Principal Solar, Inc. (“Principal” or “the Company”), a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in and operator of undervalued petroleum-producing properties, today announced that it has finalized the terms of its majority acquisition of Oklahoma-based Double-H Services, LLC (“Double-H”). Today’s news builds on the Company’s previously announced acquisition of a minority stake in Double-H earlier this year, bringing a controlling interest, assets, and annual revenues to Principal upon completion of the transaction.
“Working closely with Double-H over the past year has helped us understand their true growth potential – not just in their existing businesses, but how they can take advantage of the industry-wide shift to the greener, more efficient, environmentally-friendly technologies customers are demanding,” said K. Bryce “Rick” Toussaint, MBA, CPA, Chairman and CEO of PSSW. “Principal’s Portfolio Investment Companies are delivering the future of commercial goods transport with hybrid-electric and fully-electric heavy EV solutions, which Double-H intends to purchase to convert its existing diesel fleet. In doing so, not only will Double-H gain a major marketing advantage over traditional trucking and logistics companies, but we also anticipate that it will enjoy significantly increased margins realized through substantially lower operating and maintenance costs.”
On an unaudited basis, Double-H has consistently reported seven-figure annual revenues (unaudited) each year for the past five years.
“Given our long-standing commitment to ESG (Environmental, Social, and Governance) protocols and our desire to expand our operations with environmentally-conscious solutions for our existing, diverse customer base, it makes perfect sense for Double-H to become an integral part of Principal,” said Casey Minshew, Majority Shareholder of Double-H. “Our clients are asking how we can help ‘green’ their operations, and with a fully-electrified trucking fleet, we will be able to answer by offering highly-visible solutions with demonstrable, positive environmental impact.”
The final terms of the transaction are subject to additional due diligence in the next quarter, and both parties intend to finalize the transaction in the second quarter of 2022.
