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Roofing News

Solar Integrated Roofing Corp. Announces Seven Planned Acquisitions Totaling $21.6 Million

solar integrated roofing corporation
January 19, 2022

EL CAJON, Calif. — Solar Integrated Roofing Corp. (SIRC) announced that it has signed a series of binding Letters of Intent as part of its planned acquisition of seven companies, adding an anticipated $78 million in incremental annual revenue.

Management plans to integrate the following seven firms into the SIRC family of companies:

  • Storm Ventures Group, a respected industry contractor consulting firm
  • Standard Eco, a licensed engineering, procurement and construction (EPC) solar provider with a presence spanning five states and over 4,000 solar installations
  • Eco Management, a licensed EPC solar provider with a presence spanning four states and over 2,000 solar installations
  • BVI Solar, a California licensed roofer and solar contractor which has been party to over 1,000 solar installations; founded by an early pioneer of the solar roof concept, which later became the CertainTeed Apollo II Solar Shingle
  • Bel Aire Construction and Development, an established property development firm to drive the development of green housing developments, driving notable synergies across the SIRC family of companies
  • Music City Roofing, a highly-rated roofer in Tennessee, with over 5,000 roofs replaced and over 3,400 roofs repaired since inception while furthering a charitable mission centered on giving back to the local community
  • Heartland Constructors, a licensed EPC and a premier west Texas solar provider that has served as a referral source for SIRC referring a nationwide EV charging station contract spanning over 200 apartment complexes as well as several high-value solar projects

"This extremely exciting series of planned acquisitions represent a significant expansion of our business, growing our revenue by an expected $78 million annually," said David Massey, chairman and CEO of Solar Integrated Roofing Corp. "These acquisitions are a testament to our focus on identifying exciting niche industries to leverage our vast network and generate additional revenue through synergies and cross-selling."

Massey said these all-cash, no-dilution planned acquisitions were made possible through SIRC's strong relationship with Arbiter Bank and anticipates these acquisitions have the potential to pay for themselves within two years. 

"I am incredibly proud of our team's ability to find attractively priced companies, efficiently integrate them into our corporate structure and drive sale and operating synergies firm wide. This has proven instrumental to our ability to create sustainable, long-term value for all stakeholders," Massey said.

Pablo Diaz, CEO of USA Solar Networks and president of Solar Integrated Roofing, joined as the CEO of a company acquired by SIRC and reflected on that experience with the announced acquisitions.

"Our revenue increased by several fold since joining SIRC, which was made possible through the countless synergies, deep resources, technology and incredible corporate infrastructure that SIRC has to offer," he said. "Looking back, joining SIRC was the best business decision I have made in my life. I look forward to working closely with each of the acquired companies to help them spread their wings and reach their full potential, creating value for our shareholders."

Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals. The seven aforementioned planned acquisitions are being purchased for an aggregate $21.6 million in cash proceeds, with no new shares issued and no dilution taking place.

KEYWORDS: mergers and acquisitions revenue roofing industry solar energy solar roofing

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