Wickes Dives into Solar Market with Solar Fast Investment
- Wickes Group plc expands into home energy market with acquisition of Solar Fast, a leading solar installer in the UK.
UK home improvement retailer Wickes Group plc has acquired a 51% stake in British solar installer Solar Fast, expanding its offerings into the home energy market. Solar Fast specializes in solar panel installations, solar battery storage, EV charging, and gas boilers, completing over 3,700 solar projects in 2022-2023. The company reported revenue of GBP 33.1 million and a profit before tax of GBP 3.9 million in the fiscal year ending April 30, 2023.
The deal values Solar Fast between GBP 10 million to GBP 36 million based on a multiple of seven times its EBITDA in 2024. Wickes will pay a minimum of GBP 5.1 million upon completion, with the rest to be paid in early 2025. The agreement also includes an option for Wickes to acquire the remaining stake in the business within five years. Regulatory clearance is required for the transaction to proceed.
What are the financial details of Wickes Group plc's acquisition of Solar Fast?
- Wickes Group plc has acquired a 51% stake in Solar Fast, a British solar installer, for a deal valued between GBP 10 million to GBP 36 million.
- Solar Fast reported revenue of GBP 33.1 million and a profit before tax of GBP 3.9 million in the fiscal year ending April 30, 2023.
- The acquisition is based on a multiple of seven times Solar Fast's EBITDA in 2024.
- Wickes will pay a minimum of GBP 5.1 million upon completion of the deal, with the remaining amount to be paid in early 2025.
- The agreement includes an option for Wickes to acquire the remaining stake in Solar Fast within five years.
- Regulatory clearance is required for the transaction to proceed.