Bundy Group advises three energy & power services firms in a consolidated sale

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Jan 28, 2022, 15:26 ET

CHARLOTTE, N.C., Jan. 26, 2022 /PRNewswire/ -- Bundy Group, a 32-year-old investment bank, announces that it has advised a consortium of three Western U.S.-based companies (collectively known as "Pacific") in a consolidated sale to Integrated Power Services ("IPS"), a North American leader in service, repair, and engineering for electric motors and generators. IPS is a portfolio company of Searchlight Capital Partners, a global private equity group. The three companies are Industrial Electric Machinery ("IEM"), Reed Electric & Field Service ("Reed Electric"), and A+ Electric Motor ("A+"). The Pacific transaction was led by Clint Bundy and Stewart Carlin, Managing Directors with Bundy Group. Lorenc Biqiku and Megan Hagemann, Vice Presidents with Bundy Group, also worked on the Pacific transaction team.

Pacific consists of complementary electrical apparatus, automation, industrial equipment repair, and field services organizations that deliver solutions across the Western U.S. Furthermore, it includes seven facilities, over 100 employees, a service region covering 12 states, and client end markets that include the wind, solar, hydro, and geothermal renewables segments.

Founded in 1988, IEM, headquartered in Longview, WA with branch operations in Visalia and Carson, CA, is a leading provider of electrical apparatus repair, control systems integration, and distribution solutions. Reed Electric, a 93-year-old, fourth-generation family-owned company that specializes in the repair and sale of motors, pumps, and generators, has facilities in Los Angeles, CA and Reno, NV. Founded in 1999, A+ Electric Motor offers complete pump and motor repair services for clients in Montana, Wyoming, Idaho, and the Dakotas through its two repair facilities in Billings and Butte, MT.

Spencer Wiggins, President of IEM, stated, "After Clint Bundy and I developed the idea of the Pacific consortium, the Bundy Group team worked flawlessly and in a collaborative fashion with respective Pacific firms to manage a highly competitive sale process." Spencer added, "The end result was a great new partner in IPS and a Pacific valuation that was higher for each shareholder as a result of selling as a group versus selling the companies individually. We could not have been happier with the outcome that the Bundy Group team delivered."

Roy Richard, President of Reed Electric, commented, "The Reed team has had great respect for IEM, A+, and Bundy Group for many years, and we were excited to join the Pacific consortium. Bundy Group did an outstanding job of coordinating all Pacific members from beginning to end and treating the collective group as one team, which created fluid decision-making and an outstanding result." Roy continued, "The value delivered for the shareholders by Bundy Group was phenomenal, and the team at Reed Electric will have an ideal future partner in IPS."

Joe Perry, General Manager of A+, stated, "Bundy Group was thorough in all phases of the sale process, worked non-stop, and had a relentless focus on delivering value for its clients." Joe elaborated, "The Pacific sale provided A+ shareholders a premium value, and it gave us the opportunity to reinvest into IPS and realize additional gains."

Clint Bundy stated, "Bundy Group is a specialist in the energy & power, automation, and industrial services industries, and the success of the Pacific engagement is a major achievement for our firm." Clint further added, "This was a complex engagement, due, in no small part, to our coordinating three separate companies with the goal of acting as one group. We could not have executed and closed on this transaction without outstanding clients and a Bundy Group team that is among the best in the investment banking profession."

Stewart Carlin with Bundy Group said, "Our work on behalf of the three clients included helping to articulate the vision of what a combined Pacific entity could look like and the steps to integrate the entities, all with the goal of demonstrating to the market that Pacific demanded a platform-worthy valuation." Stewart added, "We enjoyed working in partnership with the Pacific clients to achieve such an outstanding outcome."

Bundy Group has significant experience in the energy & power, automation, industrial services, and business services sectors, and has previously advised clients including MR Systems, RAM Industrial Services, and Dorsett Controls. For more information about our industry expertise and other recent transactions, visit Industry Expertise - Bundy Group.

About Bundy Group

Bundy Group is an industry-focused investment bank that specializes in representing business owners and management teams in business sales, acquisitions, and capital raises. With over 250 closed deals over the past 32 years, Bundy Group's primary goals are to provide high quality options and actionable insights and to deliver an optimal strategic fit at a premium value for our clients. For more information, visit www.bundygroup.com.

Bundy Group Securities, LLC, is a registered broker-dealer and member of FINRA and SIPC. Check the background of Bundy Group Securities, LLC at FINRA's BrokerCheck.

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