Shoals Technologies Group Announces Investment by Oaktree
Leading renewable energy investor and solar industry pioneer partner to drive growth and innovation in the global solar market
LOS ANGELES – Shoals Technologies Group (“Shoals”), the global leader in solar electrical balance of systems, announced today an investment by funds managed by the Power Opportunities group of Oaktree Capital Management, L.P. (“Oaktree”). Terms of the investment were not disclosed.
Founded in 1996, Shoals designs and manufactures a diverse range of technically advanced and highly reliable products for solar and energy storage projects, including combiner boxes, junction boxes, wiring, and monitoring solutions, among others. The company has deployed its products on more than 25 GW of solar projects in markets across North America, Europe, Asia and Africa.
“We are very proud of the innovation, performance and reliability we have brought to the solar industry over the past two decades,” said Dean Solon, Founder and CEO of Shoals Technologies Group. “Today, we are seeing incredible demand for our BLA™ solution, an integrated wire harness that eliminates combiner boxes and significantly reduces installation cost. Partnering with Oaktree provides Shoals with the resources, expertise, and support to help drive further growth and success in the rapidly expanding international solar and energy storage markets.”
Oaktree’s Power Opportunities group has a strong track record of investing in successful companies in the energy industry. The team seeks investments in leading companies that provide equipment, services and software used in the generation, transmission, distribution, and consumption of electricity and other energy and utility resources. Targeting growing, successful businesses, Oaktree partners with company management to drive growth and value creation.
“As the solar market matures, customers are demanding high-quality and long-lasting system solutions that deliver maximum value,” said Peter Jonna, Senior Vice President of Oaktree’s Power Opportunities group. “Shoals delivers the highest standards of innovation, quality, and performance within the solar equipment industry. We have long admired Shoals as the leader in this market, and we are very excited to partner with Dean and his team to support their continued growth and success.”
About Shoals Technologies Group
Shoals Technologies Group is a leading manufacturer of balance of systems solutions. Consistently providing customers with innovative designs and superior quality products has contributed to the company’s exponential growth since its founding in 1996. With over 25 GW of BOS products deployed globally, Shoals maintains a diverse portfolio of solar balance of systems products, including, combiner/re-combiner boxes, disconnecting combiner boxes, custom harnessing solutions, junction boxes, wire, in-line fuses, racking and monitoring solutions.
Oaktree is a leading global investment manager specializing in alternative investments, with over $100 billion in assets under management as of March 31, 2017. The firm emphasizes a value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
Antenna Group for Shoals Technologies Group