Stellex Capital Management, a New York-based middle-market private equity firm, announced that it has completed an acquisition of Industrial Construction Services Holding (ICS), a leading provider of electrical services. The financial terms of the transaction were not disclosed.
ICS provides comprehensive mission-critical electrical solutions to support customers’ operations and ensure site reliability. The company’s service capabilities include design solutions, industrial installations, in-plant service and maintenance, outage planning, low-voltage and medium-voltage cable and terminations, energy management, pipeline integrity, generator installation and maintenance, control systems installation, and repair.
ICS has created a strong reputation across diverse sectors, including industrial, food, heavy commercial, healthcare, energy and power, and institutional. And the company uniquely combines the specialized capabilities and technical expertise of a large-scale provider with the agility and responsiveness of a local partner serving throughout the Southern United States.
Through strategically located facilities across Florida, Alabama, Texas, Arkansas, Louisiana, Tennessee, and North Carolina, ICS deploys its skilled workforce of over 1,300 professionals to serve customers in their core regions while maintaining a team of traveling technicians to support customers nationwide. And with its customer-centric approach and strong track record, ICS is a trusted long-term partner to many of the region’s leading organizations, helping them maintain and upgrade their critical electrical infrastructure while minimizing operational disruptions.
Stellex is collaborating with the talented ICS management team, led by Cory Borchardt. And Stellex and ICS leadership plans to invest in organic growth initiatives and will aim to pursue strategic acquisitions in an effort to expand the company’s offerings and geographic footprint. ICS will also provide prospective acquisitions into other complementary mission-critical services that would further provide customers with a comprehensive set of electrical solutions offerings.
Stellex evaluated ICS along with a group of advisors with significant experience spanning mechanical, electrical, and plumbing services. And the Board of Directors will include John Boncher, former President and CEO of Cupertino Electric, bringing decades of electrical industry leadership.
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Stellex. And Houlihan Lokey represented ICS Holding as a financial advisor on the transaction.
KEY QUOTES:
“We are excited to join forces with Stellex, a partnership that we believe will enable ICS to embark on the next chapter of growth. ICS has built a strong foundation of trust delivering safe, efficient, and cutting-edge solutions to our partners and clients utilizing our highly skilled workforce of professionals and technicians. With Stellex’s resources, expertise, and shared vision, we are confident in our ability to accelerate growth, expand opportunities for our team and deliver even greater value to our clients and partners.”
– Cory Borchardt
“We are thrilled to partner with the ICS team and embark on this next chapter of transformation. We believe the Company has demonstrated an impressive track record and a truly differentiated service offering and we look forward to leveraging our resources to continue to build on that strong foundation. Our team sees strong opportunities to expand ICS’ services capabilities and geographic footprint while keeping our customers at the heart of every decision. Our commitment is to provide comprehensive consistent solutions and maintain the highest standards of service, ensuring our valued customers receive the best possible support.”
– Olivia Zhao, Principal at Stellex
“We believe ICS’s technical expertise, breadth of service offerings, commitment to safety, and strong reputation in its markets, position the Company as a preferred partner in meeting its customers’ continuously evolving and complex electrification needs. We are very excited to work with the ICS team with the goal of driving the next phase of growth and success.”
– Tom Cassidy, Vice President at Stellex
