New England Electrical (NEE), a portfolio company of Pfingsten Partners, has acquired Atlas Innovative Services. The buy of Atlas is NEE’s second add-on acquisition since being acquired by Pfingsten in October 2021.
Atlas is a provider of maintenance, repair and upgrade services to telecommunications infrastructure. The company, led by President Tom Tripp, is headquartered near Boston in Pembroke, Massachusetts with an additional facility near Fort Myers in Punta Gorda, Florida.
“We are thrilled to join the New England Electrical team,” said Mr. Tripp. “The combined platform will accelerate the growth of both companies and will benefit our customers with additional services, resources and capabilities.” Post-closing, Mr. Tripp will continue with Atlas and will become a shareholder in New England Electrical.
“This transaction will provide key resources and opportunities to the employees of Atlas as we continue to grow as a leading telecommunications service provider,” said Mark Ludwig, the general manager of Atlas, who will also continue with the business and be a shareholder in New England Electrical. “Partnering with New England Electrical and Pfingsten came without hesitation as both share Atlas’ employee-centric core values, which are crucial to the long-term success of an organization.”
New England Electrical (NEE) is an independent provider of electrical services serving the telecommunications, electric vehicle charging, and utility markets. NEE services include installation, retrofit, maintenance, repair, and decommissioning of electrical infrastructure used in the telecommunications, and utility sectors. The company is active with underground utility services; tower services (new site builds, stealth structures, and antenna installations); small cell wireless installation; DAS (distributed antenna systems) installation; and fiber optic cable installation.
“The acquisition of Atlas greatly strengthens our service coverage in New England and provides a foothold into the rapidly growing Florida market,” said Mr. Farrell. “Partnering with Atlas is another critical step in building a leading, national field service company focused on providing exceptional service quality and uptime for our customers.”
Chicago-based Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 158 such companies through five funds with total commitments of $1.3 billion.
© 2022 Private Equity Professional | August 30, 2022
