- Lynx Equity is actively pursuing a variety of acquisition opportunities across North America and Europe
- Granite Electric is a provider of electrical and fiber optic contracting services
- General manager Philip Sparrow is set to transition into a leadership role
Lynx Equity has acquired Granite Electric. No financial terms were disclosed.
Founder Christopher Troy made the decision to sell the Calgary-based company in preparation for retirement, with general manager Philip Sparrow set to transition into a leadership role. Granite is a provider of electrical and fiber optic contracting services that was founded in 1993. Along with its specialization in the fiber optics space, Granite acquired Apex Cable to vertically integrate service offerings, allowing it to provide COAX cable installation to residential developments.
Lynx Equity is a Toronto-based private equity firm that specializes in buying companies in “old world” industries. It focuses on acquiring small and medium-sized businesses from owners looking to retire or seeking strategic opportunities. It targets companies with EBITDA between $1 million to $3.5 million and utilizes a buy and hold strategy.
“Granite Electric is an excellent fit for our portfolio and fund mandate,” said Mujtaba Abidi, M&A associate at Lynx. “An essential service provider in one of the strongest telecommunication sectors globally, Chris has built a great business with an impressive team. We are looking forward to transitioning Phil into the leadership role and supporting him in maintaining the Company’s legacy while further expanding its operations.”
“Lynx’s acquisition has been the perfect outcome and is pivotal in providing the next stepping stone toward Granite reaching full potential,” said Troy.
Lynx Equity is actively pursuing a variety of acquisition opportunities across North America and Europe.