RBI Solar Inc., Rough Brothers Manufacturing Inc. and affiliates have been acquired by Gibraltar Industries, a manufacturer and distributor of products for residential and industrial markets, for $130 million.
Capitalizing on its 80 years of design-build experience and leadership as the largest greenhouse manufacturer in North America, Ohio-based RBI has established itself during the past five years as North America’s fastest-growing provider of photovoltaic (PV) solar racking solutions.
The transaction will enable Gibraltar to leverage its expertise in structural metals manufacturing and materials sourcing to meet global demand for solar racking solutions. The company also announced that it anticipates its second-quarter 2015 financial results will be in line with its previous expectations.
“Acquiring RBI is an important step in the transformation of Gibraltar into a company with a higher rate of growth and best-in-class financial metrics,” says Gibraltar CEO Frank Heard. “This acquisition directly aligns with key end markets and product platforms that we have strategically vetted and previously communicated to investors.”
Renewable energy, and solar racking in particular, is one of these markets, and a key opportunity for global business expansion, Heard says. Adding RBI not only accelerates Gibraltar’s entry into this fast-growing sector, but also broadens its portfolio of products serving critical infrastructure markets around the world.
According to Heard, RBI is a leading provider of rooftop racking solutions and ballasted ground mount systems in Europe, is an early entrant in the large and fast growing Japanese PV solar racking market and has plans to expand in South America and the Middle East, leveraging its existing operations in Europe, China and the United States.
“RBI will provide us with a new array of component products adjacent to Gibraltar’s core business, while also enabling us to leverage our global sourcing network and experience in manufacturing and taking them to market,” Heard says. “RBI’s leadership and 300 employees are highly regarded for innovation and delivering high-quality and superior customer service, as well as their ability to generate profitable growth in a rapidly expanding and evolving sector. We look forward to their joining Gibraltar and helping us to achieve our best-in-class performance goals.”
“Becoming part of Gibraltar will enable us to achieve our strategic growth objectives faster than we could on our own,” says RBI President Richard Reilly. “Our product portfolios and the end markets we serve are truly complementary to Gibraltar’s strategic direction, and Gibraltar’s core strengths align very well with ours, both operationally and culturally. Along with our executive group and the entire RBI team, I look forward to playing a key role in Gibraltar’s strategic transformation and profitable growth in the years ahead.”
Click here to read the full announcement.