Pacific Power & Sytems Has Completed a Minority Recapitalization and Acquisition Financing With White Wolf Capital

Case Studies, Industrials Manufacturing, Industry Industrials Manufacturing, Industry Infrastructure, Infrastructure, Transactions

Pacific Power & Systems (“PPS”) is an electrical and specialty services contractor that has served public works, industrial, and renewable energy sectors in the San Francisco Bay Area for over 30 years. Led by Wally Budgell, an industry veteran with over 35 years of industry experience, PPS’ success stems from his proven track-record.

PPS approached Cascade Partners about securing growth capital for the acquisition of Millennium Electric, Inc. (“Millennium”), to expand into the quickly growing Florida market, and to support future acquisitions and organic growth.

The Cascade Difference

PPS’ goal was to secure growth capital to support their buy-and-build strategy within the fragmented electrical contracting space. Given the intricacies of the construction and contracting sector, from progress billings to bonded work, Cascade was tasked with finding a partner that understood the specialized nature of the industry and PPS’ vision for growth.

Our deep understanding of the sector, dynamics and key participants allowed us to quickly approach potential capital providers that would be interested in partnering with PPS to capitalize upon their strategy. We identified PPS’s key differentiators and value proposition and presented it and supporting data to a range of investors. Within 60 days, we secured a commitment from an investment partner that believed in PPS’ vision.

Finding the Right Partner

We started the search from a proprietary list of partners that understand the construction and contracting space. Our team of analysts, associates, directors, and managing directors worked tirelessly to research and identify additional candidates who would best fit the needs of PPS.

Ultimately, White Wolf Capital emerged as the ideal partner to execute upon the growth strategy with the Company.

White Wolf took note of Wally’s extensive experience and fully supported the company’s organic growth strategy, as well as future acquisitions and expansion in growing markets, including the southeast.

The Results

When we work with clients, our focus is always on the client, their needs and the outcome that is best for them. In our experience, that transcends not only within the financial aspect of a deal, but also the partnership and legacy of their business.

Finding the right partner was key to making this transaction a success. White Wolf was able to provide a senior secured term loan as well as a minority preferred equity co-investment to support the transaction. All of this made for the successful acquisition of Millennium and a budding partnership for future acquisitions.