Vermont Marble Power was made up of four (4) Hydro Electric Facilities. The Company and its Hydro Electric Facilities were underperforming. Michael Phillips was tasked with the responsibility to:
- Market the sale of the Company
- Sales Agreement – Negotiate the sales agreement
- Regulatory – Navigate through the complex Federal and State regulatory issues surrounding the sale of a public utility
A modified auction approach was used to sell Vermont Marble Power. The prospective buyers were ranked using a matrix according the offer quality and the probability the Regulators would approve the buyer for the transaction. A tremendous amount of research and analysis was required for each prospective buyer. Central Vermont Public Service (CVPS) was selected, and the deal closed for $30 million (Book Value of $5 million) with Regulatory approval in September 2011.
“Michael Phillips negotiated the sale of the Company’s Public Utility for six times book value and received Federal and State utility regulatory approval. His persistence and leadership enabled the divestiture of an underperforming Company for a significant price and saved considerable needed investment to upgrade the assets.”
Tony Colak – CEO Vermont Marble Power