Global Environment Fund has agreed to sell Unirac Inc., an Albuquerque-based provider of photovoltaic solar mounting solutions, to Hilti Group. No financial terms were disclosed.
Hilti Group is extending its North American presence in the fastest growing and highest potential solar market in the world with the purchase of Unirac Inc., a U.S.-based leading provider of photovoltaic (PV) solar mounting solutions.
The combination of Hilti and Unirac broadens both companies’ product portfolio and enhances their current market reach and service to provide unique opportunities for customers as they develop their solar sites. While Hilti gains significant share in the PV mounting business in North America, Unirac extends its reach through Hilti’s global presence.
“As we strengthen our position in a challenging economy, we are investing in new business opportunities like solar where there is significant growth potential,” said Bo Risberg, Hilti Group CEO. “Our companies are an ideal fit because together we can offer a full range of solutions for customers who serve the residential, commercial and utility markets.”
Coupled with Unirac’s established manufacturing and supply chain infrastructure, solar engineering expertise and strong channel partners, Hilti further secures its position as a leading player and preferred partner for PV mounting solutions for solar applications in all market segments.
Unirac will continue to be based in Albuquerque, N.M., and operate under its existing name and management structure led by President and CEO Doug May.
“Unirac has been highly successful in providing the PV mounting market with industry-leading technology and a range of product solutions and services,” Doug said. “We are extremely excited about applying Hilti’s broad base of expertise in serving the professional contractor market around the world to accelerate the tremendous growth opportunities in the North American and global solar markets.”
Hilti is purchasing Unirac from the Global Environment Fund (GEF), a U.S.-based private equity firm investing growth capital in companies throughout the world.
“Since our purchase of Unirac in 2006, the company has grown its revenues profitably at an annual growth rate of approximately 55 percent,” said GEF Managing Director Lisa Schule. “Unirac’s success is a testament to the quality of the company’s management team and a validation of GEF’s strategy of investing in companies with practical and proven clean energy solutions.”
Hilti is a world-leading manufacturer and supplier of quality, innovative and specialized tools and fastening systems for the professional user. Based in Tulsa, Okla., Hilti North America employs approximately 2,800 highly skilled employees in the United States and Canada. Hilti Group worldwide employs approximately 20,000 people in more than 120 countries. Hilti expertise covers the areas of gas and powder-actuated fastening, drilling and demolition, diamond coring and cutting, measuring, firestopping, screw fastening, adhesive and mechanical anchoring, and strut and hanger systems. More company information is available at www.us.hilti.com or www.hilti.ca.
Based in Albuquerque, N.M., Unirac was incorporated in 1999 and quickly became an industry leader with a reputation for superior mounting solutions, responsive support and outstanding services. Unirac has more than 80,000 square feet of manufacturing space and employs approximately 100 people. More company information is available at www.unirac.com.
About the Global Environment Fund
Global Environment Fund is a Chevy Chase, Maryland-based private equity firm founded in 1990 that invests in clean energy, environmental services and sustainable forestry throughout the world. The firm manages approximately US $1 billion in private equity investments for institutional investors. More company information is available at www.globalenvironmentfund.com.