Rust-Oleum Group acquires Citadel floor coatings business
RPM International’s Rust-Oleum Group has acquired Citadel Restoration and Repair, a St. Paul, Minn.-based floor coatings business.
"Citadel has an outstanding technology platform that we believe can be rapidly expanded in the marketplace by utilizing Rust-Oleum’s marketing and distribution expertise," stated Frank C. Sullivan, RPM chairman and CEO. "Patrick Ilfrey, majority owner of Citadel, will continue to lead the Citadel business as part of the Rust-Oleum Group."
The terms of the transaction were not disclosed, though the deal is expected to be accretive to earnings within one year.
Citadel, which specializes in concrete and wood deck floor coatings for contractors and DIYers, has annual sales of approximately $10 million.
Its solutions provide for a 24-hour cure, compared to market alternatives that require at least 72 hours of cure time.
Real Goods Solar updates brand identity
Real Goods Solar, Inc. has gone through a bit of a rebranding process. Most significantly, it has changed its name to RGS Energy.
"The change of our brand from Real Goods Solar to RGS Energy comes at a defining moment in our company’s history and in the solar energy industry," said Kam Mofid, RGS Energy’s CEO. "Solar is commanding a much larger share of global energy production, and here at home in the U.S., solar deployments have grown dramatically as well. It is indeed remarkable to see that total installations have grown nearly 500% since 2010 to over 4 gigawatts last year."
In explaining the impetus behind the name change, Mofid also cited the company’s recent acquisition of Syndicatd Solar and Mercury Energy, as well as the development of new processes that have improved RGS Energy’s time-to-market and lowered customer acquisition costs.
"We believe ‘RGS Energy,’ which has long been our commercial-focused brand, better reflects the vision and capabilities of our entire company as a single source, end-to-end energy solutions provider for residential, commercial, and utility customers," said Bryan Conklin, VP marketing. "The strength of this brand has been opening doors in new and emerging markets, and through the unification under one brand we will also have a more cohesive and effective national marketing approach to support our growth."
The company’s NASDAQ symbol will also change from RSOL to RGSE, effective Monday, Feb. 24. It will maintain its old name for SEC filings and other legal and regulatory matters.
LG expands HVAC contractor program
LG Electronics USA has expanded its LG Excellence Contractor Program, which helps independent HVAC contractors sell, install and service its residential HVAC products.
The program, which was first launched last spring, is now being promoted by a team of distributors who will act as ambassadors to recruit local contractors. Other new benefits for the year include lead referrals from consumer outreach campaigns, access to LG materials and literature, ongoing training, customer-focused technical support and a rewards system that incentivizes contractors to sell LG duct-free products.
"As duct-free solutions become increasingly popular versus traditional heating and cooling systems, accurate and proper installations and services are necessary," said Mark Hatala, national distribution installer manager, LG Electronics USA Commercial Air Conditioning. "At LG, we know that long-term efficiency, comfort and reliability start with proper installation of the equipment, and we’re proud to work with our distribution partners to support residential contractors nationwide through our LG Excellence Contractor Program."
Contractors who wish to enroll in the program must be first nominated by a local distributor or LG sales manager. They then complete online training courses — or attend instructor-led courses in one of the LG Training Academies in Georgia, Texas, New Jersey or California.
In addition to new benefits listed above, participating contractors will now receive a one-year limited labor warranty.