Electrical Services Acquisitions in 2019

Convergint Technologies, a Schaumburg, Illinois-based global systems integrator, has acquired Pendergraph Systems, a Tulsa-based fire, life safety and security systems integrator. The transaction adds Pendergraph’s ~32 employees and regional customer relationships across Oklahoma to Convergint’s North American platform as an add-on acquisition to expand its presence in the state.

Ascension Property Services, a Memphis-based portfolio company of SouthWorth Capital Management, acquired Bryant Electric, Inc. of Doral, Florida. Kratos Capital advised Bryant Electric on the transaction, which closed on November 8, 2019; the deal expands Ascension’s building-services platform capabilities in commercial and industrial electrical work.

Unica, a Triton-backed technical service provider, has acquired Synto, a regional installation company based in Goes (Zeeland), to strengthen its Building Services footprint in the province. Synto — which specializes in project realization, technical management and maintenance of building-related installations (including fire protection and security) and has more than 50 employees — will continue to operate autonomously from its Goes office under existing management.

Therma Holdings LLC, a portfolio company of Gemspring Capital, has acquired VarcoMac LLC, an Odenton, Maryland-based provider of electrical systems and maintenance services for data centers, healthcare and government customers. The acquisition expands Therma's mission-critical electrical service capabilities and geographic reach in the Baltimore–Washington metro area; VarcoMac will continue to operate as a subsidiary led by President Shane Wilemon.

Presidio Investors committed $75 million to create Bravas LLC by merging 15 independent luxury smart-home design/build firms into a national platform. Bravas, headquartered in Overland Park, Kansas, will operate across North America with roughly $75 million in revenue and about 285 employees, using the funding to expand its network, build software/business systems, and pursue targeted acquisitions.

An investor group led by Valley Ridge Investment Partners, with capital and subordinated debt provided by Tecum Capital Partners and C3 Capital Partners, recapitalized National Power Corporation. Founder and CEO Eddie Youngblood remains with a minority stake; the financing will support hiring, service and product expansion, ERP upgrades and inorganic growth initiatives.

Providence Group, L.P. (Robert Manner's private equity group) acquired Collinsville, Mississippi-based Webster Electric Co., Inc. and affiliated Webco Leasing & Supply, LLC through a newly formed Webster Holding Group, LLC. Assurance Mezzanine Fund provided mezzanine debt to support Providence Group's acquisition.

Assurance Mezzanine Fund provided mezzanine financing to sponsor JK Holdings, LLC to support the acquisition of Santa Fe Springs, California-based L Tech Network Services, Inc. L Tech is a low-voltage cabling and network-installation specialist (copper, fiber optic, coaxial) that also delivers AutoCAD floor plans and testing reports.

VSC Fire & Security, Inc. has acquired Templeton‑Vest, a Virginia-based integrator of fire, security, sound and data communications systems. Bundy Group served as exclusive advisor to Templeton‑Vest and its shareholders; the acquisition expands VSC's capabilities and market presence in Virginia.