Scandinavian-German PV module manufacturer Innotech Solar has acquired German solar wholesaler Energiebau Solarstromsysteme GmbH.
Innotech purchased the assets of the insolvent company, which will become a 100% subsidiary of the group and now known as Energiebau Solar Power GmbH.
Innotech said it would use Energiebau to further expand its German and international sales activities.
The companies declined to disclose financial details of the deal.
"The high quality and long experience of Energiebau perfectly fits with our highly regarded position as an innovative European solar module manufacturer," said Innotech CEO Jerry Stokes. "Through introducing Innotech Solar modules to the large and well established customer base of Energiebau we can look forward to further strengthening our market position, especially in Germany. Moreover, we are now able to offer the full range of PV system components to our existing Innotech customers."
Founded in 1983, Energiebau filed for preliminary insolvency due to the difficult market situation at the end of October.
Energiebau’s previous managing directors, Michael Schäfer and René Médawar, will continue to run the business operations of the new company and oversee its cooperation with energy utilities as well as project activities in Africa.
"We are pleased that we have succeeded in finding a strategic investor with a strong fit to our own business in a difficult market environment," said Schäfer, the company’s founder and CEO. "Innotech Solar offers a sustainable perspective for Energiebau."
Schäfer said the takeover by Innotech has also saved the majority of jobs at the company. "We also offer our longstanding customers continuity of service, support and supply," Schäfer added. However, the company will discontinue its logistics operations and instead work with an external service provider.
The solar wholesaler will continue to sell other brands of solar modules in addition to Innotech panels, Schäfer told pv magazine. Schäfer added, however, that Energiebau would reduce its product portfolio in order to adapt to current market conditions.