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Written by: Leonard Parker | Solar News | 30th November
SinglePoint, Inc. is set to acquire 80.1% of Boston Solar, a full EPC solar installer in New England. The transaction is expected to close prior to year-end or within the first quarter of 2022. Upon completion of the acquisition, the CEO and Co-Founder of Boston Solar, Daniel Mello Guimaraes will join the SinglePoint team and spearhead the EPC acquisition strategy.
“Our next phase of non-organic growth is designed to be facilitated through targeted acquisitions that meet our criteria and that match the growing demand for renewable energy and energy storage,” stated Wil Ralston, CEO of SinglePoint Inc. “SinglePoint has clearly defined criteria for installer or developer based solar acquisitions focusing on installers with a strong local brand and presence that are dedicated to a customer centric approach, led by an experienced and dedicated team of professionals. We began substantive discussions with Boston Solar in the first half of this year and confirmed that its executive team meets our acquisition criteria and represent a key strategic pillar within our solar strategy. The Boston Solar team has delivered proven results, and we are excited to close this transaction and work together to take advantage of the market opportunity that will benefit Boston Solar, SinglePoint and all shareholders.”
Boston Solar has been serving the New England market primarily in Massachusetts since its inception in 2011. The company has been able to achieve scalable, consistent growth, expecting to surpass $25 million in revenue in 2022.
SinglePoint Inc. bills itself as a renewable energy and sustainable lifestyle company.
In July 2020, SinglePoint announced its intentions to reallocate company assets and focus its business strategy around the emerging and growing market opportunities in residential and solar energy. At that time, the company introduced a residential and small commercial solar centric rollup strategy designed to increase market share, revenues and most importantly build a future business focused on revenue growth and profitability. In January this year, SinglePoint Inc. acquired EnergyWyze LLC, a firm focused on customer-centric lead generation in the solar energy industry.
At Boston Solar, Guimaraes will continue to oversee the day-to-day operations in addition to identifying other acquisitions to be facilitated by SinglePoint that would benefit Boston Solar.
In addition, there are efficiencies and operational synergies within SinglePoint’s current solar assets, when combined with the demonstrated expertise of the Boston Solar team, that should be accretive and enhance overall margin as we grow revenue and strategically expand our renewable energy and storage footprint.
“This acquisition is a strategic fit for Boston Solar given the shared customer centric approach and commitment to enabling and enhancing the growth opportunities at Boston Solar. Over the past few months, the senior leadership teams at Boston Solar and SinglePoint met to ensure alignment in approach, mission and vision,” added Guimaraes.
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