ARRAY Technologies acquires AWM for $203m in solar BOS push
ARRAY Technologies (NASDAQ: ARRY) has signed a definitive agreement to acquire Affordable Wire Management (AWM), a North American provider of wire management, cable protection and balance-of-system (BOS) products for utility-scale solar and energy storage projects. The total consideration is approximately $203 million, representing a multiple of 8.8x AWM's trailing twelve-month EBITDA for the period ended 31 May 2026.
AWM reported nearly $60 million in trailing twelve-month revenue and operates on what the company describes as a capital-light model. ARRAY said the deal is expected to be high single-digit accretive to its Adjusted EPS in year one, before any synergies are realised. Closing is targeted for the third quarter of 2026, subject to regulatory clearance and customary conditions.
Transaction structure
The $203 million consideration comprises a base purchase price of $153 million in upfront cash, subject to customary closing adjustments, plus additional consideration of up to $50 million. Of that additional amount, $10 million is payable in two equal instalments on the first and second anniversaries of closing, contingent on the continued employment of the sellers. The remaining $40 million is a performance-based earnout spread across three periods: up to $8 million tied to AWM's 2026 EBITDA and up to $16 million for each of 2027 and 2028. ARRAY retains the option to settle earnout payments in cash or its own common stock.
AWM's senior management team, including chief executive Scott Rand and chief technology officer Dan Smith, is expected to remain with the business. AWM's financials will be folded into ARRAY's Legacy segment after close.
Kevin Hostetler, chief executive of ARRAY, said the acquisition would "create new growth vectors in the BESS and datacenter markets," adding that together the two companies could offer a more complete, integrated solution to customers across solar, battery storage and datacentre applications.
Market context
The balance-of-system segment, covering everything except the panels and inverters themselves, has attracted increasing attention from solar-hardware vendors looking to expand addressable market and protect margin. BOS spending on a utility-scale project typically accounts for 20 to 30 per cent of total installation cost, and wire management is a recurring consumable category with relatively stable pricing dynamics compared with tracker hardware.
ARRAY's move into battery energy storage adjacencies reflects a broader pivot by solar-equipment vendors as BESS co-location becomes standard on new-build utility projects. The datacentre angle is newer territory for ARRAY; hyperscaler and co-location operators are deploying on-site solar and storage at scale to meet power-purchase commitments and sustainability targets, creating a route to market that does not depend on the traditional utility EPC channel.
The deal also carries some regulatory and policy risk. ARRAY's own forward-looking disclosures flag exposure to tariff changes, interconnection-policy shifts, and the implications of the One Big Beautiful Bill Act for solar incentives. A deterioration in the US investment tax credit regime or further import-duty escalation on solar components could affect AWM's revenue trajectory and the earnout assumptions embedded in the deal structure.
Jefferies LLC advised ARRAY on the transaction; Jones Day provided legal counsel. AWM was advised by First Liberties Financial and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo. ARRAY plans to file a Current Report on Form 8-K with the SEC providing additional transaction detail.