BACKSTORY: This solar installation company focused primarily on the residential business market, generating nearly $9 million in revenue in a recent fiscal year.
PROBLEM: The decision to change its business model to one that concentrated on community solar gardens led to unexpected problems during the transition to a new marketplace.
SOLUTION: At the senior lender’s request, TAP performed a comprehensive, top-to-bottom restructuring that resulted in actions that helped the company reach its new goals and objectives, including:
- Improvement of leadership within the management team as part of a more efficient organizational structure
- Development of a solar software revenue stream that uses data-driven information to also add value internally
- Relocation to Denver to take advantage of a booming market for its products and services
- Successful pursuit of local and statewide solar farm contracts
- Positioning of the company for its desired exit strategy
The private equity-style turnaround transformed the company in a variety of ways, more than doubling its annual revenue and earning it a third-party valuation of $70 million.