News Article
Kawa completes Conergy buy up in the Americas
Conergy Americas, the North American subsidiary of Conergy has announced the completion of its acquisition by Florida-based asset management firm, Kawa Capital Management, Inc. (Kawa). The acquisition has been separated into two phases to expedite the process. The first phase, the acquisition of sales units in the United States, Canada, Singapore, and Thailand, has been completed ahead of schedule to secure orders and projects for investors, developers and distributors throughout North America.
"We're thrilled by the acquisition and the business opportunities that will come from partnering with Kawa," said Anthony Fotopoulos, President of Conergy Americas. "Conergy Americas is continuing to experience strong growth, and we are committed to providing our valued clients and partners with the best solar solutions in the market-place. This strong backing and extended funding from an experienced investor familiar with the North American market means we can further develop our downstream business and continue to deliver high-quality solutions and services that our North American partners can rely on."
"We want to finalize the planned transaction as early as possible."
The remaining global sales units, and the associated administrative, management and infrastructure functions of Conergy AG will continue operating in its current structure and will be acquired in the second phase of the process, targeted for completion by October 2013, subject to completion of final agreements.
"Kawa and Conergy are a perfect fit, and the acquisition enables us to create a globally unique market player. Our acquisitions of these units underscore our commitment to grow the Conergy business and provide innovative financing solutions," said Andrew de Pass, Kawa partner.
