Sunworks to acquire residential solar firm Solcius

US solar installers Sunworks Inc (NASDAQ:SUNW) and Solcius LLC said last week they have agreed to combine, creating a company with a footprint in 12 states.

Under the deal, a subsidiary of Sunworks will acquire Solcius for USD 51.8 million (EUR 43.5m) in cash on a cash-free, debt-free basis.

Sunworks serves the agriculture, commercial, industrial, public works and residential markets, while Solcius is described as a rapidly growing residential solar company. The combined business will be present in California, Oregon, Utah, Nevada, Arizona, New Mexico, Texas, Colorado, Minnesota, Wisconsin, Massachusetts and South Carolina. It expects to take advantage of strategic, operational and cost synergies and to be profitable in the first full year after the integration.

The net revenue of the combined company in 2020 would have been USD 131.5 million and it would have ended the year with USD 81.4 million in backlog.

"Combining Solcius' growing residential business and expanding national footprint with Sunworks' established agricultural, commercial, industrial, and public works capabilities will provide synergies and scale to accelerate the growth and expansion that was challenging as two separate, independent companies," said Solcius president Jason Knapp.

Last year, Sunworks was supposed to be acquired by US commercial solar contractor The Peck Company, now renamed to iSun Inc (NASDAQ:ISUN), in an all-stock deal. That merger, however, was cancelled.

(USD 1.0 = EUR 0.840)

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