Business
Solar Integrated Roofing Corp. Completes Transition to National Brand, Announces Closing of Previously Announced Acquisition of Cornerstone Construction
Solar Integrated Roofing Corp. Completes Transition to National Brand, Announces Closing of Previously Announced Acquisition of Cornerstone Construction.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"Cornerstone Generated $15 Million in Sales in 2020; Company's Strong Industry Presence Expected to Drive Robust Pipeline of Potential Acquisitions NationwideEL CAJON, CA / ACCESSWIRE / February 25, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its previously announced acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina and adjacent markets.The U.S. Energy Department's Energy Information Administration is bullish on alternative energies, in particular wind and solar and with the Biden administration's push for the expansion of alternative energy use, with the trend anticipated to continue for years to come."We are pleased to announce the closing of the acquisition of Cornerstone Construction, marking an exciting turning point for Solar Integrated Roofing as we transition into a nationwide provider of roofing and solar solutions," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Cornerstone generated $15 million in sales in 2020, providing another level of scale to our operations. Cornerstone CEO Hunter Ballew is a true industry thought leader, having created a movement in the roofing and solar industry that helps tens of thousands of roofers & solar providers across the country every year through retreats, a mastermind and an annual conference, RoofCON. I strongly believe that with his network and our platform, we can build a robust pipeline of potential acquisitions nationwide."I would consider this to be a model acquisition and yet another example of how our roll-up model creates opportunities to deliver synergies by cross selling across our roofing and solar products. As we continue to grow our presence nationally, we will continuously seek out exciting new acquisitions such as this. I look forward to continued execution in the months ahead, helping to create long-term value for our shareholders," concluded Massey.About Cornerstone ConstructionCornerstone Construction, a licensed roofing contractor, has served over thousands clients throughout South Carolina and neighboring states since 2017 with quality solutions for residential and commercial roofing and solar. Roofing ser...