Gibraltar expands the solar portfolio with TerraSmart, Sunfig
Gibraltar Industries Inc., a company specializing in the renewable energy, conservation, residential, industrial and infrastructure markets, has expanded its solar energy portfolio with the acquisitions of TerraSmart and Sunfig.
TerraSmart, a provider of screw-based, ground-mounted solar racking technology specifically used for solar projects in difficult terrain, was acquired for $ 220 million, subject to working capital adjustments. Sunfig, a provider of software solutions that optimize solar energy investments through upstream design, performance, and financial modeling, was acquired for $ 3.75 million in cash.
"Adding TerraSmart and Sunfig to our existing solar business will significantly increase our presence in the domestic solar energy market of $ 14.3 billion, strengthen our renewable energy platform, and strengthen our drive to achieve higher growth and higher returns. continued, "said Bill Bosway, President and CEO of Gibraltar Industries Inc." Equally important, this continued investment demonstrates our continued commitment to make solar the best choice for power generation. We are excited that the TerraSmart and Sunfig teams are part of Gibraltar and help us advance our vision of creating meaningful value for our employees, our communities and our shareholders. "
The key strategic benefits of this transaction include:
– Strengthening Gibraltar's position as a turnkey provider in the domestic solar energy market with a broad portfolio of ground-mounted infrastructure, tracker and design software solutions serving customers of all types and / or sizes on any terrain
– Accelerate Gibraltar's contribution to the wider drive to make renewable energy more readily available to everyone, everywhere
– Scale Gibraltar to a $ 700 million solar energy platform in its renewable energy and environmental protection segment over the next five years. This improves Gibraltar's sales growth and margin profile, and demonstrates the company's commitment to increasing its exposure to higher value and faster growing markets