- Press Releases
December 2 (Renewables Now) - BayWa r.e. has acquired Beacon Solar, the solar products distribution division of US roofing distributor Beacon (NASDAQ:BECN), to expand its solar and roofing equipment offering in the country.
The renewable energy firm, jointly owned by BayWa AG and Energy Infrastructure Partners, will integrate Beacon Solar into its own US solar distribution unit BayWa r.e. Solar Systems LLC, it said on Wednesday.
Beacon’s solar products unit comprises four dedicated and six shared branches for distribution of solar products, including photovoltaic (PV) panels, to residential and commercial contractors. Beacon acquired the business in 2018 as part of its USD-2.63-billion (EUR 2.3bn) purchase of Allied Building Products Corp, the Americas distribution business of Irish building materials company CRH. The divested business booked sales of some USD 111 million and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 3.7 million in the 12 months to September 30.
The transaction will grow the number of BayWa r.e. warehouses from six to 16, helping to reduce product delivery times including for key US solar markets.
The deal will also give the buyer access to key relationships with solar suppliers in addition to expanding its team and broadening its geographical footprint.
(USD 1 = EUR 0.884)