Eaglestone, a portfolio company of Aterian Investment Partners, has acquired Commonwealth Electrical Technologies (CET), a provider of energy efficiency, solar, and commercial electrical services in New England.
CET’s suite of services includes the installation, servicing, and testing of commercial solar panels; and new construction, renovations and electrical maintenance of commercial/industrial facilities. CET has a specialization in lighting and electric vehicle (EV) charging stations.
Many of the CET’s customers are based in the New England area and are active in the EV charging, solar, healthcare, commercial, automotive and education sectors. CET is led by President John Duquette Sr. and has approximately 165 employees. CET was founded in 2008 and is headquartered 50 miles west of Boston in Worcester, Massachusetts.
Eaglestone is a New York City-based platform company formed by Aterian to house its investments in plumbing, HVAC, mechanical, and fire sprinkler services companies.
In April 2019, Aterian acquired The Pace Companies, a Brooklyn-based provider of plumbing, HVAC, and fire protection services and then formed Eaglestone in September 2019 to acquire PJ Mechanical, a New York City-based provider of mechanical construction, engineering, and maintenance services for technically complex HVAC systems. Since the formation of Eaglestone, and in addition to the buy of CET, the Eaglestone platform has now acquired six companies including Pinnacle (Q3 2019), Solar Energy Systems (Q3 2021), New York Engineers (Q3 2021), HAE Air (Q4 2021) and ECS Global Solutions (Q4 2021).
“We are thrilled to have closed our seventh strategic add-on to the Eaglestone platform since partnering with the team in 2019,” said Daniel Phan, a managing director at Aterian. “We believe John Sr. and his team will make a great addition to Eaglestone as we continue to expand our capabilities and footprint.”
“CET has a longstanding history of providing exceptional service to its customers,” said Andru Coren, the chief executive officer of Eaglestone. “Its expertise in solar & energy efficiency will complement Eaglestone’s existing capabilities. Through the acquisition of CET, Eaglestone will expand its commercial relationships throughout the Northeast, allowing us to better service our broader markets and continue our growth trajectory.”
“We are excited to partner with John Sr. and the highly-skilled CET team,” said Michael Fieldstone, a co-founder and partner at Aterian. “CET has a long history of being a market leader and providing exceptional, consistent one-stop services including design/build, maintenance, testing and inspection capabilities to its customers. We look forward to supporting management in expanding the company’s solar and EV charging station presence while preserving its family-like culture and serving its customers at the highest level possible.”
Aterian invests up to $50 million in small-to-middle market businesses with $25 million to $500 million in revenues that are underperforming, turnarounds or otherwise unique situations. The firm’s latest fund, Aterian Investment Partners IV LP, closed in October 2021 with $830 million of committed capital. Aterian has offices in New York City and Coral Gables, Florida.
Capstone Partners was the financial advisor to CET on this transaction.
© 2022 Private Equity Professional | January 14, 2022
