Guthy Renker Sells Off Solar Marketing Subsidiary

Santa Monica-based direct marketing company Guther-Renker has sold off one of its subsidiaries, Paramount Energy Solutions, to solar energy firm SolarCity. The deal was worth approximately $120M, split between $116.3M in stock with the remainder in cash. Paramount Energy Solutions was based in Sacramento. As part of the deal, Ben Van de Bunt, CEO of Guthy Renker will join SolarCity's board of directors.