Dallas-based Stream, a leading direct selling company and marketer of energy and wireless services, has completed the sale of its retail energy business to NRG Retail, a subsidiary of NRG Energy, Inc., for $300 million plus working capital in an all-cash transaction. Stream’s remaining business will emerge as new brand Kynect to market energy and wireless services through its independent sales organization, and it will be the exclusive marketer to the retail energy business acquired by NRG. Stream is one of the nation’s fastest-growing retailers, serving more than 600,000 customers in nine states and the District of Columbia. The transaction is expected to increase NRG’s market share in Texas, Pennsylvania and a number of other markets in the Eastern U.S. where Stream’s retail energy business provides electricity and natural gas. With a $65 million annual EBITDA contribution, the transaction is expected to deliver greater value to NRG’s customers and shareholders.
Chelsey Berend, Stream
Stream has promoted Chelsey Berend to vice president of field experience. Berend started at Stream as a receptionist and created new roles for herself at the company, founding the organization’s event department. Berend helped initiate the project Women of Power, which brings women together to support each other in business.
Erik Patterson, 4Life Research
Erik Patterson has been named vice president of North America at 4Life Research. Patterson joined 4Life in July 2018 as director of Southeast Asia. He has more than 25 years of experience in direct sales including time at Xyngular, MonaVie, XANGO and Nature’s Sunshine. Patterson’s geographical responsibilities will include the United States, Mexico, the Caribbean and Central America.