Acquisition creates largest solar racking group in the U.S.
San Francisco, CA and Phoenix, AZ –September 10, 2019 – Esdec, a leading global rooftop solar mounting solutions provider, announced today that it has acquired IronRidge and Quick Mount PV, leaders in the design, engineering and manufacturing of solar mounting and racking hardware for the U.S. residential and commercial markets. The addition of IronRidge and Quick Mount PV to current Esdec company, EcoFasten, creates the largest solar mounting systems group in the U.S., representing more than 60% share of the residential market. The combined group generates revenues of over $250 million annually. Terms of the deal were not disclosed.
IronRidge and Quick Mount PV will retain their executive teams and staff and continue to operate as separate entities with unique product lines and sales channels. Both companies will also retain their independent brand names while becoming “An Esdec Company.”
“IronRidge and Quick Mount PV are both well-known and well-respected brands with reputations for innovation, quality and customer service,” said Stijn Vos, CEO of Esdec. “They have played a key role in scaling the U.S. solar industry to where it is today, and our investment adds the capital depth and R&D capabilities needed for them to lead the industry’s next massive phase of growth. We welcome IronRidge and Quick Mount PV to the Esdec family and look forward to working with them.”
Esdec is one of Europe’s largest rooftop solar mounting providers, and these acquisitions also catapult the company into the U.S. market leadership position. Known for its state-of-the-art innovation center, R&D strength and intellectual property portfolio, Esdec will enable IronRidge, Quick Mount PV and EcoFasten to invest more heavily and more efficiently in new product development.
As U.S. PV capacity is expected to more than double over the next five years, the balanced portfolio of the Esdec group of companies provides installers and distributors the certainty they need for their supply chain, despite uncertain regulatory and trade environments.
“Esdec acquired three different leaders in the U.S. market because we are each raising the bar on product performance and customer experience in unique ways,” said Rich Tiu, CEO of IronRidge, based in Hayward, CA. “We now have the opportunity to benefit from each other’s portfolio strengths, as well as Esdec’s, while still remaining focused on our unique innovation paths.”
“The American solar industry is among the strongest in the world, and solar hardware is a critical tool in that growth. Joining Esdec will help us continue our expansion—providing us the resources of a global company while maintaining our independence,” said Yann Brandt, CEO of Quick Mount PV. “The team at Quick Mount PV is eager to join the strength of Esdec’s innovation capabilities and to take advantage of the opportunities that economies of scale provide. Solar installers will now be able to get their racking and mounting from one family of companies to enable their massive expansion.”
Since it was founded by a group of installers in 2004, Esdec has become one of the European market leaders in residential and commercial rooftop mounting systems. Esdec entered the U.S. market in September 2018 and acquired EcoFasten in November 2018. Based in the Netherlands, Esdec’s strategy of growth through both acquisition and organic expansion has helped it achieve strong market share in several countries.