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MGG Investment Group Successfully Exits Sunpro Solar Through Sale to ADT
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Rhea-AI Sentiment
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Rhea-AI Summary
MGG Investment Group LP has successfully completed the sale of Sunpro Solar, the largest rooftop solar provider in the Southeastern United States, to ADT Inc. for $825 million. MGG previously supported Sunpro through a first-lien term loan and a cash equity investment. MGG’s CEO emphasized the investment reflects their strategy of partnering with growth-focused management teams and advancing sustainability. Sunpro's CEO expressed gratitude for MGG's support in their growth journey and looks forward to partnering with ADT to enhance renewable energy solutions for customers nationwide.
Positive
Successful sale of Sunpro Solar to ADT for $825 million.
Partnership with ADT will advance renewable energy solutions.
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NEW YORK--(BUSINESS WIRE)--
MGG Investment Group LP (“MGG”) today announced the successful completion of the sale of Sunpro Solar (“Sunpro”), the largest provider of rooftop solar systems in the Southeastern United States, to ADT Inc. (NYSE: ADT) (“ADT”) in a transaction valued at $825 million.
In October 2020, MGG acted as lead arranger and lender in providing a first-lien term loan to Sunpro and also made a cash equity investment in the business. Sunpro was 100% founder owned prior to MGG’s investment.
Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG, said, “MGG’s investment in Sunpro demonstrates our strategy of partnering with best-in-class management teams in compelling growth sectors and our commitment to ESG and supporting companies advancing sustainability. We are very pleased to have been able to provide flexible capital to help Sunpro scale and enhance its business.”
Marc Jones, founder and Chief Executive Officer of Sunpro, said, “MGG is an experienced, hands-on investor whose insight and resources were instrumental in Sunpro’s continued growth and the successful execution of our business strategy. We are appreciative of our partnership, and we are just as excited to begin the next chapter in our journey as we partner with ADT to further advance smart home technologies and renewable energy solutions for customers nationwide.”
MGG’s support for Sunpro builds on its leadership position in ESG and Impact investing. Since inception, MGG has deployed over $800 million in ESG and Impact-related investments.
About MGG Investment Group LP
Founded in 2014, MGG is a private investment firm that provides bespoke investment solutions to mid-size and growing lower-middle market companies. MGG works with owners and management teams to help build lasting value, address immediate needs, and solve complex situations while seeking to generate attractive risk-adjusted returns for investors irrespective of and through market cycles. For more information, visit mgginv.com.
