Mid-market investment bank Carl Marks Securities has acted as the financial advisor to PowerTown Line Construction in its sale to Entregado Group Inc, a portfolio company of AEA Investors.
PowerTown is a growing, profitable entrepreneur driven company providing best-in-class outsourced services to the leading power and utility companies throughout the Southeast and along the Eastern Seaboard. Founded by CEO Steven Townsend in 2005, PowerTown specialises in a wide variety of distribution, transmission, telecommunication, and substation construction services. Headquartered in Seffner, Florida, PowerTown has three additional operations centres to serve customers.
“PowerTown’s strong performance and reputation in the industry for successful project execution generated strong interest from strategic and financial investors,” says Warren H Feder, a Partner at Carl Marks Securities, who led the team that ran a thorough sales process. “Steve is a well-respected operator with over three decades of power industry experience. With the right capital and resources, PowerTown will be able to grow the business exponentially. We believe AEA Investors and Entregado Group are the ideal partners for Steve given their commitment to and deep understanding of the industry.”
“Carl Marks Securities understood from the start that PowerTown provides a service that is no longer a core competency of most utilities,” says Townsend. “Every city needs power lines, street lights, and substations, and we’ve spent more than a dozen years building world-class expertise in those services. With guidance from Carl Marks Securities, we now have exactly the partner we need to achieve our vision and meet our strategic growth objectives as we move into larger markets and additional service offerings.”
“We are currently engaged in planning a sale process for another entrepreneurially-owned business that provides outsourced services to large utilities,” says Feder. “Given the favourable industry dynamics and the need for energy infrastructure services as the population continues to grow, we believe we will see a strong pipeline of transactions in utility and power service companies in 2019.”
