American renewable energy services provider Gibraltar Industries has acquired 2 solar PV companies expanding its existing solar energy portfolio. Its new entities are TerraSmart and Sunfig both of which were acquired for an aggregate of $223.75 million.
Gibraltar priced TerraSmart at $220 million. Florida headquartered TerraSmart provides screw-based fixed tilt and single axis solar racking technology. Software solutions provider for solar energy investments Sunfig was valued at $3.75 million which Gibraltar paid in cash. Altogether these deals will scale Gibraltar to a $700 million solar energy platform within its Renewable Energy and Conservation segment over the next 5 years enabling the company to boost its revenue growth as well as margin profile.
It further believes these acquisitions will strengthen its position as the largest turnkey provider in the domestic solar energy market with the broadest portfolio of ground mounted infrastructure, tracker and design solutions.
"Adding TerraSmart and Sunfig to our existing solar business significantly increases our presence in the $14.3 billion domestic solar energy market, strengthens our renewable energy platform, and advances our ambition to deliver higher growth and returns," said Bill Bosway, Gibraltar President and CEO.