Renewable energy developer BayWa r.e. said it acquired Beacon Solar, the solar distribution division of Beacon, a publicly traded roofing distributor. Terms were not disclosed.
Beacon’s Solar Products business consists of 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 completed by Beacon in 2018. In the year ended Sept. 30, 2021, Beacon Solar Products generated $111 million in net sales, net income of $2.6 million, and Adjusted EBITDA of $3.7 million.
Beacon Solar will be integrated into BayWa r.e. Solar Systems LLC, the U.S. solar distribution business. Adding Beacon Solar is expected to increase the number of BayWa r.e. warehouses from six to 16, and reduce delivery times in many parts of the country including many key U.S. solar markets. The combined company will explore offering solar and roofing products nationwide.
BayWa r.e. has brought more than 4 GW of renewable energy capacity online and manages more than 10 GW of assets. Beacon was founded in 1928, and is a Fortune 500, publicly traded distributor of roofing materials and building products in North America, operating over 400 branches in all 50 states and 6 provinces in Canada.
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.
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