Solar installer SIRC to buy roofing business in Southern California

Residential solar system. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

January 29 (Renewables Now) - US solar and roofing installer Solar Integrated Roofing Corporation (OTCMKTS:SIRC) plans to acquire a “well-established” sector player in South Orange County to grow its footprint in Southern California.

SIRC’s CEO David Massey said in a statement on Tuesday that the company has entered into a letter of intent (LoI) to buy this unnamed business, which is engaged in both residential roofing and some commercial buildings and apartment complexes. According to Massey, the firm’s client list is “positioned well to add solar too."

The targeted business generates roughly USD 3 million (EUR 2.6m) in revenues and has been operating over the past 18 years.

Massey added that two previously announced acquisitions are on track to close this month. One is a direct-mail company and the other -- a roofing business with annual revenues of over USD 4 million.

(USD 1.0 = EUR 0.875)

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