U.S. solar mounting systems provider RBI Solar has signed a deal to acquire German mounting specialist Renusol GmbH.
The agreement for the Cologne-based company, a subsidiary of insolvent German group Centrosolar, includes U.S. division Renusol America, which is 100% owned by Renusol GmbH.
The acquisition is seen as a further step in the Ohio-based RBI's international expansion.
"With Renusol we gain over 15 years of expertise in the area of residential and commercial projects," said RBI President Richard Reilly. "This is a decisive step in our company growth and fits perfectly with our products and service portfolio. Renusol has proven, innovative and cost-effective solutions."
Centrosolar said the complete sale of Renusol would bring the insolvent company some 2.6 million following the deduction of debts and the cost of sale. The group added that the sale had been part of the cornerstones of the insolvency plan announced in February. Centrosolar will continue to focus on the North American market through its Centrosolar America, Inc. subsidiary. Centrosolar filed for bankruptcy protection in October.
Speaking to pv magazine, Renusol Managing Director Stefan Liedtke said all of Renusol's employees would remain with the company following the sale.
"The combination of RBI and Renusol is a significant milestone for our company," Liedtke said. "The combination increases the resources to deliver innovative products and services in all areas, especially in the sector of ground mounting to our customers in Europe. With RBI's multiple manufacturing facilities, two in the U.S. and one in China, we are now able to offer our innovative mounting solutions outside of Europe, so this is truly a win-win deal."
RBI General Manager Bill Vietas added that the acquisition would allow the companies to utilize synergies to further improve products and services for customers.
Headquartered in Cincinnati, RBI Solar designs, engineers, manufactures and installs solar mounting systems for commercial and utility scale PV projects.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.