Esdec has acquired yet another U.S. solar mounting manufacturer, bringing commercial rooftop-focused PanelClaw into its umbrella of companies. With the acquisition of PanelClaw, Esdec expands its customer base and portfolio of products available to the growing commercial and industrial (C&I) solar market.
The PanelClaw acquisition is the European group’s fourth in the U.S. solar mounting market in the past three years and its first acquisition in the commercial market segment. The combined group generates revenues in excess of $300 million annually and employs over 250 people worldwide, Esdec stated in a press release. The terms of the PanelClaw acquisition were not disclosed.
“I’m excited to welcome PanelClaw to the Esdec Solar Group. This acquisition represents an immediate increase in our U.S. market share with near-zero overlap with existing customers and channels. We now offer an extensive range of flat roof solutions in the U.S. — from attached to ballasted to rail-based and non-rail based — through the most convenient channels for our customers. We are delighted to welcome the employees to the group,” said Stijn Vos, CEO of Esdec. “The North American rooftop solar industry is poised for explosive growth in the next decade. To power that growth, the rooftop sector needs companies with greater resources, supply chain, procurement and logistics.”
PanelClaw will continue to operate as an independent business with a focus on directly serving commercial solar developers, EPCs and installers with its clawFR product and clawOS software. The current PanelClaw Management Team will continue leading the business. PanelClaw will also retain its independent brand name while becoming “An Esdec Company.”
“Esdec is the global leader in solar mounting and racking, so this is a move that just made sense for us. It provides us with access to R&D depth, strong financial backing and economies of scale that will enable us to grow and innovate,” said Costa Nicolaou, CEO of PanelClaw. “Our confidence in the growth and potential of the North American solar market is unparalleled and we look forward to building that future with Esdec.”
Esdec entered the U.S. solar market in Fall 2018, and shortly after acquired domestic solar mounting companies EcoFasten, Quick Mount PV and IronRidge.
News item from Esdec