Solar Firm Verengo Up For SaleTuesday, May 20, 2014
Residential solar company Verengo Solar of Torrance has put itself up for sale, hiring Bank of America Merrill Lynch as an advisor, according to a document obtained by the Business Journal.
Verengo, which sells and installs residential solar energy systems, is the third largest residential solar installer in the country behind SolarCity of San Mateo and Vivint Solar of Provo, Utah, according to industry website Greentech Media.
The company has installed about 11,500 residential solar systems in California, Connecticut, New Jersey and New York. Verengo had revenue last year of $116 million, up 7 percent from $108 million the year before, according to the Merrill Lynch document. The document did not mention profits.
The company was founded in 2008 by Randy Bishop and Ken Button and has raised money from L.A. private equity firm Angeleno Group, ClearSky Power & Technology Fund – the venture arm of NextEra Energy of Juno, Fla. – and other investors.
Verengo did not return a request for comment. The sale briefing indicates that the company has been seeking a sale since March.