Calera Capital has acquired Thayer Power & Communication, a provider of repair, maintenance, and upgrade services to the utility and telecommunications industries.
Thayer’s business operations include electric utility services; fiber placement and wired services; and cell site deployment and wireless services.
Thayer, led by CEO Tim Ludlum, was founded in 1964 by David Thayer and is headquartered east of Columbus in Pataskala, Ohio. The company has eight additional offices in Ohio, West Virginia (2), Indiana, Pennsylvania, Florida, New York, and Illinois and services customers across the central Midwest, Northeast, and Southeast United States.
“The entire leadership team and I are excited to partner with Calera,” said Mr. Luden. “Our company has been built on a true commitment to providing our customers with safe and quality service. We look forward to maintaining this focus while continuing to grow and build our business.”
“Thayer’s demonstrated ability to consistently deliver safe, reliable and high-quality service to its utility and telecommunications customers provides an exceptional business foundation,” said Ethan Thurow, a managing director of Calera. “The company has tremendous momentum, and we are excited to partner with Tim Luden and the entire Thayer organization as they continue to grow the business.”
“Thayer has exceptional opportunities for future growth,” said Ed Orzetti, an operating partner of Calera. “Thayer’s team is building a platform well positioned for both organic growth and for the execution of a targeted acquisition strategy. We look forward to supporting management as they execute on these opportunities and continue to create rewarding career opportunities for the company’s talented employee base.”
The buy of Thayer is Calera’s eighth investment through its fifth fund. The firm’s deal team was led by Managing Partner Mark Williamson, Mr. Thurow, and Mr. Orzetti.
Calera Capital invests from $35 million to $200 million in companies with enterprise values from $100 million to $750 million. Sectors of interest include business services and specialty industrials. Calera was founded in 1991 and has offices in San Francisco and Boston.
Private Equity Professional | March 31, 2020