Gibraltar Industries Inc., a company that specializes in the renewable energy, conservation, residential, industrial and infrastructure markets, has expanded its solar energy portfolio through the acquisitions of TerraSmart and Sunfig.
TerraSmart, a provider of screw-based, ground-mount solar racking technology, particularly used for solar projects installed on challenging 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 significantly increases our presence in the $14.3 billion domestic solar energy market, strengthens our renewable energy platform and advances our ambition to deliver higher growth and returns,” says Bill Bosway, president and CEO of Gibraltar Industries Inc. “Equally important, this continued investment demonstrates our ongoing commitment to making solar energy the best choice in energy production. We are excited to have the TerraSmart and Sunfig teams join Gibraltar and help us advance our vision of creating meaningful value for our people, our communities and our shareholders.”
Key strategic benefits of these transaction include:
-Strengthen Gibraltar’s position as a turnkey provider in the domestic solar energy market with a broad portfolio of ground-mount infrastructure, tracker and design software solutions, serving customers of any type and/or size on any terrain
-Accelerate Gibraltar’s contribution toward the broader effort of making renewable energy more readily available for everyone, everywhere
-Scale Gibraltar to a $700 million solar energy platform within its renewable energy and conservation segment over the next five years, enhancing Gibraltar’s revenue growth and margin profile and demonstrating the company’s commitment to increasing its participation in higher value and faster-growing markets