ARRAY Technologies has entered into a definitive agreement to acquire Affordable Wire Management, LLC (AWM), a provider of wire management, cable protection, and balance-of-system solutions for utility-scale solar and energy storage projects, for total consideration of approximately $203 million. The deal is expected to close in the third quarter of 2026, subject to regulatory clearance and customary closing conditions.
The purchase price consists of a $153 million base payment plus up to $50 million in additional consideration — $10 million in two equal anniversary payments tied to seller employment continuity, and a performance-based earnout of up to $40 million spread across three installments tied to AWM’s EBITDA performance in 2026, 2027, and 2028. Both components of the earnout may be settled in cash or ARRAY common stock at ARRAY’s election. The $203 million total represents a multiple of approximately 8.8x AWM’s trailing twelve-month EBITDA through May 31, 2026. ARRAY expects the transaction to be high single-digit accretive to its Adjusted EPS in year one, before synergies.
AWM generates nearly $60 million in trailing twelve-month revenue and operates a capital-light business model. The company’s proprietary product designs offer enhanced durability, thermal management, and lower resistive losses compared to conventional cable management products — characteristics that have supported a track record of profitable growth. AWM serves utility-scale and distributed generation customers across North America and select international markets, and its product portfolio extends into battery energy storage systems (BESS) and datacenter infrastructure — two fast-growing markets that ARRAY has not historically addressed at scale.
Albuquerque-based ARRAY Technologies is a leading global manufacturer of solar tracking systems, fixed-tilt products, foundation solutions, and software platforms for utility-scale and distributed generation solar projects. The company has been expanding its balance-of-system capabilities — a category encompassing all project components beyond the solar panels and inverters themselves — and AWM’s wire management and cable protection products fit directly into that strategy. AWM’s results will be folded into ARRAY’s Legacy segment following close, and AWM’s senior leadership team is expected to remain with the business. Jefferies served as financial advisor and Jones Day as legal counsel to ARRAY; First Liberties Financial advised AWM, with Mintz Levin serving as its legal counsel.
KEY QUOTES:
“The acquisition of AWM will further broaden our balance-of-system portfolio and deepen our relevance to our customers as well as create new growth vectors for us in the BESS and datacenter markets. AWM brings a proven, innovative product line and a strong reputation for quality and customer service. Together, we will be able to offer a more complete, integrated solution to our customers across the solar, battery storage, and datacenter markets.”
Kevin G. Hostetler, Chief Executive Officer, ARRAY Technologies
“Becoming part of ARRAY is a tremendous opportunity for our team and our customers. ARRAY’s scale, customer relationships, and global reach will make this the ideal home for our team and our products. We share a culture of innovation and a relentless focus on the customer, and that alignment will unlock real value for customers across solar, storage, and beyond.”
Scott Rand, Chief Executive Officer and Co-Founder, AWM
“Differentiating through engineering has always been at the core of how we design our products. By bringing our wire management and balance-of-system products together with ARRAY’s tracking, fixed-tilt, and foundation platform, we can deliver various integrated solutions engineered to work together — simplifying design, improving installation, and reducing costs for our customers.”
Dan Smith, Chief Technology Officer and Co-Founder, AWM
