We represented Dean Solon, the founder of Shoals Technologies Group, Inc. (backed by Oaktree Capital), a leading solar-power components maker, in connection with Shoals’ initial public offering (IPO) of 88.5 million shares of Class A common stock for a total net proceeds of more than $2.2 billion. The shares began trading on the Nasdaq Global Market under the symbol “SHLS” on January 27, 2021. Bass, Berry & Sims has represented Shoals since the 2016 recapitalization transaction with Oaktree Capital.
The team was led by Bass, Berry & Sims attorney David Cox and included corporate attorneys Jonathan Stanley, Kris Kemp and Kevin Douglas; and Bryan Metcalf counseled on tax matters.
“We’ve been honored to work alongside Dean Solon, Jason Whitaker and the Shoals Technologies team through the growth of Shoals and the successful offering process culminating in the largest renewable sector IPO ever and look forward to seeing their continued success in the renewable energy sector,” David said. “Our relationship demonstrates the depth of our firm’s experience in counseling companies and their founders across their growth trajectory.”
To read the full press release issued by SHLS, click here. The transaction was highlighted in several media outlets, including:
- “Shoals Pushes IPO Past $2B,” Nashville Post (February 1, 2021)
- “Oaktree-Backed Shoals Jumps 24% After $1.9 Billion IPO,” Bloomberg (January 27, 2021)
- “Shoals Technologies Debuts on Nasdaq as Renewable Energy Sees Surge in Popularity,” Cheddar (January 27, 2021)
- “Shoals Technologies Group Will Raise 58% More in Proceeds than Previously Anticipated,” Nasdaq (January 25, 2021)
- “Shoals Technologies Kicks Off Roadshow for $1 Billion IPO,” TheStreet (January 21, 2021)
- “Shoals Technologies Announces IPO,” pv magazine Global (January 20, 2021)
Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 20 GW of solar systems globally.
Public and private companies of all sizes across a variety of industries turn to Bass, Berry & Sims for counsel on a wide range of corporate matters, including mergers, acquisitions and dispositions, capital markets transactions, executive compensation issues, corporate governance and shareholder activism. We serve as corporate and securities counsel to more than 35 public companies and have counseled on 150 deals ranging in size from $20 million to more than $15 billion over the past two years. Click here to learn more about the Corporate & Securities Practice at Bass, Berry & Sims, and here to read our recently updated Blueprint for an IPO.