MARS Energy Group acquires Citadel Roofing and Solar
Diversified energy and infrastructure platform MARS Energy Group has announced its acquisition of northern California-based Citadel Roofing and Solar.
The financial terms of the deal have not been disclosed.
The partnership provides “complementary strengths” for both companies, creating a platform to help serve both contractors and homeowners across the Golden State. The deal will add more than 1,000 employees to the overall MARS platform of solar energy resources.
“There are acquisitions, and then there are partnerships that simply feel like they were meant to be,” says Manvendra Saxena, Founder, Chairman & CEO of MARS Energy Group. “Citadel is the latter. (Citadel president Dieter Folk) and the entire Citadel team have built an exceptional business known for operational excellence, strong customer relationships, and an outstanding culture. From our very first conversation, the values and vision aligned, and everything about it felt right.”
Citadel Solar and Roofing formed in 2015 with a crew of industry veterans with “decades” of experience, the company says. MARS officials add that the company’s reputation made it an enticing acquisitional prospect, as the platform looks to add a West Coast market leader to its ranks.
“This partnership is not about changing what has made Citadel successful,” Saxena adds. “It is about investing in it. Together, we will keep building on this platform, preserving the key people, culture, and customer focus that have defined both organizations.”
Raising the MARS profile
The new partnership expands MARS’ presence across the Golden State, additionally strengthening its platform in the residential roofing sector. For Citadel, their footprint in the northern Californian market provides a solid complement to the MARS Energy Group’s overall capabilities.
Dieter Folk, president of Citadel Roofing & Solar, says the deal is “an exciting new chapter” for his company. He and the rest of the management team will remain in full control of the company, MARS officials say, with the firm allowing customers to continue working with the same team they already know.
“As we looked toward the future, it was important to find a partner who believed in our people, respected our culture, and shared our commitment to serving customers the right way,” Folk says. “We found that in MARS. Joining the platform gives us additional resources, operational support, and room to keep growing, while preserving the values and relationships that have made Citadel successful.
“Our employees, customers, and partners can expect the same team and the same commitment to excellence, now backed by an even stronger platform.”
