AMP Smart, based in Lehi, Utah, has acquired Titanium, a Rancho Cucamonga, Calif.-based company that provides solar sales and installation services.
Terms of the transaction were not disclosed.
Founded by Josh Sutherland in 2012, Titanium initially focused on the smart home market and expanded aggressively into the solar sales and installation market. The acquisition will allow AMP Smart to offer consumers a complete smart home and solar power solution.
Together, AMP and Titanium offer a range of products including: roof-top solar; meter monitoring; smart thermostats; video surveillance; smart home panels; automated lights and door locks; and a full suite of monitored security products. These products work to facilitate independence, control and convenience for the homeowner, according to an announcement.
“This merger was very strategic,” said AMP Executive Chairman Allen Bolen. “AMP’s operational strength, combined with Titanium’s powerhouse sales engine, creates an ideal platform to drive growth.”
AMP is actively recruiting new sales and operations talent to take advantage of the rapid expansion in the smart home and solar industries. According to AMP CEO Josh Sutherland, “I believe our growth will continue to accelerate and may even surpass 50 percent in 2023. We look forward to hiring people in a challenging economy, and we plan on healthy expansion throughout the year.”
The transaction was financed by AMP Smart’s existing investors, Seacoast Capital and St. Cloud Capital. Global Power Partners and Stang Capital Advisory acted as financial advisors in the transaction, which included sourcing and arrangement of $75 million of senior debt to refinance existing senior debt and support the acquisition of Titanium.AMP Smart, founded in 2008 by brothers Allen Bolen and Dave Bolen (COO), ranked 22nd on the SDM 100 in 2022. The company currently operates in 21 U.S. states, from California to New York.