Renewable Energy Systems Ltd. (RES) has acquired substantially all of the assets, personnel and equipment of System 3 Inc., a specialty electrical contractor based in Sacramento, Calif. Financial details of the deal were not disclosed.
System 3 is experienced in constructing substation, transmission line and collection system work in the wind and solar energy market, as well as in other utility and general commercial and industrial businesses. RES says the transaction, which closed on Nov. 2, will enable RES to accelerate growth, complete its transition toward a fully integrated self-perform contractor and help diversify its services further into utility infrastructure and transmission construction.
‘With this acquisition, RES will be able to leverage System 3's expertise in the renewable energy space to grow market share and provide our clients with more solutions under one company,’ states Glen Davis, CEO of RES in the Americas. ‘We will be embracing the best capabilities of both organizations.’
‘We are excited to be joining RES and feel this transaction will provide a stronger balance sheet to allow for the expansion of our transmission business,’ adds Tom Wilbert, CEO of System 3 Inc.
Joel Leineke, president of System 3, will also be president of the newly formed entity, RES System 3 LLC, and will report to Andrew Fowler, chief operations officer of RES in the Americas. System 3's existing operations will continue as normal while some administrative services are aligned with current RES infrastructure.