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M&A Deal Summary

Array Technologies Acquires STI Norland

On November 11, 2021, Array Technologies acquired renewable energy company STI Norland from Aurica Capital for 351M EUR

Acquisition Highlights
  • This is Array Technologies’ 1st transaction in the Renewable Energy sector.
  • This is Array Technologies’ 0th largest (disclosed) transaction.
  • This is Array Technologies’ 1st transaction in Spain.

M&A Deal Summary
Date 2021-11-11
Target STI Norland
Sector Renewable Energy
Buyer(s) Array Technologies
Sellers(s) Aurica Capital
Deal Type Add-on Acquisition
Deal Value 351M EUR
Advisor(s) Lazard (Financial)
A&O Shearman (Legal)

Target

STI Norland

Pamplona, Spain
STI Norland engages in designing, manufacturing, and supplying solar trackers and fixed structures for the vast size of solar photovoltaic plants. STI Norland exports its products worldwide, has subsidiaries in the United States, Israel, India, Mexico, Chile, and South Africa, and sells a large part of its goods outside Spain. STI Norland was founded in 1996 and is based in Pamplona, Spain.

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Buyer(S) 1

Buyer

Array Technologies

Albuquerque, New Mexico, United States
Category Company
Founded 1989
Sector Renewable Energy
Employees1,021
Revenue 916M USD (2024)
DESCRIPTION

Array Technologies is a manufacturer of smart, cost-effective, reliable, and robust solar tracking systems for utilities, corporations, small businesses, and homeowners. Array Technologies was incorporated in 1989 and is based in Albuquerque, New Mexico.

DEAL STATS #
Overall 1 of 2
Sector: Renewable Energy M&A 1 of 2
Type: Add-on Acquisition M&A Deals 1 of 2
Country: Spain M&A 1 of 1
Year: 2021 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-18 APA Solar

Ridgeville Corners, Ohio, United States

APA Solar provides engineered foundation solutions and fixed-tilt mounting systems for solar projects. APA Solar is based in Ridgeville Corners, Ohio.

Buy $179M

Seller(S) 1

SELLER

Aurica Capital

Investor Investor Investor

Category Private Equity Firm
PE ASSETS 450M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Aurica Capital is a private equity firm that looks to make investments in Spanish middle-market companies. The Firm looks to invest between $10 to $30 million in companies with revenues greater than $30 million and EBITDA greater than $5 million. The Firm pursues a variety of transaction types, including management buyouts, growth financings, and stake purchases. Aurica Capital is based in Barcelona, Spain.

DEAL STATS #
Overall 1 of 3
Sector: Renewable Energy M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 2
Country: Spain M&A 1 of 3
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 Babel Sistemas De

Madrid, Spain

Babel Sistemas De is an international consulting and IT services firm that provides technological services to help large organizations in their digital transformation process. The company offers services such as solution integration, IT outsourcing and software development. Babel Sistemas De is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-17 T2O

Madrid, Spain

T2O designs and manages marketing and communication strategies with a results-orientated approach (Paid, Owned, Earned Media, relying always on Technology). Currently has permanent offices in Europe, LATAM, and the US, where is the partner of major brands. Its clients include Barcelo Hotel Group, Honda, Unicredit, Jose Cuervo, Movistar, Nextel, and AXA insurance. T2O was founded in 2004 and is based in Madrid, Spain.

Buy -
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