Global rooftop solar mounting provider Esdec continues to add to its lead, announcing the acquisition of PanelClaw, the largest supplier of solar mounting systems for commercial roofs in the U.S. With 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 US solar mounting market in the past three years (recent deals include Ecofasten, IronRidge and Quick Mount) 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. The terms of the PanelClaw acquisition were not disclosed.
This move is definitely in line with what Esdec CEO Stijn Vos told us we could expect going forward after their Quick Mount and IronRidge buys, in this exclusive interview:
“I think due to the fact that the general trend is prices going down, you have to consolidate,” Vos says. “We’ve seen good growth and expect there to be more growth in the coming years. I think it makes sense to centralize at some points in terms of knowledge, and it will not surprise me when other companies in the market find each other and match their knowledge together to make new innovative products to gain economies of scale. It will also help our total market when the end-customer sees the prices are optimized, and this enables the market to grow much faster. It’s a matter of price optimization and volume. So, I hope other manufacturers are looking for chances to consolidate too because it will help the market.”
Although he also said to not expect Esdec to pursue further acquisitions in the U.S. So, that obviously changed with this opportunity as PanelClaw fills the only void left in its portfolio.
“This acquisition represents an immediate increase in our US market share with near-zero overlap with existing customers and channels. We now offer an extensive range of flat roof solutions in the US—from attached to ballasted, to rail based and non-rail based—through the most convenient channels for our customers,” Vos said. “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.”
“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.”
PanelClaw will continue to operate as an independent business with a focus on directly serving commercial solar developers, EPC’s and installers with its differentiated 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.”
— Solar Builder magazine