Bundy Group advises Industrial Electric Machinery, a member of the Pacific consortium, in a sale

January 25, 2022

Charlotte, NC - 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. Industrial Electric Machinery (“IEM” or the “Company”), owned by the IEM management team, was a member of Pacific. A+ Electric Motor and Reed Electric & Field Service were Pacific participants as well. 

Founded in 1988, IEM is one of the leading electrical apparatus repair providers in the Pacific Northwest. The Company is headquartered in Longview, WA with branch operations in Visalia and Carson, CA. IEM’s client end markets include pulp & paper, water & wastewater, renewables, power utilities, and industrials. In addition, IEM services clients across a nine-state region.

As a member of the Pacific consortium and IPS, IEM joins a group of complementary electrical apparatus, automation, industrial equipment repair, and field services organizations that deliver solutions across the Western U.S. Pacific includes a total of seven facilities, over 100 employees, and a service region covering 12 states.

Spencer Wiggins commented about Bundy Group, “After Clint Bundy and I developed the idea of the Pacific consortium, the Bundy Group team worked flawlessly and in a collaborative fashion with the respective Pacific firms to manage a highly competitive sale process.” Spencer added, “The end-result from the process was a great new partner in IPS and a realized IEM valuation that was superior to what we would have received had we sold the Company as a standalone. We could not have been happier with the outcome that the Bundy Group team delivered.”

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, “IEM is one of the leading solutions providers in the Western U.S., and the Company’s progressive management team is among the very best in the industry. Bundy Group has enjoyed building the relationship with Spencer and his partners over the past few years, and we are excited for the IEM management team as those executives will be the foundation for IPS’ Western U.S. growth strategy.” 

Stewart Carlin with Bundy Group said, “Our work on behalf of the Pacific clients, including IEM, involved Bundy Group 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 IEM and the other Pacific members demanded a platform-sized valuation.” Stewart added, “We enjoyed working in collaboration with the IEM team to achieve such an outstanding outcome.” 

Regarding IEM’s new partnership, Spencer stated, “Industrial Electric Machinery has a longstanding reputation as a leader in power and rotating equipment services.” He further elaborated, “IPS shares our desire to be world-class, to be a destination for customers and employees, and to be thought leaders in the space. It was evident immediately that IPS is a great fit, and we’re excited to join the IPS team!”

“Rarely does a company have an opportunity to acquire three well-run companies at once, with such distinguished records, that share the IPS goal of becoming their customers’ trusted advisor,” said John Zuleger, IPS President and CEO. “Adding these businesses to IPS will accelerate offering our industry-leading services to the Western U.S. and advance our reach as the highest quality, closest provider of power, electro-mechanical, and rotating equipment services in North America.”

The 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.

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, Koontz-Wagner 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. The team of highly experienced investment bankers leverages extensive industry knowledge and experience to provide hands-on guidance to clients through every phase of the transaction.  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.

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