Crestview-backed Congruex buys SCI

Congruex, a portfolio company of Crestview Partners, has acquired Sorensen Companies, a telecom infrastructure services company. No financial terms were disclosed. Skyway Capital Markets was investment banker to SCI on the deal.

PRESS RELEASE

TAMPA, Fla.–(BUSINESS WIRE)–Skyway Capital Markets, LLC (“Skyway”) is pleased to announce the sale of Sorensen Companies Inc. (“SCI”) to Congruex, a portfolio company of private equity firm Crestview Partners. Skyway Capital Markets served as the exclusive investment banker to SCI for this transaction.

SCI, a telecom infrastructure services company, was founded in 1977 by Craig Sorensen and delivers turn-key solutions across fiber and wireless infrastructure, from aerial and underground fiber optic systems to outside plant (OSP) construction. Headquartered in Syracuse, Utah, SCI is one of the pre-eminent fiber to the home (FTTH) shallow-trenching experts in the country and will extend the Congruex platform to the Mountain region, where SCI is one of the largest telecom contractors. SCI will provide synergies with existing Congruex engineering capabilities. Jeremy Bowles will be the General Manager.

Regarding Skyway’s role in the process, SCI Founder Craig Sorensen, commented: “Having been through a sale process with a business many years ago, we knew from experience the critical importance of hiring the right investment banking firm. As such, our family spent a tremendous amount of time and energy interviewing potential investment banking partners before selecting Skyway. Relative to Skyway, some of those firms had completed more transactions in our industry, and some firms were larger, but they also had concerning conflicts of interest and narrower buyer relationships. Ultimately, it was obvious that Skyway cared more about us, would devote more resources to us, knew more buyers, and would run a stronger process on our behalf. Their energy and sincere excitement about our business was contagious and I know it had an impact on the incredible outcome they helped us achieve.”

Skyway Capital Markets Managing Director Michael Devine stated, “We are honored that the Sorensen family trusted us to represent them in this transaction of a lifetime and are incredibly proud of the outcome our team helped them achieve. We are excited to see what the future holds in store for SCI and Congruex together. The sky is truly the limit!”
Michael Faraone, Senior Managing Director at Skway Capital Markets, added, “The Sorensen family’s prioritization of ‘culture’ and ‘team’ made them an ideal fit for our process at Skyway that not only optimizes valuation, but ensures our clients will meet their ideal partner. The cultural alignment between SCI and Congruex was obvious from the first meeting and it has been incredibly rewarding for us to see them join forces.”

Skyway Capital Markets Senior Managing Director Andrew Fenton commented, “Our focus at Skyway on quality over quantity continues to deliver extraordinary outcomes for the select group of clients we take to market each year. This transaction is another great example of the incredible results our unique approach delivers.”

Skyway Capital Markets, LLC is a market-leading, award winning boutique investment bank that works with closely held and family-owned middle market companies, public and private, through customized financial advisory services including corporate finance, capital raises, public and private offerings, mergers & acquisitions, fairness opinions, restructurings, and recapitalizations. Skyway Capital Markets is headquartered in Tampa, Florida and a member of FINRA and SIPC. For additional information, please visit www.skywaycapitalmarkets.com.