Array Technologies to acquire fixed-tilt racking specialist APA Solar
Array Technologies is expanding beyond its core single-axis tracker solution for the first time, entering into a definitive agreement to acquire APA Solar, a foundation and fixed-tilt racking specialist based in Ohio.
The move expands Array’s product portfolio to include engineered foundations and fixed-tilt systems — a segment that Array says will grow its addressable market by nearly 40%. The acquisition also enables Array to offer an integrated tracker + foundation package, especially valuable for utility-scale solar projects facing tough soil conditions like frost heave or rocky terrain.
APA’s foundation systems are designed to perform in hard or mixed soils and do not require specialized installation equipment. That design flexibility, combined with APA’s U.S.-based manufacturing, also opens the door to more domestic content incentives and Inflation Reduction Act-related tax credits.
APA Solar at a glance
APA generated approximately $129 million in revenue and $25 million in EBITDA (excluding 45X credits) in 2024. The $179 million transaction values the company at 7.6x trailing EBITDA. APA’s leadership, including CEO Josh Von Deylen and COO Joe Von Deylen, will remain in place and lead a new “Foundation Solutions Business” within Array. APA will continue operations from its Ridgeville Corners, Ohio, headquarters and manufacturing facility.
“This is a strategic move that strengthens our capabilities and expands the value we deliver to customers,” said Kevin Hostetler, CEO of Array. “The market has been asking for an integrated tracker-plus-foundation platform—and now we can deliver it.”
APA’s foundation and fixed-tilt systems will continue to be offered as standalone solutions, compatible with other tracker systems and especially popular in C&I projects across the Midwest and Northeast.
“We’re excited to combine our strengths to drive even greater value for our solar industry partners,” said Josh Von Deylen.
Deal Details
The transaction includes $168 million in upfront cash and $42 million in deferred compensation, with a $40 million performance-based earnout in stock. Closing is expected in Q3 2025, pending regulatory approvals.
