Beacon Completes Sale of Solar Products Business to BayWa
Beacon announced the completion of the sale of its solar products business to BayWa r.e., service supplier and systems provider globally and in the Americas.
December 04, 2021. By News Bureau
Beacon’s Solar Products business consists of four dedicated and six shared branch locations where it distributes solar products, including photovoltaic panels, to both residential and commercial contractors.
The business was part of the larger Allied Building Products acquisition in 2018. In the year ended September 30, 2021, Beacon Solar Products generated approximately $111 million in net sales, net income of $2.6 million and Adjusted EBITDA of $3.7 million.
“The divestiture of Solar Products is in line with our strategy to focus on our core exteriors customers,” stated Julian Francis, Beacon’s President and Chief Executive Officer. “BayWa r.e. is one of the most respected brands in the clean energy business and uniquely situated to provide the best service for our solar customers and the best opportunities for Beacon Solar employees. We also look forward to developing cross marketing and selling opportunities with BayWa r.e. to mutually benefit both companies in their respective markets.”
Boaz Soifer, Regional Director Solar Trade at BayWa r.e., stated, “The addition of several warehouses, a motivated and well-trained workforce, and new product offerings will boost our ability to deliver clean energy and home improvement solutions to our customers.”
Global Power Partners served as sole financial advisor to Beacon, and Sidley Austin LLP acted as legal advisor to Beacon on the transaction. Eversheds Sutherland (US) LLP served as legal advisor to BayWa r.e. on the transaction.
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