ARRAY Technologies Expands Product Portfolio with Acquisition of APA Solar

ARRAY Technologies to Acquire APA Solar
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ARRAY Technologies has announced its decision to acquire APA Solar, a leading provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. This acquisition aligns with ARRAY’s strategy to enhance its balance of systems by integrating advanced foundation solutions into its product offerings.

### Key Highlights of the Acquisition

– **Expansion of Product Portfolio**: The acquisition adds domestically manufactured engineered foundations and fixed-tilt solutions, expanding ARRAY’s addressable market by nearly 40%.
– **Integrated Solutions**: The combined offerings will enable a tracker and foundation system that effectively addresses challenging soil conditions without the need for specialized installation equipment.
– **U.S. Manufacturing Growth**: ARRAY will bolster its manufacturing capabilities with a new facility in Ohio.
– **Transaction Value**: The enterprise value of the deal is approximately **$179 million**, representing a multiple of **7.6x** APA’s trailing twelve months EBITDA, excluding certain tax credits.
– **Earnings Impact**: The acquisition is expected to positively influence ARRAY’s Adjusted EPS in the first year before accounting for synergies.
– **Closing Timeline**: The transaction is anticipated to close in the third quarter of 2025, pending regulatory approval and customary conditions.

### Financial Overview

In 2024, APA generated around **$129 million** in revenue and **$25 million** in EBITDA, excluding certain credits. The acquisition will enable ARRAY to offer a combined tracker and foundation system, enhancing the practical applicability of its technology in various soil conditions prevalent in new solar projects.

Kevin G. Hostetler, Chief Executive Officer of ARRAY, expressed enthusiasm about the acquisition, stating, “We are thrilled to announce the acquisition of APA, a strategic move that strengthens our capabilities and expands the value we deliver to our customers.” He emphasized the growing demand for engineered foundations, which are crucial for economically viable projects in challenging soil conditions.

Josh Von Deylen, CEO of APA, remarked, “Joining forces with ARRAY is a tremendous opportunity for our team and our customers. With our shared commitment to innovation and excellence, we’re excited to combine our strengths to drive even greater value for our solar industry partners.”

### Management Continuity

Following the acquisition, Josh Von Deylen and Joe Von Deylen, along with the senior management team at APA, will continue to lead the new “Foundation Solutions Business” within ARRAY. The headquarters and principal manufacturing operations will remain in Ridgeville Corners, Ohio.

### Closing Conditions and Approvals

The closing of the transaction is subject to regulatory approvals and other customary conditions. ARRAY has engaged Jefferies LLC as its exclusive financial advisor, while Kirkland & Ellis serves as its legal advisor. APA has retained Donelly Penman & Partners as its exclusive financial advisor, along with legal representation from Rupp, Hagans & Bohmer, LLP and Eastman & Smith.

For further updates, ARRAY will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (SEC).

### Conference Call

ARRAY will host a conference call to discuss the acquisition details at 8:30 a.m. EDT. A live webcast will be accessible on the investor relations section of ARRAY’s website, with a replay available afterward.

### About ARRAY Technologies

ARRAY Technologies (NASDAQ: ARRY) is a prominent global provider of solar tracking technology for utility-scale and distributed generation customers. With solutions designed to endure harsh weather conditions, ARRAY’s high-quality solar trackers and software platforms maximize energy production and offer long-term value to customers. Founded and headquartered in the United States, ARRAY focuses on domestic manufacturing and a customer-centric approach to solar energy deployment.

For more information, visit [arraytechinc.com](http://arraytechinc.com).

### Media Contact
Nicole Stewart
505.589.8257
nicole.stewart@arraytechinc.com

### Investor Relations Contact
ARRAY Technologies Investor Relations
investors@arraytechinc.com

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**Forward-Looking Statements**: This press release contains forward-looking statements based on management’s beliefs and current information. Actual results may differ due to various factors, including the ability to complete the transaction as planned and integrate APA’s operations successfully.

**Non-GAAP Financial Information**: This press release includes financial measures not presented in accordance with U.S. GAAP, including EBITDA, which provides insight into past performance and future prospects.

For related articles and updates, explore ARRAY Technologies’ offerings and advancements in solar technology.