Business
Solar Integrated Roofing Corp. to Acquire Future Home Power, Expected to Achieve Over $1 Million in Incremental Weekly Sales as Early as June 2021
Solar Integrated Roofing Corp. to Acquire Future Home Power, Expected to Achieve Over $1 Million in Incremental Weekly Sales as Early as June 2021.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"Acquisition Brings Strong Lead Generation Capabilities to the SIRC Family of Companies, Capturing 45%+ Gross Margins Across Full Customer LifecycleEL CAJON, CA / ACCESSWIRE / May 18, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced that it has signed a binding Letter of Intent (LOI) to acquire Future Home Power, a solar, roofing and battery storage sales company.Founded in late 2020 by Jason Newby, San Diego-based Future Home Power specializes in the sales of residential solar panels, roofing as well as battery storage - partnering with local installers to finalize on-site installation. The Company expects the acquisition to be immediately accretive.Future Home Power generated over $7 million since inception with between 10 and 15 sales representatives - since scaling to 30 with plans to reach 60 sales representatives by the end of May. Management believes that based on historical performance and with the new sales representative additions, Future Home Power can rapidly scale to over $1 million per week in incremental sales with 45%+ gross margins as early as June 2021. The acquisition is expected to act as a major growth driver for other SIRC subsidiaries who can complete the on-site contracting work once the sale is complete, capturing the full lifecycle value of each customer."Future Home Power is a true up and comer in the solar and battery storage sales business - with $7 million in revenue since inception and projections an order of magnitude higher for 2021," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Jason and his team have quickly earned a strong reputation for providing customers a smooth, simple process for solar panel and battery storage consultation and installation."Leveraging a strong industry background as a top producing regional manager with Vivint Smart Home, Jason brings the lead generation skillset and industry experience necessary to drive rapid growth across new geographies. When paired with our robust suite of operating businesses, we believe Future Home Power can act as our business development arm, driving a robust project-flow for our installers working for the SIRC family of companies.Closing of any potential acquisition is subject to fi...