Published: 9 Sep 2021, 10:24
Residential and commercial rooftop solar PV system distributor Segen is to be acquired by Labora Holdings Limited, the parent company of electrical products and services supplier City Electrical Factors (CEF).
Labora is to acquire 100% of Segen and its subsidiaries in the UK, Germany and South Africa, with the transaction expected to close in October 2021 subject to regulatory and other approvals and conditions.
After the close, Segen will be a subsidiary of Labora, and is – according to the two companies – set to benefit from new scope and scale that will increase opportunities for suppliers and customers.
Alongside solar PV, Segen also sells energy storage systems and electric vehicle charging equipment to installers through its proprietary online portal.
Thomas Hartland-Mackie, president and CEO of Labora, said the two businesses are “highly complementary”, with plans to explore ways to accelerate growth.
“Segen’s dedication to their customers and strong supplier partnerships is aligned with CEF’s culture and way of doing business,” he said.
In February, Segen partnered with AMP to help tackle challenges to the adoption of C&I solar such as financial and knowledge barriers, with AMP Clean Energy Solutions providing funding and expertise to Segen customers.
In 2015, Segen itself acquired Yorkshire-based wholesaler Zenex Solar, giving it access to Segen’s online sales presence and PV system design software.