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Announcing Alteris Renewables, Inc.
October 14, 2008
Contact: FOR IMMEDIATE RELEASE
Kate Casolaro, 617-443-9933 x338
kcasolaro@rasky.com
Riverside Contact:
David Belluck, 617-351-2806
Solar Works, Inc. and SolarWrights, Inc. Join Forces to Create Largest Solar Integration Company in Northeast
Riverside Partners invests in the merger of the region’s two leading residential and commercial solar integrators
Boston, MA - October 14, 2008 - Riverside Partners, a Boston-based private equity firm, announced today the acquisition and merger of Solar Works, Inc. and SolarWrights, Inc. into the largest solar energy integrator in the Northeast.
“We are delighted to be bringing together these two leading renewable energy companies, both of which have a track record of outstanding growth and high levels of customer satisfaction,” said David Belluck, general partner at Riverside Partners, which focuses on technology and healthcare investments. “This merger and investment by Riverside brings together the people, expertise and financial resources to create a premiere company capable of achieving broad expansion and growth while continuing to provide exceptional customer service.”
The new company brings together the region’s leading designer and installer of commercial solar systems with the region’s largest residential solar energy provider. Driven by greater scale, superior customer service and extensive sales and marketing capabilities, the new company is well positioned to play a meaningful role in the growing renewable energy industry. In addition to solar electric and solar thermal expertise, the company will provide its customers with wind energy solutions through the integration of WindWrights, the wind division of SolarWrights.
Combined, Solar Works and SolarWrights will leverage more than 30 years of renewable energy expertise and a seasoned staff of 110 employees to provide a full spectrum of sales, service and support to residential and commercial customers in the Northeast. With over 2,000 combined installations, the new entity has the experience and logistical capabilities to deliver quality solar electric, solar thermal and wind installations from large commercial projects to smaller residential customers.
“We are pleased to be moving into this new level of growth and expansion with such a well respected industry leader as Solar Works,” said Bob Chew, founder and president of SolarWrights. “We see excellent opportunities to grow our customer base and solidify our position as the leading solar integrator in the Northeast.”
“SolarWrights and Solar Works share a common business philosophy and passion for renewable energy and quality customer service,” said Ron French, president of Solar Works. “We are excited to be joining forces. Together, we will provide a full spectrum of capabilities, enabling us to better support the needs of our existing and future customers as they take action to address energy independence and climate change.”
Both Solar Works and SolarWrights doubled their sales in 2007. The merger, which combines the existing offices located throughout New England, sets the stage for the addition of green collar jobs throughout the region as the new company positions itself for future growth.
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About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund III, L.P. The fund focuses on growth-oriented companies in the technology and healthcare industries. Riverside is particularly experienced at partnering with founders, owners, and management teams. Riverside brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. Riverside Partners is currently focused on companies with revenues of $20 - $200 million. For more information, please visit www.riversidepartners.com
About Solar Works, Inc.
Founded in 1980, Solar Works is a full service renewable energy systems integrator and project developer providing solar electric (photovoltaic) and solar thermal solutions for commercial, education and institutional clients. Solar Works has industry leading expertise in engineering, design, project management, performance analysis, project financing and renewable energy credit programs. Solar Works breadth of experience means cost-effective clean energy projects delivered on-time and on-budget for their clients. Solar Works is a SunPower Premier Dealer with direct buying relationships with Schott Solar, Schuco and Suntech. For more information, please visit www.solarworksinc.com
About SolarWrights, Inc.
SolarWrights is the leading residential solar energy company in the Northeast with over 85 employees and over one thousand solar installations. SolarWrights is pleased to have recently been named the Rhode Island Audubon’s “2008 Business of the Year” as well as “One of the Best Places to Work” by Providence Business News for the last two years and has remained in the top three “Fastest Growing Private Businesses in Rhode Island” for the last three years. In 2008, SolarWrights successfully completed the acquisitions of Kosmo Solar, a Springfield, MA solar energy company and SunSearch, a Guilford, CT solar energy company. Robert Chew, a 31 year industry veteran, was named the 2007 “Entrepreneur of the Year” in the Providence Business News Annual Bussiness Excellence Contest. For more information, please visit www.solarwrights.com
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