Oaktree has sold and merged Horizon Solar Power with Solar Spectrum
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce the sale and merger of Horizon Solar Power (“Horizon” or the “Company”) with Oakland, California-based Solar Spectrum, creating one of the nation’s largest residential solar system providers. Frank Kneller, CEO of Horizon, will serve as the CEO of the combined business which will be part of the Sungevity family. Horizon was a portfolio company of funds managed by the Power Opportunities group of Oaktree Capital Management, L.P. (“Oaktree”).
Headquartered in Temecula, California, Horizon is a leading marketer, designer and installer of turnkey residential and commercial solar systems. The Company provides a fully integrated offering related to the marketing and installation of residential and commercial solar systems, including comprehensive system design, financing, installation, and maintenance solutions. Horizon has grown to be one of the most trusted solar companies in California through its passionate commitment to providing industry-leading, customer-centric solar solutions, delivered through superior and dependable customer service. Since its founding in 2008, the Company has installed thousands of solar power systems for residential and commercial customers. For more information, visit www.horizonsolarpower.com.
“Lincoln executed a disciplined sale process, that when combined with its deep experience in the residential solar industry, resulted in a successful outcome for the Company, its employees and its shareholders,” noted Jimmy Lee, Senior Vice President at Oaktree.
Frank Kneller, CEO of Horizon, added, “Lincoln was an exceptional partner who worked closely with the management team throughout the process. The successful transaction with Solar Spectrum blazes a new path forward for our company as we combine Horizon’s highly profitable business model with Solar Spectrum’s best-in-class, technology-driven customer experience.”
Following the transaction, Solar Spectrum’s shareholder group includes Northern Pacific Group, International, Hercules Capital, DGB Investments, Bindley Capital and the management teams of Horizon Solar and Solar Spectrum.
Lincoln acted as the exclusive financial advisor to Oaktree and Horizon, providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
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