Smith to divest its Its solar division
The distributor of electronic components says that it has signed an agreement to sell its solar sales and services division, known as ONTILITY Powered by Smith, to BBB Industries, LLC under its new division, TerrePower.
Smith co-founders Bob and Lee Ackerley established ONTILITY in 2009 and brought it under the Smith umbrella back in 2016. It has since seen continued growth year over year. “Smith has been an incredible incubator, and, after more than 10 years in business, we are very pleased to bring our robust operations and experienced workforce to BBB Industries,” says Alexandra Harrison, EVP of Sales and Procurement at ONTILITY, in a press release. “Bob and Lee Ackerley’s mentorship has pushed ONTILITY to new heights and positioned us for continued success as we venture forward within the burgeoning solar-power industry.” All current ONTILITY employees will transfer to the new company in connection with the acquisition. Additionally, Lindsey Garland, Smith’s Director of Corporate Strategy, will join TerrePower as Director of Finance for ONTILITY. “Over the last decade, ONTILITY has become a leader in solar products and technology, and I am excited to see these talented employees thrive in this next chapter under BBB Industries,” says Kirk Wehby, Chief Executive Officer at ONTILITY and Chief Operating Officer at Smith. “As we move forward, sustainability will remain a key tenet of Smith’s business model, and we will continue to pursue opportunities to promote environmental stewardship in our operations.”