© pichetw dreamstime.com General | April 29, 2019
Innovest Energy Group secures manufacturing
Industrial company, Innovest Global, says that its Energy Group (IEG) is now producing and selling branded LED lighting solutions.
The company says that manufacturing the products is significantly less expensive than buying them, and allows for increased margins and better pricing to clients. In March, IEG had its highest LED lighting revenue month at USD 488,000; over four times the revenue generated by lighting in similar months at the time of acquisition in 2018. With this strategy, IEG is expected to achive not only achieve higher margins by installing its own products on its own jobs, but will open another revenue stream by selling those products wholesale through its channel partners. “In 2018 we built the foundation of our Industrial offerings,” says Dan Martin, Innovest's Founder, Chairman, and CEO, in a press release. “In 2019 we are streamlining those businesses, making them more profitable, and most importantly putting them in a position to grow in 2020 and beyond. Not only by having world class service providers and corporate team members, but also by vertical integrations and adding other little things that make a big difference.” Just a few weeks ago, Innovest announced new growth and profitability efforts in its building materials business led by Tony Crookston (announced on April 2). Similarly, Innovest president Damon Mintz has empowered new IEG president Mark Kelly to execute his vision to make the Energy Group a high performance, high growth, long-term asset to Innovest. “Mark impressed all of us at Innovest by getting results right away, and we are thrilled by this new achievement which opens even more opportunity for growth,” says Mr. Mintz in the release. “We’re excited about all of our leaders, and the progress we are making as a business both corporately and within our business units.”