Providence Group LC has acquired Meridian, Mississippi-based Webster Electric Co Inc, an electrical contractor. No financial terms were disclosed. Generational Equity advised Webster Electric on the transaction.
DALLAS–(BUSINESS WIRE)–Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Webster Electric Co Inc. to Providence Group, LP, a NY-based Private Equity Group. The acquisition closed June 28, 2019 and details were not disclosed.
Webster Electric Co Inc., located in Meridian, Mississippi, is a full service electrical contractor serving industrial, commercial, educational and institutional clients. Since the business opened in March of 2000, it has grown steadily and customers include some of the largest entities in the states of Mississippi and Alabama. The Company is the largest airport lighting contractor in the state of Mississippi and has completed several Intelligent Transportation Systems (I.T.S.) and more Weigh in Motion Truck Scales and static truck weighing systems than any other electrical contractor in the State.
Providence Group, LP, is a private equity group specializing in acquiring smaller microcap companies located in the Eastern United States. Its mission is to build and manage a portfolio of three microcap companies with a combined $50,000,000 valuation while achieving superior returns for its Limited Partner investors.
Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss and his team, led by Senior M&A Advisor, Sam Sumner, successfully closed the deal. Senior Managing Director James Carr established the initial relationship with Webster Electric.
“This is yet another great example of both a committed seller and buyer having to overcome many hurdles to get to the closing table,” said Goss. “Both parties remained resolute in reaching key agreements to see the deal through to the end and achieve what both parties believe is a solid transaction that will benefit the parties, the employees, and all other stakeholders.”
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Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.
With over 250 professionals located throughout North America, the companies help business owners release the wealth of their business by providing merger, acquisition, and wealth management services. Their five-step approach features exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.
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