M+W Americas has bought the US subsidiary of struggling German firm Gehrlicher Solar.
M+W Americas, part of the engineering and project management firm M+W Group, will take 100% ownership of Gehrlicher Solar America Corporation (GSAC), which recorded revenues of US$73 million in 2012 and is expected to top US$150 million in 2013. GSAC reported a 400% growth in revenue in 2012.
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The value of the deal has not yet been revealed.
Gehrlicher’s parent company filed for insolvency in July and blaming the EU-China solar trade dispute for the cancellation of an €85 million (US$113 million) loan agreement.
GSAC originally claimed that it would be unaffected by the proceedings in Germany.
“GSAC is a separate, standalone entity that is legally, operationally, and financially independent from Gehrlicher Solar AG and therefore, this filing will not impact the North American company’s business operations or O&M services,” a spokesperson said.
The M+W Group operates in a number of industries including life sciences, chemicals, and IT.
Its PV experience ranges from building manufacturing equipment for polysilicon to operating as an engineering, procurement and construction (EPC) firm.
“This acquisition represents a further step toward extending M+W Group’s global competence in this market, so that we can provide our customers with comprehensive PV power plant solutions in Europe, Asia, and now additionally in America,” said Jürgen Wild, CEO of M+W Group.
Oliver Schartl of the Munich law firm Müller-Heydenreich Beutler & Kollegen is Gehrlicher’s preliminary administrator.
“We are more than pleased that we have succeeded, together with the mandated M&A consultants in Germany and the United States, in gaining a strong partner for Gehrlicher Solar’s US subsidiary in such a short time,” said Schartl.
The M+W Group is owned by Austrian Stumpf Group.
