Chicago investment firm Redshift Capital has launched TEVA Alternative Energy, a new solar power conglomerate. The firm has also acquired TEVA Energy and Superior Solar Systems. No financial terms were disclosed. Based in Altamonte, Florida, TEVA Energy is a provider of solar water heating technologies. Orlando-based Superior Solar is a producer of solar energy solutions for residential and commercial applications throughout the southeastern U.S.
ORLANDO, Fla., Nov. 21, 2013 /PRNewswire/ — Redshift Capital, LLC, a Chicago-based investment group, announces creation of new solar power conglomerate, TEVA Alternative Energy, LLC, then immediately acquires 100% of TEVA Energy, LLC and Superior Solar Systems, LLC. “The two companies dovetail perfectly together,” said Roger Hruby, CEO of Redshift Capital. “Having common ownership of both companies with complementing resources provides vast opportunities for growth.” Fueled by the prospect of grid parity and rising market demand for financially-viable solar-energy solutions, strategic acquisitions in this sector are on the rise again. “For the first time in history, TEVA’s team of experts managed to break through historical barriers to large-scale thermal systems,” said Dennis Lakomy, CFO of Redshift, “these systems are becoming financially viable even without incentives.” Remo Eyal, CEO of TEVA Alternative Energy said, “with over 20,000 installations under its belt, the Superior team has the brick & mortar resources needed for scalability, and it doesn’t hurt that the team is made up of genuinely good people.”
In recent years, TEVA has broken several solar records including an installation of the largest solar system at a meat processing facility in California (Cargill Fresno), and the Florida installation of the largest polymer system in North America. Harry Gordon, Senior Project Manager for TEVA said, “Our solid legs in the food-processing and life-science industries are providing strong growth, but we needed a reliable team of solar professionals to scale implementation; Superior Solar fits the bill perfectly.”
“It’s an honor to work with the experienced and insightful team at Redshift Capital and Redshift Energy,” said Eyal, “with their support and Superior’s infrastructure, the future is exceptionally bright.”
About Redshift Capital, LLC
Founded in 2006, Redshift Capital is a Chicago-based private equity sponsor targeting leveraged control growth investments of companies in growth markets where ownership and leadership dynamics provide an opportunity to create significant value through improving operational, financial and strategic decision making.
About TEVA Energy, LLC
Altamonte, Fla.-based TEVA Energy provides cost-effective solar water heating technologies that enable it to provide renewable energy to commercial and industrial facilities at rates below equivalent fossil fuel energy rates. At its own expense, TEVA designs, builds and maintains its systems on the client’s site, “greening” their facility. TEVA services large industrial and commercial facilities. http://tevaenergy.com/
About Superior Solar Systems, LLC
Based in the Orlando area, Superior Solar is a leading provider of solar energy solutions for residential and commercial applications throughout the southeastern U.S. With a portfolio of over 20,000 installations, the company is one of the largest solar contracting firms in America, specializing in solar electric, water heating and pool heating applications. http://www.superiorsolar.com/