New Acquisition to Allow Solar Integrated Roofing to Efficiently Scale and Integrate Acquisitions, Realizing Significant Cost Synergies through a Unified Backoffice Footprint
EL CAJON, CA / ACCESSWIRE / April 20, 2021 / Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has signed a binding term sheet to acquire Balance, LLC, a Business Process Outsourcing (BPO) firm.
Founded in 2015, Balance is a BPO firm focused exclusively on assisting contractors to manage their businesses as efficiently and effectively as possible. Recognized as "America's Services Company for Contractors," Balance is one of the most admired brands servicing the contracting industry in the US. To date, Balance has service relationships with over 900 contractors across the nation, providing industry-leading administrative, estimating, supplementing, back office, billing, and project file management for over 30,000 jobs.
"Balance is a market leader in helping contractors save time and money by allowing them to focus on the job at hand," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Balance brings significant annual recurring revenue with its nationwide client list. We will expand and accelerate those achievements by transitioning their seasoned, 33-person team to manage the back-office functions for all our subsidiaries, adding significant value far beyond the immediately accretive revenue stream.
"Led by Troy Clymer, Balance is widely recognized as an industry thought leader and will be critical in shaping the marketplace given their strategic alliances with tier-1 industry brands and government agencies spanning all sectors. Balance has also been instrumental in the founding of two industry-leading nonprofit organizations. The Catalyst Group - a 501c6 nonprofit educational corporation dedicated to bringing contractors and vendors together to advance the industry, and The American Policy Holders Association - a 501c4 watchdog organization that promotes integrity, honesty, and best practices in the property loss adjustment sector of the insurance industry.
"We look forward to continued near-term execution upon our robust acquisition strategy, leveraging our newly unified back-office capabilities through the planned acquisition of Balance, enabling us to efficiently scale and realize important synergies critical to reaching our goal of firm-level profitability in the short-term.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC) is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup, and electric vehicle (EV) charging stations to roofing, HVAC, and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition, and other aspects of the company to which this release pertains. The actual results of the specific items described in this release and the company's operations generally may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing, and other factors may result from business risks and uncertainties, including, without limitation, the company's dependence on third parties, general market, and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
SOURCE: Solar Integrated Roof Corp.