WJ Partners has made an investment in Charlotte, North Carolina-based Power-Utility Products Co., a provider of strut channel, cable tray, fittings and associated products used in electrical infrastructure. No financial terms were disclosed. Also, PUPCO has named Cameron Todd as CEO. First Tennessee Bank provided debt financing to back WJ Partners’ acquisition of PUPCO.
CHARLOTTE, North Carolina – (March 12, 2019) – WJ Partners, a Spartanburg, South Carolina-based private investment firm focused on growing lower-middle market companies, today announced it has closed its investment in Power-Utility Products Co. (PUPCO) and named Cameron Todd Chief Executive Officer.
Charlotte-based PUPCO, a distributor and servicer of strut channel, cable tray, fittings, and associated products used in electrical infrastructure, was founded in 1973 and had been owned and led by Ralph Turnage since 2003. With locations in Charlotte and Norfolk, Virginia, PUPCO serves a national customer base including power plants, data centers, solar farms, healthcare facilities, and industrial construction.
“Under Ralph’s leadership, PUPCO has built a strong position in the marketplace with its commitment to excellent customer service and maintaining a large and diverse inventory to ensure product availability,” said Jaime Wall, partner at WJ Partners. “We look forward to working with Cameron to accelerate growth as we build out the team and distribution infrastructure to expand PUPCO’s ability to serve new and existing customers across the U.S.”
Todd joins PUPCO from Ingersoll Rand (IR) where he was responsible for executing mergers and acquisitions across IR’s business units including fluid management, HVAC, and compression technologies. Turnage will work with Todd to ensure a smooth transition.
“WJ Partners is a great fit for PUPCO because of its long-term investment horizon focused on sustainable, enduring growth and success,” said Turnage. “I am excited about PUPCO’s future with WJ Partners to expand on the solid foundation we have created over the past 46 years.”
“PUPCO’s greatest asset is its people who have built a company centered on trust, reliability, and an unwavering dedication to fulfilling their customers’ needs,” said Todd. “I am grateful for the opportunity to join WJ Partners and the entire PUPCO team as we work together to invest in the logistics infrastructure and enlarge the sales staff in order to realize this company’s growth potential.”
First Tennessee Bank provided debt financing to support WJ Partners’ acquisition of PUPCO.
Founded in 1973 and based in Charlotte, North Carolina, Power-Utility Products Co. (PUPCO) is a distributor and servicer of strut channel, cable tray, fittings, and associated components used in electrical infrastructure. With locations in Charlotte and Norfolk, Virginia, PUPCO serves a national customer base including power plants, data centers, solar farms, healthcare facilities, and industrial construction. PUPCO prides itself in consulting with customers to provide just-in-time, comprehensive product solution sets. Learn more at www.pupco.com.
ABOUT WJ PARTNERS
Founded in 2008, WJ Partners is a private investment firm focused on building lower-middle market companies in the consumer, specialty finance, and industrial and business services sectors. WJ Partners takes a long-term approach to investing due to its permanent capital source. The firm’s mission is to create value by providing financial, strategic and management resources to capture growth opportunities and operational efficiencies. WJ Partners’ team has an extensive track record investing in and building lower middle-market companies over the past 30 years, including such organizations as Pure Barre, Mobile Communications America, and Eggs Up Grill.