Gibraltar Industries is exiting the renewable energy market and selling the solar racking and foundation business Terrasmart to competitor Unirac. Terrasmart is a turnkey solar structures and installation company. It manufactures racking and foundations for ground-mounted solar systems, including ground screws designed to work in tricky soil conditions, and fixed-tilt racking and single-axis solar trackers.
Credit: Terrasmart
Gibraltar sold the racking and foundations business to Unirac for $5 million, according to a filing with the Securities and Exchange Commission. Unirac manufactures solar mounts and racking for both rooftop and ground-mounted applications.
“This acquisition is a natural extension of our DG [distributed generation] platform,” said Peter Lorenz, CEO of Unirac in a press statement. “Terrasmart has earned a strong reputation and loyal customer base in ground mount, tracker and canopy solutions. By bringing Unirac’s product development, supply chain and engineering capabilities to Terrasmart, we can accelerate innovation, improve delivery, and give our customers a more complete solution set — from the rooftop to even the most difficult ground conditions. We are excited to welcome the talented Terrasmart team to Unirac and look forward to what we will build together.”
In February, Gibraltar sold Terrasmart’s electrical balance of systems technologies and business to GameChange Energy, another prominent solar tracker manufacturer, in a $70 million transaction. Its eBOS line included combiner boxes and wiring products produced in its factory in Grand Rapids, Michigan.
In addition to eBOS, Terrasmart manufactured its solar structures and foundations out of two factories in Columbus and Cincinnati, Ohio.
“The divestiture of our eBOS business is the first step in a two-step process to align the renewables business with industry leaders who continue to broaden their portfolios,” said Bill Bosway, chairman and CEO of Gibraltar, in a press release published in February. “Our eBOS technology fills a strategic need for GameChange given their dedication to adding leading edge solutions for their solar customers.”