Solar Integrated Roofing Corp. (OTC: SIRC) Signs Binding LOI To Acquire AVCO Roofing, The First In Its List Of ‘Strategically Important’ LOIs SIRC Has Announced Since Its Recent New Fiscal Funding
Solar Integrated Roofing Corp. (OTC: SIRC) today announced it has signed a binding LOI to acquire AVCO Roofing, a roofing and solar solutions provider. It is the first in the list of ‘strategically important’ LOIs SIRC has announced since the Company received recent new fiscal funding in the form of a $25 million new drawdown term note and $10 million in a new revolving credit facility. David Massey, CEO and Chairman of SIRC, said AVCO generated some $21 million in FY 2022 and SIRC anticipates the acquisition will be immediately accretive. “The AVCO LOI represents the first in the list of strategically important LOI’s that SIRC has announced following our recent funding which will enable our next phase of growth,” Massey said.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
SIRC said that AVCO has generated some $140 million in revenue since owner Heath Hicks purchased the company in 2016. AVCO currently has 150 team members located in three locations. It currently operates in North and East Texas, Oklahoma and Louisiana. It specializes in roof and solar repair and replacement services for residential and commercial buildings.
Massey said, “With over 10,000 projects completed over the past decade, AVCO is among the leading companies in the roofing industry and a highly regarded name in its region.” He said, “We look forward to working together with Heath and his team to generate continued growth under SIRC’s roofing division while unlocking additional revenue through cross-selling opportunities.”
Heath Hicks, CEO and owner of AVCO, added, “AVCO brings immediate accretive value to SIRC and and has been working closely with SIRC subsidiaries and divisions for years. The quality of our team at AVCO combined with the strong relationships and alignment already in place with the SIRC team allows for strategic national growth and tremendous long-term value creation for all involved, most importantly the SIRC shareholders.”
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.
Source: Stock Market Press
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