gibraltar

TRANSACTION OVERVIEW

  • On June 10, 2015, Gibraltar Industries (“Gibraltar”) announced its acquisition of RBI Solar, Rough Brothers, and affiliates (collectively “RBI”) for $130 million

RBI OVERVIEW

  • RBI is a leading manufacturer and installer of solar racking systems and greenhouses in North America
  • The company was founded in 1932 as a designer, manufacturer and installer of greenhouses
  • Leveraging over eight decades of experience, RBI started its solar racking business in 2010
  • Headquartered in Cincinnati, OH, with production facilities in Ohio, North Carolina, California and China
  • ~300 employees located in North America, Europe, Middle East, China and Japan

GIBRALTAR INDUSTRIES OVERVIEW

  • Gibraltar is a leading manufacturer and distributor of products that provide structural and architectural enhancements for residential, commercial and infrastructure markets
  • RBI broadens Gibraltar’s portfolio of products serving critical infrastructure markets
  • Gibraltar will enable RBI to grow more quickly and leverage Gibraltar’s global sourcing network and experience
  • Headquartered in Buffalo, NY, with 42 facilities globally
  • Gibraltar generated $860 million of revenue in 2014 and has over 2,400 employees

GCA’S ROLE

  • GCA served as exclusive financial advisor to RBI and was closely involved in all aspects of the transaction, including structuring, valuation, due diligence and negotiation
  • GCA’s deep industry relationships and extensive transaction experience allowed RBI to attract both strategic and financial buyers and run a highly competitive process
  • GCA used its in-depth knowledge of the solar PV value chain to optimally position RBI in the then high-growth but volatile pre-ITC extension solar market

WHAT THE TRANSACTION MEANS FOR THE SOLAR RACKING SECTOR

  • The transaction highlights the continued consolidation of the solar racking market, driven by vertical integration (SolarCity/Zep) and expansion of existing players into multiple market segments (RBI/Renusol)
  • Gibraltar’s acquisition of RBI also shows the interest of industrial companies for platform acquisitions to penetrate and capture growth in the renewable energy sector