DALLAS — Electrical wholesale distributor City Electric Supply Company (CES) and solar equipment distributor Soligent have signed an agreement for CES to acquire 100% of Soligent, including its solar distribution, engineering services, and project financing business. The transaction is expected to close at the end of November, subject to regulatory and other approvals and conditions.
“This agreement enables us to focus on delivering even more innovative solutions to the solar energy market,” said Soligent CEO Jonathan Doochin. “We appreciate the entrepreneurial culture of the CES team and we’re confident they’ll provide the right environment for our talented team to accelerate our vision to make a positive impact on the world through renewable energy.”
“We are committed to providing access to renewable energy equipment and know Soligent shares our passion for delivering best-in-class experiences to customers,” said Thomas Hartland-Mackie, CES’s President and CEO. “We are excited to team up and advance our shared goal to provide sustainable options to our communities through our combined expertise and experience in the residential and commercial solar energy space.”
Following the close of the transaction, Soligent will be a subsidiary of CES. Soligent will take on leadership of CES’s Renewables division and work closely with its extensive branch and distribution network to provide a wide range of solar product offerings. This will further accelerate the companies’ over 50% growth rates to date.
Hartland-Mackie added: “We are eager to explore untapped opportunities and leverage our complementary businesses to provide exciting new offerings to customers.”
This transaction comes on the heels of a strategic acquisition in the UK, European, and South African markets. In October 2021, the owners of CES acquired Segen, a leading global wholesale distributor of residential and commercial rooftop solar PV systems, and its subsidiaries in the UK, Germany and South Africa.Tagged with acquisition, Biggest News, City Electric Supply, solar