This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Real Goods Solar To Acquire Mercury Solar Systems, A Premier Solar Solutions Provider

LOUISVILLE, Colo., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, has signed a definitive agreement to acquire Mercury Energy, Inc. d/b/a Mercury Solar Systems in a merger transaction. Based in Port Chester, New York, Mercury Solar Systems is one of the region's top solar companies.

Real Goods Solar will issue 7.9 million shares of its class A common stock, subject to certain adjustments based on closing working capital and the price of the class A common stock, as the consideration for the acquisition of Mercury. The transaction is subject to the approval of the shareholders of each of Real Goods Solar and Mercury. A representative of Mercury's current board will be nominated to join Real Goods Solar's board of directors.

Mercury Energy was formed in 2008. The company has installed more than 50 megawatts of solar projects that have cumulatively generated over $250 million in revenues, including $35 million in 2012. Mercury's assets include approximately $10 million of cash, and it has no debt. After the transaction closes, the cash balance will be available to Real Goods Solar for general corporate purposes and to accelerate the growth of the combined business.

Upon closing, Mercury will bring more than 50 employees to Real Goods Solar, including three seasoned executives: Jared Haines, Mercury's co-founder and president, has had a successful career in sales of commercial solar systems and was instrumental in building the Mercury Solar Systems business and brand. Upon closing of the transaction, he will lead commercial sales in the Northeast as vice president of sales at RGS Energy, the Commercial and Utility Division of Real Goods Solar. Anthony Coschigano, a co-founder of Mercury with years of solar engineering and construction experience, will become vice president of Northeast Operations at RGS Energy helping the combined business to further improve all facets of systems deployment and productivity. Andrew Zaref, Mercury's CFO and COO with more than 20 years of capital raising and financial management experience in high-growth businesses, will become vice president of Project Finance at Real Goods Solar, where he will lead the company's residential and commercial financing and asset management strategies.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,868.37 -267.35 -1.47%
S&P 500 2,076.30 -24.74 -1.18%
NASDAQ 4,937.09 -45.7190 -0.92%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs