The $3 million deal was all cash. Servidyne Systems will operate as a subsidiary of Abrams, retaining its name with the added tag line, "an Abrams company."
"Our objective in entering the energy management arena is to improve our gross margins, increase the return to shareholders' equity and broaden our customer base with new business activities," Alan R. Abrams, Abrams co-chairman and CEO, says in a prepared statement.
He says the company began to consider the energy segment of the market even before the California crisis started making headline news.
Established in 1925, Abrams' construction segment builds and renovates retail stores, shopping centers, distribution and manufacturing facilities.
The company's real estate sector controls two million sf of shopping centers in the Southeast and Midwest, and about 200,000 sf of office in metro Atlanta.
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