Solar Integrated Roofing seeks takeover of AVCO Roofing

US photovoltaic (PV) and roofing systems installer Solar Integrated Roofing Corp (OTC:SIRC) is seeking to expand its national footprint through the acquisition of local sector player AVCO Roofing, a business associated with annual revenue of about USD 21 million (EUR 19.6m).

The companies have inked a binding letter of intent (LOI) about a potential transaction. The acquisition, whose financial terms were not disclosed, hinges on completion of due diligence, signing of a definitive agreement and all required approvals, a press release said on Wednesday.

Founded in 2007, AVCO offers roof and solar repair and replacement services for residential and commercial buildings in North and East Texas, Oklahoma and Louisiana. The company operates three locations and employs more than 150 people.

The purchase will strengthen SIRC’s roofing division and unlock additional revenue through cross-selling opportunities, CEO David Massey noted in the press release.

(USD 1 = EUR 0.933)

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