The transaction will consist of third-party debt and company equity valued at approximately $37 million. The acquisition is expected to close within the next 20 days, subject to customary closing conditions.
Headquartered in Apex, N.C., Reach is an engineering, procurement and construction (EPC) contractor with expertise in the renewable energy industry. Reach has a contractual backlog for 2020 exceeding $100 million.
“At Reach, we are excited to become a part of the CUI Global energy team and to help lead the way toward a net-zero carbon emissions future,” says Brandon Martin, founder and CEO of Reach.
“With solar accounting for 40 percent of all new electric generating capacity in 2019, the acquisition of Reach gives CUI Global a competitive advantage over other traditional energy companies who have yet to make the transition toward a clean energy future,” he adds.