A consortium led by private equity firm Northern Pacific Group has formally bought certain assets of US rooftop solar installer Sungevity Inc, including its European business.
As part of a bankruptcy court-approved sale, the consortium, represented by a new company called Solar Spectrum, has acquired Sungevity's infrastructure, technology, installer network, supplier warranties and certain agreements, plus the European operations. The plan is to hire most of Sungevity’s current employees as well.
Early next month, Solar Spectrum will start a campaign to offer “an attractively priced warranty solution” to current Sungevity users in the US, according to the announcement.
Aside from Northern Pacific Group, the consortium also includes Hercules Capital and DGB Investments, which is owned by former VeriFone chairman and CEO, Douglas Bergeron. The management team of Solar Spectrum is led by CEO Patrick McGivern, who is a former head of operations at Fitbit, and president and COO William Nettles, who previously served as general manager and head of acquisitions at VeriFone.
Sungevity announced it had voluntarily filed for Chapter 11 protection last month in a drive to facilitate a financial and corporate restructuring aimed at bolstering its balance sheet and recapitalising the company.