Unirac Inc., a designer and manufacturer of solar photovoltaic (PV) mounting solutions for the residential and commercial/industrial (C&I) markets, has received a majority recapitalization investment led by Greenbelt Capital Partners. Investors in the transaction included Greenbelt Capital Partners Unirac L.P. and Trilantic Energy Partners II (North America) L.P. and its parallel fund. The existing sponsor, Tenex Capital Management, along with key members of Unirac’s management team, will continue to own a significant stake in the business.
Founded in 1999 in Albuquerque, N.M., Unirac has over 1,500,000 of distributed generation installations.
“We are incredibly proud of the business we have built and the meaningful product and service innovations the Unirac team has brought to our customers,” says Peter Lorenz, CEO of Unirac. “In 2019, we implemented a program called ‘Better Solar Starts Here.’ This program puts our customers’ success at the center of everything we do at Unirac.”
This investment will support Unirac’s continued pursuit of new product development and supply chain resiliency, further bolstering the company’s product portfolio. Unirac products offer solutions for every environment, roof material, project design and installation type.
“We are excited to partner with Unirac’s executive team and Tenex to combine our significant experience in the solar and broader distributed energy sectors and support the continued growth of Unirac, which has consistently differentiated itself from the competition to become a leader in the space,” comments Chris Murphy, partner at Greenbelt.
“The energy landscape is rapidly evolving as residential and C&I property owners rethink patterns of consumption and strive to gain energy resilience and independence,” adds Sam Graham, principal at Greenbelt. “Following the Inflation Reduction Act’s extension of the ITC, we expect to see accelerated adoption of rooftop solar, which will help further bolster Unirac’s market position.”
“Tenex is excited to partner with Greenbelt and Trilantic for this next chapter of growth,” comments Gabe Wood, managing director of Tenex Capital Management. “We believe our experience with and knowledge of both Unirac and the solar racking industry will continue to provide valuable insights and further enhance Unirac’s market leadership position.”