Shoals Bundle
Who Owns Shoals Technologies Group, Inc.?
Understanding the ownership of Shoals Technologies Group, Inc. is key to grasping its strategic direction and market influence. The company transitioned to public ownership via an IPO on January 27, 2021. Founded in November 1996 by Dean Solon, Shoals provides electrical balance of system (EBOS) solutions.
Shoals Technologies Group, Inc. is a significant player in the energy transition market, offering EBOS solutions for solar, energy storage, and EV charging. Their Shoals PESTEL Analysis highlights their role in simplifying installations and boosting efficiency for large-scale renewable energy projects.
As of August 19, 2025, the company holds a market capitalization of $1.03 billion. For fiscal year 2024, Shoals reported $597.2 million in revenue, a 24.2% increase year-over-year, with $183.3 million in gross profit.
Who Founded Shoals?
Shoals Technologies Group, Inc. was founded in November 1996 by Dean Solon in Portland, Tennessee. While initial ownership details are not public, a significant shift occurred in 2017 when Oaktree Capital Management acquired a majority stake, fueling expansion in the solar market.
| Founder | Dean Solon |
| Year Established | 1996 |
| Initial Location | Portland, Tennessee |
| Majority Stake Acquired | 2017 |
| Acquiring Entity | Oaktree Capital Management |
Founding Vision
The company's inception was driven by a vision to provide essential EBOS solutions for renewable energy projects.
Early Backers
Details on early shareholding percentages for the founder and other initial investors are not publicly disclosed.
Private Equity Infusion
The 2017 acquisition by Oaktree Capital Management provided crucial capital for operational expansion and growth.
Legal Representation
Bass, Berry & Sims PLC represented Dean Solon during the company's IPO and also advised on the 2016 recapitalization involving Oaktree Capital.
Market Entry
The strategic private equity investment significantly supported the company's efforts in the developing solar energy market.
Growth Catalyst
This investment laid the foundation for future public offerings and broader market penetration.
The early ownership structure of Shoals Technologies Group, Inc. centered around its founder, Dean Solon, who established the company in 1996. While specific early equity distributions remain private, the company's trajectory was significantly influenced by a strategic move in 2017. In that year, Oaktree Capital Management secured a majority stake, injecting vital capital that was instrumental in scaling operations and capitalizing on the burgeoning renewable energy sector. This private equity backing played a crucial role in positioning Shoals for its eventual public offering, underscoring the importance of strategic financial partnerships in driving growth. The legal firm Bass, Berry & Sims PLC was involved in key transactions, representing Dean Solon in connection with the company's IPO and also advising on the 2016 recapitalization involving Oaktree Capital, highlighting the legal framework supporting these ownership changes. Understanding who owns Shoals Company involves recognizing the transition from founder-led to a structure influenced by major institutional investors, a common path for companies seeking accelerated growth. This evolution is key to understanding Shoals Technologies ownership and its subsequent Competitors Landscape of Shoals.
Key Ownership Milestones
The ownership journey of Shoals Technologies Group, Inc. is marked by significant events that shaped its corporate structure and growth trajectory.
- Founding by Dean Solon in 1996.
- Acquisition of a majority stake by Oaktree Capital Management in 2017.
- Legal representation by Bass, Berry & Sims PLC for the founder and recapitalization.
- Strategic private equity investment to fuel expansion in the solar market.
- Foundation laid for subsequent public market participation.
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How Has Shoals’s Ownership Changed Over Time?
The ownership of Shoals Technologies Group, Inc. underwent a significant transformation with its Initial Public Offering (IPO) on January 27, 2021. This event transitioned the company from a privately held entity to a publicly traded one, impacting its shareholder base and governance structure.
| Shareholder Type | Percentage of Voting Power (Post-IPO) | Key Entities |
|---|---|---|
| Oaktree Capital Management, L.P. | 3% | Managed funds |
| Continuing Equity Owners | 44% | Held LLC Interests and Class B common stock |
| Public Float | Remaining percentage | Class A common stock holders |
Following its IPO, Shoals Technologies Group, Inc. has established a public ownership structure with a notable presence of institutional investors. As of August 19, 2025, a substantial number of institutional owners and shareholders collectively hold over 208 million shares. This indicates a broad distribution of ownership among various financial entities.
Major Stakeholders in Shoals Technologies
The Shoals Company ownership is characterized by a significant institutional investor base. These entities play a crucial role in the company's financial performance and strategic direction.
- BlackRock, Inc.
- Wellington Management Group Llp
- Encompass Capital Advisors LLC
- Vanguard Group Inc
- State Street Corp
- Pictet Asset Management Holding SA
- Invesco Ltd.
The company's journey includes a pivotal moment in 2017 when Oaktree acquired a majority stake, a move that was instrumental in providing capital for critical areas such as research and development, manufacturing expansion, and strategic acquisitions. This infusion of capital has undoubtedly shaped the company's growth trajectory and its overall governance. The dual-class share structure, comprising Class A and Class B common stock, ensures that each share grants its holder one vote on all matters presented to stockholders, a structure that influences voting power distribution. For a deeper understanding of the company's historical context, one can refer to the Brief History of Shoals.
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Who Sits on Shoals’s Board?
The Board of Directors for Shoals Technologies Group, Inc. comprises a blend of independent directors and key company executives. Current members include Brad Forth, who also chairs Array Technologies and has a significant background in finance, alongside Ty Daul, Toni Volpe, Lori Sundberg, Jeannette Mills, Robert Julian, and Brandon Moss, the Chief Executive Officer. Niharika Taskar Ramdev joined the board effective August 9, 2024, and also serves on the Audit Committee.
| Director Name | Key Role/Affiliation | Committee Membership |
|---|---|---|
| Brad Forth | Chairman of the Board (Array Technologies), Senior Partner at Neos Partners, Managing Director at Oaktree's GFI Energy Group | |
| Ty Daul | ||
| Toni Volpe | ||
| Lori Sundberg | ||
| Jeannette Mills | ||
| Robert Julian | ||
| Brandon Moss | Chief Executive Officer | |
| Niharika Taskar Ramdev | Appointed August 9, 2024 | Audit Committee |
Shoals Technologies Group, Inc. operates with a unified voting structure where both Class A and Class B common stock holders possess one vote per share on all matters presented to stockholders. These classes vote together, ensuring a consolidated approach to decisions, including director elections. For significant corporate actions, such as bylaw amendments or the removal of directors for cause, a supermajority vote of at least 66 2/3% of the voting power of all outstanding common stock is required. Historically, 'Continuing Equity Owners' holding Class B common stock have maintained substantial influence post-IPO. Brad Forth's prior association with Oaktree Capital Management, a former significant stakeholder, suggests a continued presence or representation from past major investors on the board, underscoring the importance of understanding Mission, Vision & Core Values of Shoals in relation to ownership dynamics.
Understanding Shoals Company Ownership
The ownership structure of Shoals Technologies Group, Inc. is influenced by its dual-class stock system and the historical involvement of significant investors. This structure impacts voting power and strategic decision-making.
- Class A and Class B common stock holders have equal voting rights per share.
- Decisions on critical matters require a supermajority vote of 66 2/3%.
- Past major investors, like those associated with Oaktree Capital Management, may retain influence.
- Understanding the management team and board composition is key to assessing Shoals Company ownership.
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What Recent Changes Have Shaped Shoals’s Ownership Landscape?
Over the past few years, Shoals Technologies Group, Inc. has experienced significant shifts in its ownership and leadership landscape. These changes reflect strategic moves aimed at enhancing shareholder value and positioning the company for future growth.
| Key Leadership Appointments | Date |
| Brandon Moss, Chief Executive Officer | July 2023 |
| Kirsten Moen, Chief Operations Officer | September 2024 |
| Bobbie L. King, Jr., Chief Legal Officer and Corporate Secretary | June 2025 |
| James Hart, Chief People Officer | November 2024 |
| Aaron Zadeh, Country Manager, Pacific | August 2025 |
The company's strategic initiatives include a substantial share repurchase program, demonstrating a commitment to returning capital to shareholders. This program, authorized up to $150 million through December 31, 2025, includes a $25 million Accelerated Share Repurchase (ASR) agreement with Jefferies LLC, which commenced with an initial delivery of approximately 2.2 million shares. This buyback is expected to conclude in the third quarter of 2024. Shoals Technologies reported a net income of $24.127 million for FY 2024 and an EBITDA of $63.798 million for the same period, indicating a solid financial performance that supports such capital allocation strategies.
Shareholder Value Enhancement
The authorized share repurchase program, valued at up to $150 million, underscores the company's focus on increasing shareholder value. This initiative is designed to be completed by the end of 2025.
Institutional Investor Confidence
As of August 19, 2025, a significant number of institutional owners, totaling 444, hold a substantial stake in the company. This level of institutional ownership often signals confidence in the company's long-term prospects.
Strategic Growth and Investment
The company's strategy extends beyond share repurchases to include investments in new technologies, potential strategic acquisitions, and debt reduction. These elements are crucial for sustained growth and market competitiveness.
Executive Leadership and Vision
With new leadership in key executive positions, the company is guided by a vision that prioritizes operational efficiency and strategic expansion. The CEO and CFO have articulated confidence in the current strategy to drive future performance and Revenue Streams & Business Model of Shoals.
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- What are Mission Vision & Core Values of Shoals Company?
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