Burlington, VT – iSun, Inc. (iSun) announced that it has entered into a definitive agreement pursuant to which a subsidiary of iSun will acquire SunCommon, in a combination of cash and shares of Common Stock.
This agreement allows for:
- Creating a regional full-service solar installation leader servicing the residential, commercial, industrial and utility-scale markets including solar electric vehicle charging.
- Positions combined company to effectively capitalize on emerging opportunities in the residential and small commercial landscape.
- Leveraging brand and marketing expertise of SunCommon to effectively grow presence and message in new regional markets.
- Transaction consideration includes $24,034,621 in cash and $15,965,379 in stock; provides $2.5 million of the consideration directly to SunCommon employees, establishes a stock ownership plan for all iSun employees, and a $1.5 million working capital infusion.
- Anticipated to be accretive to iSun by doubling projected revenue for 2021.
- Alignment of software, shared services and vendor base will enable synergies with expected $1.25 million in savings in year-1 and provide opportunities to reduce customer acquisition costs across all business segments.
The transaction executes phase one of iSun’s recently announced East Coast residential strategy and builds on iSun’s commercial, industrial and utility-scale presence in Maine, N.H., Vt., Conn., Mass., R.I., N.Y., Md., N.C., and S.C.
Both iSun and SunCommon’s Boards of Directors unanimously approved the definitive agreement, which includes a cash payment of $24,034,621 and $15,965,379 in stock ($2.5 million of the consideration will be granted directly to SunCommon employees), $1.5 million working capital infusion and additional earnout provisions, subject to customary purchase price adjustments and customary seller representations and warranties and indemnification obligations.