Business
Gibraltar Acquires TerraSmart for $220 Million
Transaction expected to be immediately accretive to earnings Also acquired Sunfig for $3.75 Million Expects 5-year solar revenue to exceed $700 Million
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nTransaction expected to be immediately accretive to earnings\n\nAlso acquired Sunfig for $3.75 Million\n\nExpects 5-year solar revenue to exceed $700 Million\n\nManagement to hold conference call at 9am ET today\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leader in the renewable energy, conservation, residential, industrial and infrastructure markets, today announced the further expansion of its solar energy portfolio through the acquisitions of TerraSmart and Sunfig. TerraSmart, the leading 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.\n\nKey strategic benefits of these transactions:\n\n\nStrengthen Gibraltar’s position as the largest turnkey provider in the domestic solar energy market with the broadest portfolio of ground-mount infrastructure, tracker, and design software solutions, serving customers of any type and/or size on any terrain.\n\n\nAccelerate Gibraltar’s contribution toward the broader effort of making renewable energy more readily available for everyone, everywhere.\n\n\nScale 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.\n\n\n“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,” said President and Chief Executive Officer Bill Bosway. “Equally important, this continued investment demonstrates our ongoing commitment to making solar energy the best choice in energy production. We are very 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.”\n\nTerraSmart\n\nTerraS...