Beacon completes sale of solar products business
Beacon reported that it has completed the sale of solar products business.
Purchased by to BayWa r.e., a renewable energy developer, service supplier, and systems provider, the deal includes four dedicated and six shared branch locations where it distributes solar products, including photovoltaic panels, to both residential and commercial contractors.
The business was part of the larger Allied Building Products acquisition in 2018. In the year ended Sept. 30, 2021, Beacon Solar Products generated approximately $111 million in net sales, net income of $2.6 million and Adjusted EBITDA of $3.7 million.
Financial terms of this deal were not disclosed.
“The divestiture of Solar Products is in line with our strategy to focus on our core exteriors customers,” stated Julian Francis, Beacon’s President and Chief Executive Officer. “BayWa r.e. is one of the most respected brands in the clean energy business and uniquely situated to provide the best service for our solar customers and the best opportunities for Beacon Solar employees.”
Francis also noted that Beacon looks forward to developing cross-marketing and selling opportunities with BayWa r.e., which would mutually benefit both companies.
“The addition of several warehouses, a motivated and well-trained workforce, and new product offerings will boost our ability to deliver clean energy and home improvement solutions to our customers,” said Boaz Soifer, regional director of solar trade at BayWa r.e.
Global Power Partners served as sole financial advisor to Beacon, and Sidley Austin LLP acted as legal advisor to Beacon on the transaction. Eversheds Sutherland (US) LLP served as legal advisor to BayWa r.e. on the transaction.
Based in Herndon, Va., Beacon distributes roofing materials and complementary building products through more than 400 branches in the United States and Canada.
