, the company could employ 150, with half of them being located in Saratoga Springs, Brock said.