SinglePoint Inc SING has acquired The Boston Solar Company LLC, a provider of comprehensive solar energy services in New England, primarily in Massachusetts, since 2011.
The deal value was not disclosed.
Boston Solar generated sales of $17.7 million in FY21 with expected sales of $25 million in FY22, with more than $16 million already contracted and in the installation pipeline.
Boston Solar is the first of multiple acquisitions SinglePoint intends to close this year.
Why It Matters: Closing this acquisition starts the timeline for SinglePoint to start its up-listing application process to achieve the goal of a NASDAQ listing in 2022.
Through Boston Solar and our strong foothold in Massachusetts, we have multiple accretive acquisitions identified that we will be pursuing,” said Mello Guimaraes, CEO of Boston Solar.
SinglePoint plans to continue expanding its operational footprint as it acquires additional full-service solar EPC (Engineering, Procurement & Construction) companies throughout the nation.
The Company targets established solar companies in specific markets that can complement each other and yield synergies and economies of scale.
Price Action: SING shares closed at $0.11 on Monday.
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