Beacon completed the sale of its solar products business to BayWa r.e., a renewable energy developer, service supplier, and systems provider globally and in the Americas. The move follows a similar sale of the company’s interior products business to private equity firm American Securities in December of 2020.
“The divestiture of solar products is in line with our strategy to focus on our core exteriors customers,” Julian Francis, Beacon’s president and CEO, said in a news release. “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.”
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 Beacon’s Allied Building Products acquisition in 2018. Beacon said its solar products business generated approximately $111 million in net sales, $2.6 million in net income, and an adjusted EBITDA of $3.7 million for the fiscal year ended September 30, 2021.
“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,” Boaz Soifer, regional director of solar trade at BayWa r.e., said.