2008-08-18 23:56:03 -
- ICR, Inc. John Mills, Senior Managing Director, 310-954-1105 jmills@icrinc.com Real Goods Solar, Inc. (NASDAQ: RSOL), a leading residential solar energy integrator, announced today that it has expanded its solar energy integration business through the acquisition of Independent Energy Systems, Inc. (IES) of Santa Cruz, CA. This transaction represents the Company's third acquisition in less than a year. IES, a
primarily residential solar energy integrator, had approximately $6 million of revenue in 2007 and positive operating income. Consideration paid, including debt assumed, was within Real Goods Solar's target range of paying between 50 - 60% of 2007 revenues and consistent with its strategy of driving profitable growth through the acquisition of established market leaders with reputations for quality.
"We are very excited about strengthening our position in Northern California by teaming up with an established local market leader that shares our values and is completely dedicated to the growth of solar energy," said John Schaeffer, CEO of Real Goods Solar. "IES is a good example of leveraging our existing infrastructure with strategic acquisitions of companies that have an established loyal customer base, a good cultural fit, compatible geography and realizable synergies."
"As the founder of Independent Energy Systems, it has always been of paramount importance to me that we install high quality, well designed systems and ensure our customers are pleased with our finished product," said Bob Evans, Founder and President of Independent Energy Systems. "Real Goods is the original solar company, has a powerful brand and a philosophy that is very compatible with IES; all key factors in our decision to team up with John and his team. I am pleased that IES will continue to be a local company intimately connected with the Santa Cruz community, with new skills bolstered by Real Goods' 30-year history."
Independent Energy Systems, Inc. is the leading solar energy integrator in Santa Cruz and Monterey Counties. As a design driven company, IES had a distinct focus on strong customer relationships and installations of the highest quality. IES is also a community leader, volunteering time in solar school programs and sponsoring local and environmental events. For more information about Independent Energy Systems, please visit www.iesolar.com.
Real Goods Solar, Inc. is a leading residential solar energy integrator. Real Goods Solar offers turnkey solar energy services, and has 30 years of experience in residential solar energy, beginning with the sale in 1978 of the first solar photovoltaic, or PV, panels in the United States. For more information about Real Goods Solar, please visit www.realgoodssolar.com.
This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While Real Goods believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods' filings with the Securities and Exchange Commission. Real Goods assumes no duty to update any forward-looking statements.
¶ -- Expands Company's presence into Santa Cruz and Monterey
Counties
¶ -- Third acquisition in less than a year
