The U.S. business of solar mounting systems manufacturer Schletter Group has been transferred to its new owner. The transaction concludes the takeover of the Schletter Group as a whole by Golden Square Capital.
“Closing the transaction of our U.S. branch puts our business in North America on a solid financial footing again,” said Russell Schmit, Managing Director of the group’s North America division. “With a financially potent new owner we are now in a position to actively drive the market and make investments again.”
The new owner Golden Square Capital, which is financially backed by the Avenue Capital Group, provided significant funds specifically for the further development of the North American market.
The closing also means that the U.S. branch of the group leaves its phase of Chapter 11 behind. The entire business operations have been transferred from the existing company “Schletter Inc.” to a new company under the name of “Schletter NA Inc.” The new company will operate from Schletter’s existing site in Shelby, North Carolina, which will also continue to be a production site.
“North America is a key market for our international group of companies,” said Schletter Group’s CEO Tom Graf. “It is a deliberate strategic decision by the management and the new owner to maintain a strong presence there and, in particular, to locally produce close to our clients.”
In combination with its subsidiary Schletter Canada Inc., based in Windsor, Ontario, Schletter Group continues to have a strong footprint on the North American continent.
Schletter NA Inc. will focus its efforts on its new and improved G-Max system for fixed-tilt ground-mounted solar plants. In addition, the U.S. will shortly see the launch of the new tracking system that the Schletter Group presented to the public at Intersolar Europe in June for the first time. The system features a patent-pending locking mechanism, providing the same level of stability as a fixed mounting system. The tracker was developed specifically for the markets in North America, Asia and Australia.
News item from Schletter