Technibus, a portfolio company of Pfingsten Partners, has been sold to IES Infrastructure Solutions, a subsidiary of publicly-traded IES Holdings for approximately $45 million in cash. Pfingsten acquired Technibus in September 2008.
Technibus manufactures equipment – primarily bus ducts – that are used in electrical components to conduct electricity between medium-voltage generators, breakers, transformers, and switchgears. The company sells its bus ducts to power equipment manufacturers, engineering construction firms, and directly to industrial end users. Technibus is led by CEO Bob Gladden and has a 150,000 sq. ft. manufacturing facility in Canton, OH (www.technibus.com).
Pfingsten invests in middle market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million and EBITDA between $3 million and $12 million. Since founding in 1989, Pfingsten has acquired 112 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with additional representative offices in India and China (www.pfingsten.com).
IES Holdings (NASDAQ: IESC) provides (1) electrical and mechanical infrastructure services; (2) products and services used in communications infrastructure (data centers); (3) electrical installation services for single-family housing and multi-family apartment complexes; and (4) electrical design, construction, and maintenance services to the commercial and industrial markets. The company is headquartered in Houston (www.ies-co.com).
Charlotte-based investment bank Fidus Partners (www.fiduspartners.com) was the financial advisor to Technibus and Ropes & Gray (www.ropesgray.com) provided legal services.
© 2016 Private Equity Professional • 6-21-16