German heating and ventilation equipment provider Centrotec SE (ETR: CEV) has agreed to take over PARI Group AG, which controls a number of businesses including solar module maker CS Wismar GmbH, also known as Sonnenstromfabrik.
Centrotec said it will acquire the group for about EUR 43 million (USD 50.8m), or EUR 6.51 per share, from the Krass family.
CS Wismar, 80% controlled by PARI Group, manufactures glass-glass solar modules for use in building situations in particular, with a high internal consumption ratio. The business, which currently employs some 110 people, generated EUR 19.4 million in revenue and an operating profit of EUR 0.5 million in 2019. It expects a top line of EUR 29.3 million this year, while earnings before interest, tax, depreciation and amortisation (EBITDA) are seen at EUR 1.2 million.
Centrotec explained that it is making this purchase in view of expectations for a rise in demand for building-incorporated photovoltaic solutions, including for integrated systems for generating and storing electricity and heat.
The transaction is awaiting regulatory clearance and is seen to close at the start of the fourth quarter of 2020.
In addition to CS Wismar, PARI Group holds other firms plus a comprehensive real estate portfolio with ancillary real estate services.
