By Susan A. Baird
PBN Web Editor
BOSTON and BRISTOL – Riverside Partners LLC, a Boston-based private equity firm, today announced the acquisition and merger of Bristol-based SolarWrights Inc. with Montpelier, Vt.-based Solar Works Inc., into the largest solar energy integrator in the Northeast.
Financial terms were not disclosed. Riverside describes itself as focusing on “lower middle market” acquisitions in the health care and technology sectors, concentrating on companies with annual revenue in the $20 million to $200 million range.
“We are delighted to be bringing together these two leading renewable energy companies, both of which have a track record of outstanding growth and high levels of customer satisfaction,” David Belluck, general partner at Riverside Partners, said in a statement. “This merger and investment by Riverside brings together the people, expertise and financial resources to create a premiere company capable of achieving broad expansion and growth while continuing to provide exceptional customer service.”
Together, Solar Works and SolarWrights have a combined staff of 110 employees, and each firm has decades of solar-energy experience, the companies noted in their joint announcement. The new entity also will offer wind-energy solutions, via SolarWrights’ existing WindWrights division.
“We are pleased to be moving into this new level of growth and expansion with such a well respected industry leader as Solar Works,” Robert W. “Bob” Chew, SolarWrights’ founder and president, said in a statement today. “We see excellent opportunities to grow our customer base and solidify our position as the leading solar integrator in the Northeast.”
SolarWrights recently celebrated its installation of more than 2 megawatts of solar-energy generation capacity at homes across the Northeast – half of that, or 1 megawatt of residential solar power, in the past eight months, company figures show. (READ MORE) Earlier this year, his company had acquired the Springfield, Mass.-based Kosmo Solar Inc. (READ MORE) and the Guilford, Conn.-based Sunsearch LLC (READ MORE), both for undisclosed sums, giving SolarWrights a total of nine offices in five states, including one in Solar Works’ hometown of Montpelier.
“SolarWrights and Solar Works share a common business philosophy and passion for renewable energy and quality customer service,” added Ron French, president and CEO of Solar Works, which lists seven offices in five states, but none in Rhode Island.
“We are excited to be joining forces,” French said in a statement today. “Together, we will provide a full spectrum of capabilities, enabling us to better support the needs of our existing and future customers as they take action to address energy independence and climate change.”
The name of the new entity has not yet been decided, a Riverside spokeswoman told Providence Business News today. “That will be forthcoming in the next few weeks,” along with details of the new management structure, Kate Casolaro said in a telephone interview.
But the merger, giving the new alternative-energy installer a strong presence across New England, “sets the stage for the addition of green collar jobs throughout the region as the new company positions itself for future growth,” the companies said.
Both Solar Works and SolarWrights saw their sales double in 2007. And SolarWrights was honored by Providence Business News in both 2007 and 2008 as one of the Best Places to Work in Rhode Island. (READ MORE) Chew also was honored as the 2007 Entrepreneur of the Year, in PBN’s annual Business Excellence Awards.(READ MORE)
SolarWrights Inc. – founded in 1977 as solar contracting firm R.W. Chew Co. Inc. – is an alternative energy contractor focusing on the design and installation of photovoltaic, solar-thermal and wind-energy systems for commercial and residential use. Based in Bristol, it also has offices in Stonington, Warren and Westport, Conn; Orleans, Springfield and South Dartmouth, Mass.; Saratoga Springs, N.Y.; and Montpelier, Vt. To learn more, visit www.SolarWrights.com.
SolarWorks Inc., founded in 1980, is a renewable energy systems integrator and project developer providing solar electric (photovoltaic) and solar thermal solutions for residential, commercial, education and institutional clients. A SunPower Premier Dealer, it has direct buying relationships with Schott Solar, Schuco and Suntech. Based in Montpelier, Vt., it also has offices in Stamford and Hartford, Conn.; Boston and Lee, Mass.; Wilton, N.H.; and Poughkeepsie, N.Y. To learn more, visit www.SolarWorksInc.com.
Riverside Partners LLC, founded in 1989, is a private-equity firm focusing on “lower middle market” health care and technology companies. It is currently investing its third fund, Riverside III LP. To learn more, visit www.RiversidePartners.com.
