Stellex Capital Management has made an investment in Peltram Plumbing Holdings, a plumbing services platform. No financial terms were
New York, NY, January 18, 2022 –Stellex Capital Management (“Stellex”), a middle-market private equity firm, has announced a new platform investment in Peltram Plumbing Holdings, LLC (“P3 or “Company”). Stellex acquired P3 in partnership with the existing management team from an investor group led by Crescendo Capital Partners (“Crescendo”). The terms of the transaction were not disclosed.
P3 is a plumbing services platform consisting of Peltram Plumbing (Seattle – founded 1986), Power Plumbing (Houston, Dallas, Austin – founded 1988), Precision Plumbing (Charlotte – founded 1981), and E.R. Plumbing (Charlotte – founded 1997). For multiple decades, P3 has been installing plumbing systems and providing maintenance and repair services to homebuilders, developers, property managers, and homeowners. At its core, P3 is about hard work, reliability, quality, and transparency.
Enormous emphasis is placed on having happy employees who in turn, provide invaluable service and create a highly loyal customer base.
In addition to partnering with the existing local management teams, Stellex recruited Terry Young, former Senior Vice President of Comfort Systems USA, and Chad Lusco, former Senior Vice President of KBS and Empire Services, to drive P3’s next chapter of growth.
Terry Young, who will serve as CEO of P3 said, “Karel Peltram, Justin Elliott, Dave Parker, and Dick Pearsall of P3 have built strong plumbing services businesses in their respective geographies. I look to preserve our companies’ local strengths but also facilitate improvement through technology adoption and the sharing of best operational, employee retention, and recruiting practices across our markets.”
“We are thrilled and humbled by this opportunity to provide capital and resources to support P3’s organic and M&A-focused expansion plan. Our goal is to materially expand maintenance and repair services capabilities in P3’s MSAs and consequently, seek to create more value for its customers and provide better opportunities for its employees,” said Irina Krasik, Principal at Stellex.
Chad Lusco, who will serve as CEO of Maintenance and Repair Services at P3, commented on the acquisition, “I am excited for the road ahead as we grow our services offerings. Our vision is to become one of the largest multistate locally operated providers of end-to-end plumbing services solutions with installation, maintenance, repair, and restoration capabilities. We look to accomplish our vision through organic and acquisition-focused efforts and will be looking to partner with local plumbing services businesses in our geographies.”
Stellex was advised by DLA Piper LLP and the Company was advised by Morrison Cohen LLP and Fifth Third Securities.
P3 is a plumbing installation and service solutions provider, servicing the multi-family, light commercial, and single-family end-markets.