August 27 (Renewables Now) - Solar Integrated Roofing Corporation (OTCMKTS:SIRC) has taken the merger and acquisition (M&A) road in a drive to build a national footprint in the field of solar and roofing installation.
On Tuesday, the company said it has signed a deal to acquire a roofing business in San Diego with an annual revenue of USD 5 million (EUR 4.5m). This transaction creates cross-market opportunities for Solar Integrated Roofing Corp, it said.
“This acquisition will provide a strong foundation to our strategy to “roll-up” solar/roofing companies in the Southern California market,” said David Massey, CEO of SIRC.
This, however, was not the only M&A transaction unveiled by the company this month. About a week earlier, SIRC said it is buying energy efficiency marketing firm Narrate and another roofing and solar company in San Diego, with annual revenues approaching USD 12 million.
According to Massey, by cross-selling its solar solutions to the businesses being acquired, SIRC will experience a quarterly revenue increase of 15%-20%.
In mid-August, SIRC’s head stated he expects revenues to grow to USD 40 million thanks to acquisitions and planned product expansion.
(USD 1.0 = EUR 0.900)