WJ Partners has acquired Power-Utility Products Co., a distributor of products to the electrical infrastructure sector.
Power-Utility Products Co. (PUPCO) is a distributor and servicer of strut channel, cable tray, fittings, and related products used in electrical infrastructure applications in power plants, data centers, solar farms, healthcare facilities, and industrial construction. The company was founded in 1973 and has been owned and operated by Ralph Turnage since 2003. PUPCO has facilities in Charlotte (headquarters) and Norfolk, VA (www.pupco.com).
With the closing of the acquisition, Cameron Todd has been named as PUPCO’s new chief executive officer. Mr. Todd joins PUPCO from Ingersoll Rand where he was responsible for executing mergers and acquisitions across the company’s business units including fluid management, HVAC, and compression technologies.
“Under Ralph’s leadership, PUPCO has built a strong position in the marketplace with its commitment to excellent customer service and maintaining a large and diverse inventory to ensure product availability,” said Jaime Wall, a partner at WJ Partners. “We look forward to working with Cameron to accelerate growth as we build out the team and distribution infrastructure to expand PUPCO’s ability to serve new and existing customers across the U.S.”
WJ Partners invests in lower-middle market companies that have less than $10 million in EBITDA. Sectors of interest include business and professional services, consumer products and services, specialty finance, and industrial services. The firm was founded in 2008 and is headquartered in Spartanburg, SC (www.wjpartners.com).
First Tennessee Bank (www.firsttennessee.com) provided debt financing to support the buy of PUPCO by WJ Partners.
© 2019 Private Equity Professional | March 22, 2019