Array Technologies to Acquire Affordable Wire Management for Up to $203 Million
Wire management systems secure cabling along utility-scale solar tracker rows. Image credit: Array Technologies Inc.
Key Points
- Array Technologies (NASDAQ: ARRY) has agreed to acquire Affordable Wire Management (AWM) for total consideration of up to $203 million.
- The price comprises a base purchase price of $153 million, subject to customary adjustments and payable in cash at closing, plus up to $50 million in deferred and performance-based consideration through 2028.
- The total represents roughly 8.8x AWM’s trailing twelve-month EBITDA, with AWM generating about $60 million in trailing revenue as of May 31, 2026.
- The deal adds wire management and cable protection products spanning utility-scale solar, battery energy storage, and datacenter applications.
- Array expects the transaction to be high single-digit accretive to Adjusted EPS in year one before synergies, with closing expected in Q3 2026.
Deal Overview
Array Technologies, a leading global provider of solar tracking technology, fixed-tilt products, foundation solutions, and related software and services, announced on July 16, 2026 that it has agreed to acquire 100% of Affordable Wire Management, LLC. AWM is a Tempe, Arizona-based provider of cable management systems for utility-scale solar projects, with a growing line of products for battery energy storage (BESS) and datacenter installations.
The transaction values AWM at up to $203 million, equal to approximately 8.8x its trailing twelve-month EBITDA as of May 31, 2026. That multiple includes the full $50 million of contingent consideration and excludes expected tax benefits from stepping up the basis of AWM’s assets.
For Array, the deal creates what management calls a new growth platform in balance-of-system solutions. It brings the company’s trackers, foundations, and wire management under one roof, and extends its reach into BESS and datacenter markets: AWM says its StrataPack system is currently shipping to major BESS integrators, and the company has secured its first datacenter backlog order through the system.
Transaction Terms
The purchase price is structured as a base payment plus deferred consideration tied to founder retention and earnings performance. The base purchase price of $153 million is subject to customary purchase-price adjustments, with the final upfront cash amount determined at closing. Array expects to fund the closing payment with cash on hand.
| Term | Details |
|---|---|
| Total consideration | Up to $203 million |
| Base purchase price | $153 million less customary purchase-price adjustments; payable entirely in cash at closing, expected to be funded with cash on hand |
| Continuing employment consideration | Up to $10 million in two $5 million installments on the first and second closing anniversaries, subject to reduction if either founder ceases to be employed under specified circumstances |
| Performance earnout | Up to $40 million tied to AWM EBITDA targets: up to $8 million for 2026, up to $16 million each for 2027 and 2028 |
| Additional-consideration payment form | Each portion payable in cash or Array common stock at Array’s option; if paid in stock, shares priced at the 10-day VWAP ending the day immediately before payment |
| Implied multiple | ~8.8x AWM trailing twelve-month EBITDA (as of May 31, 2026) |
| Expected closing | Q3 2026, subject to HSR clearance and customary conditions |
Earnout
An earnout makes part of the purchase consideration contingent on future performance. In this transaction, up to $40 million depends on AWM meeting specified EBITDA targets for 2026 through 2028, while a separate $10 million is conditioned on the founders’ continued employment. Array notes the effective multiple declines as the EBITDA-based earnout is achieved, because the extra payments only trigger on higher earnings.
Array will also step up its tax basis in AWM’s assets at closing, making the entire purchase consideration deductible for tax over the life of those assets. Array says the continuing employment payments will be treated as compensation expense and expects to exclude the deferred consideration from its Adjusted EBITDA and Adjusted Net Income reporting.
Inside AWM
Founded in 2020 by Scott Rand and Dan Smith, AWM has grown to roughly $60 million in trailing twelve-month revenue in five years. The business has been profitable from inception and runs a capital-light model, designing products in-house while outsourcing manufacturing to third parties.
AWM’s products organize, secure, and protect electrical wiring on utility-scale projects. Its portfolio spans the core CMS cable hanger system, the Bonsai back-of-module line, the SUMAC disconnect rail, and the StrataPack and Strata Cleat systems built for BESS and datacenter sites. The company holds more than 70 patent assets, has an installed base above 40 GW, and counts all of the top 10 EPCs among its customers.
Management estimates AWM’s current global wire-management opportunity at $200 million to $250 million, including an annual opportunity of about $150 million in core US cable management. This is an addressable-market estimate rather than reported revenue. Array sees international expansion and deeper penetration of BESS and datacenter applications, supported by AI-driven load growth and US onshoring, as the next phase of growth.
Strategic Rationale
The acquisition advances Array’s balance-of-system strategy by combining trackers, foundations, and wire management into a more integrated utility-scale solar offering. Management argues that designing these components together yields higher energy production and lower installed cost for customers.
“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, CEO, Array Technologies
AWM’s senior management team is expected to remain with the business following the closing. Separately, $10 million of additional consideration is conditioned on the two founders’ continued employment through the first and second closing anniversaries. Scott Rand pointed to Array’s scale, customer relationships, and global reach as advantages of the combination.
“ARRAY’s scale, customer relationships, and global reach will make this the ideal home for our team and our products.”
— Scott Rand, CEO and Co-Founder, Affordable Wire Management
“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, CTO and Co-Founder, Affordable Wire Management
Array identified potential cost synergies in procurement and application engineering, and revenue synergies from cross-selling, international expansion, and a broader integrated product offering. The company says AWM’s existing products can more than double its revenue per megawatt beyond the core cable management system.
Financial Impact and Timeline
Array expects the acquisition to be high single-digit accretive to its Adjusted EPS in the first year, before any synergies. AWM’s results will be reported within the ARRAY Legacy segment after closing.
Array issued the announcement at 4:30 p.m. ET on July 16, after the regular trading session had ended. The transaction requires clearance under the Hart-Scott-Rodino Act and is expected to complete in the third quarter of 2026.
Balance of System (BOS)
In a solar project, balance of system generally refers to the equipment and services needed beyond the photovoltaic modules themselves. In this transaction, Array’s BOS strategy centers on trackers, fixed-tilt systems, foundations, wiring, cable management, software, and related services.
Jefferies LLC acted as Array’s exclusive financial advisor, Jones Day as its legal advisor, and Edelman Smithfield as its strategic communications advisor. First Liberties Financial acted as AWM’s exclusive financial advisor, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as its legal advisor.
References
- Array Technologies, “ARRAY Technologies to Acquire Affordable Wire Management (AWM), Creating New Growth Platform in Balance-of-System Solutions,” Press Release, July 16, 2026.
- Array Technologies, Form 8-K, SEC Filing, July 16, 2026.
- Array Technologies, “AWM Acquisition Investor Presentation,” Form 8-K Exhibit 99.2, July 16, 2026.