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Xl Fleet Completes Transformational Acquisition Of Spruce Power, The Largest Privately Held Solar-As-A-Service Provider

Sep 12, 2022•almost 3 years ago

Acquiring Company

XL Fleet Corp

Acquired Company

Spruce Power Holding Corporation

HoustonSolarSolarRenewable EnergyEnergy

Description

XL Fleet Corp. (NYSE: XL), today announced the acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. with more than 52,000 subscribers. In connection with the acquisition of Spruce Power, XL Fleet also unveiled its new corporate strategy to provide subscription-based solutions for rooftop solar, battery storage, EV charging and other distributed energy resources.

Company Information

Company

XL Fleet Corp

About

With this transaction, XL Fleet provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar, battery storage and electric-vehicle charging systems. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. XL Fleet has more than 52,000 subscribers across the United States. For additional information, please visit www.xlfleet.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed