Challenge
Our client, a family-owned developer of commercial-scale photovoltaic installations, had grown from a one-man company into one of the world’s largest project developers and system integrators in the solar industry. While publicly traded the family maintained a the controlling share of the entity.
The U.S. subsidiary, however, posed a significant challenge. Operating from a headquarters in New Jersey near New York City, the owners had recruited a team of solar and energy professionals. Yet, after 15 months, revenue was under $500,000 — far below operating costs, let alone the initial investment to establish the subsidiary.
Solution
TH Bender conducted a thorough review, comparing market opportunities with the skills required and then measuring those requirements against the team’s competencies and cultural fit with the overseas parent.
The assessment revealed critical gaps. The team, recruited largely from outside New Jersey, lacked knowledge of the local market, permitting processes, and interconnection requirements. They had limited customer contacts and struggled to build effective relationships with unions. Culturally, the Texas-based team did not adapt well to the New Jersey business environment — a serious handicap for success.
To address this, TH Bender identified a CEO from a competitor. During confidential discussions, he revealed that his Asian shareholder was unwilling to provide the resources needed to expand in the U.S. and was even considering withdrawing from the market. In close cooperation with our client, the CEO negotiated the release of his team from non-compete obligations. Ultimately, five senior experts joined our client, replacing the previous team. The agreement also included the transfer of several in-progress projects from the competitor to our client.
Results
Within 24 months, the U.S. subsidiary developed a sales pipeline of $175 million, with annual revenues reaching $130–150 million. The division expanded beyond New Jersey, opening additional offices in Tempe, Arizona, and Boston, Massachusetts.
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