RENEW Energy, Inc., today completed the purchase of the majority of the assets of Broadwind Energy Inc.’s (NASDAQ:BWEN) wind turbine services division. The acquisition, which is RENEW Energy’s third in the past 12 months, adds Howard, S.D. and Abilene, Tex. to the company’s service locations along with approximately 35 employees. With approximately 175 employees in seven locations throughout the United States, RENEW Energy has grown into one of the largest service providers in the growing wind turbine industry.
RENEW Energy President Jim Mikel stated, “We are excited to welcome the former Broadwind employees to the RENEW family and look forward to serving a new portfolio of customers that comes with the transaction. This transaction adds two full load test stands to our drivetrain capabilities. We added a kilowatt full load test stand that will remain located in Howard, S.D. and a 3 megawatt full load test stand currently located in Abilene, Tex. that we intend to move to our Sioux Falls, S.D. location in early 2016. It also doubles our blade repair and gearbox oil change capabilities and expands our service footprint with the Abilene location which allows us to better serve our customers in the southwest region with our expanding service portfolio.”
RENEW Energy CFO Gary Fish commented, “RENEW is uniquely positioned to add significant value to these assets and we now expect our 2016 sales to top $40 million. This is our largest acquisition to date and third acquisition over the last 12 months as we continue to grow our service footprint and related platform. The combination of our internal growth and recent acquisitions demonstrates our commitment to serve the wind industry.”
Sioux Falls based Great Western Bancorp Inc. (NYSE:GWB) provided acquisition financing to RENEW for this transaction and the Minneapolis law firm of Fredrikson and Byron, P.A. provided legal counsel for the transaction.
About RENEW Energy, Inc.
RENEW Energy, Inc., founded in 2009 by wind energy industry veterans and backed by private equity investors, has matured into an employee-owned, industry leader based in the Midwest, with a national footprint. The company offers a wide variety of specializations, including Construction & Field Services, Operations & Maintenance, Asset Management, Gearbox Services, Infield/Up Tower Repairs, Specialty Field Services, Remanufacturing, Mobile Oil Change Services, Composite/Blade Services and Supply Chain Services. RENEW staff is experienced, fully trained and familiar with each major wind turbine manufacturer, past and present. For more information, go to http://renewenergy.com.