September 10 (Renewables Now) - Dutch solar mounting systems supplier Esdec BV has taken over sector players IronRidge and Quick Mount PV, which operate in the US residential and commercial markets.
Esdec said in a statement that the acquired businesses will create the largest solar mounting systems group in the US when added to the company’s EcoFasten unit. More specifically, the enlarged firm will have a share of the residential market that exceeds 60% and will generate over USD 250 million (EUR 226m) in annual revenues.
"We now have the opportunity to benefit from each other's portfolio strengths, as well as Esdec's, while still remaining focused on our unique innovation paths," commented Rich Tiu, CEO of California-based IronRidge.
The newly purchased firms will keep their executive teams and current headcount and continue to do business as separate entities. Esdec will allow them to invest more heavily in new product development, it noted.
(USD 1.0 = EUR 0.906)