Bold Renewables sold to South Carolina firm

WINDSOR — Bold Renewables LLC, a provider for utility-scale solar inverters, has been sold by its owner to a company based in Greenville, South Carolina.

Right Lane Industries, a Chicago-based long-term industrial holding company that had acquired Bold Renewables in 2019 through a carveout of Advanced Energy’s (Nasdaq; AEIS) central solar inverter service business, announced Friday that it had sold it to Integrated Power Services.

Financial terms of the transaction were not disclosed.

Bold Renewables, which moved in 2020 from Fort Collins to a 23,215-square-foot industrial space in Windsor’s Diamond Valley Tech Center, provides field service, spare parts, preventive maintenance and training for utility-scale solar inverters. In the past seven years, Right Lane and Bold Renewables’ management team have built a standalone business providing critical maintenance, repair and aftermarket parts to solar power operators across North America.

“Bold is a great example of what we look for in a corporate carveout: a good business with the opportunity to do more under independent ownership,” Eric Mara, founder and CEO of Right Lane, said in a prepared statement. “Brenda Clarke, Cole Rickers and their team took a small division and built it into a profitable standalone business that solar asset owners rely on to keep their plants running. IPS is a natural home for Bold, with the scale and service footprint to support the company’s next phase of growth. We thank the Bold team for their partnership and wish them continued success.”

FMI Capital Advisors served as exclusive financial adviser to Right Lane and Bold Renewables, and Taft Stettinius & Hollister LLP served as legal counsel. Akerman LLP served as legal counsel to IPS.

“Right Lane gave us the independence and support to build Bold on our own terms,” Clarke, Bold Renewables’ president, said in a news release. “Joining IPS allows us to bring our inverter expertise to a much larger customer base while continuing to deliver the responsive, hands-on service our customers expect. We are excited about what comes next.”

IPS is a provider of electric motor, generator, drive and power management repair and field services for industrial, commercial and utility customers across North America.

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