MINNEAPOLIS, MN - November 29, 2022 – Northborne Partners acted as the exclusive financial advisor to Solgen Power (“Solgen”) in connection with an investment received from The Edgewater Funds (“Edgewater”). The transaction closed earlier this year; financial terms were not disclosed.
Solgen is a leading residential solar installation company with a rapidly growing presence in the Pacific Northwest, Southwest and Midwest markets. The company provides homeowners with a full-service solar offering from electric bill reviews and custom system design through system engineering and installation. Solgen’s installation services are supported by its unique, in-house solar financing platform (Loanhomi) that allows customers to conveniently apply for solar loans at market competitive rates, as well as by other ancillary services including insulation and roofing. Solgen’s leadership team is excited to partner with Edgewater as they continue to enter new markets and build a national solar brand.
Edgewater is a Chicago-based private equity firm that partners with high quality middle market companies where it can add substantial value and accelerate growth through its invested capital, experience and broad network.
Mark Horvick, Managing Director at Northborne, said, “Some businesses you have to see and feel to truly understand. Solgen is one those businesses. Before visiting Solgen for the first time, I watched a recap of their inside sales team draft (video here: https://youtu.be/mMIXSxBn40U). After visiting Solgen a number of times, I can say without hesitation, that every day at Solgen is a bit like ‘draft day’. Solgen’s Co-Founders, Chris Lee and Daryl Kelly, have built an incredible culture that serves as the foundation of an equally incredible business. It has been a pleasure to work with them and see how a positive, team-oriented work environment is driving this business to new heights.”
Chris Lee, Co-Founder & Chief Executive Officer of Solgen noted, “We are extremely excited about Edgewater’s investment and the impact it will have on the path ahead for Solgen and our team. Their experience and partnership will accelerate our plans for continued growth and vision for Solgen to become the national leader in the solar industry.” Regarding Northborne’s involvement in the transaction, Daryl Kelly, Co-Founder & Chief Operating Officer of Solgen, said, “Northborne was an excellent partner and advisor to Solgen throughout this process. They listened to our goals and provided thoughtful, strategic guidance to help the company and shareholders achieve this excellent outcome.”
Karr Tuttle Campbell served as legal counsel to Solgen.
About Northborne Partners
Northborne is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It focuses on advising private business owners in the sale of their companies and has decades of experience sitting across the table from the most seasoned strategic and private equity buyers in the world. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit https://northborne.com/.
About Solgen Power
Solgen is a leading residential solar installation provider based in Pasco, WA, with operations in the Pacific Northwest, Southwest and Midwest markets. The company’s full-service solar installation offering, in-house financing platform and ancillary service offering (including insulation and roofing) provide a comprehensive solar solution to its customer base, and differentiation in the fast-growing solar industry. The company has installed more than 520,000 solar panels since being founded in 2017 and continues to rapidly grow in its markets. For more information, please visit https://solgenpower.com/.
About The Edgewater Funds
Edgewater is a Chicago-based private equity firm with over $3 billion of capital commitments raised since 2001. Edgewater provides capital and experience to outstanding growth companies, with a focus on funding high quality middle market companies where it can add substantial value through its capital, experience and broad network. Edgewater is able to structure both growth equity (minority) and buyout investments to accommodate the needs of each investment situation. For more information, please visit https://www.edgewaterfunds.com/.
About Karr Tuttle Campbell
Karr Tuttle Campbell is a Seattle-based law firm offering a wide range of legal services to individuals, closely held businesses, public corporations and local governments. For almost 120-years, the firm has maintained an outstanding local and national litigation and business practice serving nearly every possible sector. Built on a strong foundation of service and knowledge of Washington states core industries, Karr Tuttle Campbell continues to grow and evolve with the market and client needs, applying innovative solutions and advancing legal trends covering a wide range of industries and practice areas. For more information, please visit www.karrtuttle.com.
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