Soltech Energy Sweden AB (Soltech), a rooftop solar solutions provider, acquired 90.1% in roofing company Wettergrens Tak & Plåtslageri AB (Wettergrens). The acquisition is funded entirely from cash and with newly issued Soltech shares.
Soltech offers rooftop solar and building-integrated solar solutions to match the needs of clients. It has an aggressive acquisition and growth strategy in the solar, roof, facade, and electrical engineering industries. It has earlier acquired 100% of Provektor, a privately owned Swedish electrical engineering company. The company also signed an agreement to acquire 60% of the shares in the solar energy company Miljö & Energi Ansvar Sverige. Soltech has an option to acquire the remaining 40% of the shares in 2024.
Wettergrens is a well-known roofing contractor with a local presence in Södermanland and has industry experience of about 70 years. The company collaborates with individual consumers, towns, regions, industries, construction firms, and the rest of the business community. Its main areas of operations are Södermanland, Södertälje, and Stockholm, but the rolling roof team undertakes numerous projects throughout the country every year.
“This acquisition will contribute to Soltech’s growing presence in Sweden and add another 20 competent employees to the group, who will be involved in adding solar installations in future contracts,” said Stefan Ölander, CEO of Soltech Energy.
“Being a part of Soltech is tremendously inspiring for the entire Wettergrens team. We will continue to grow and improve our already strong business while consolidating our position as one of Central Sweden’s leading roofing companies when it comes to solar cell installations.” Wettergrens CEO Frank Fredriksson said.
The companies will work together to create synergy effects and form a powerful group with international expertise. The roofing company Wettergrens is Soltech’s seventeenth purchase since its acquisition strategy began in 2019. This investment will reinforce the group’s strategy to transform traditional roofing, façade, and electrical technology companies into solar energy sellers.
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