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. Reed Electric & Field Service (“Reed Electric” or the “Company”), owned by the Richard family, was a member of Pacific. Other members of Pacific included A+ Electric Motor (“A+”) and Industrial Electric Machinery (“IEM”).
Founded in 1929, Reed Electric & Field Service is a fourth-generation, family-owned company and is the longest-running electrical apparatus repair business in California. The Company, which has facilities in Los Angeles and Reno, specializes in the repair and sale of AC, DC, and synchronous motors up to 10,000HP/13.8 kV, as well as pumps and generators. Reed Electric’s client end markets include power generation, renewables, water & wastewater, and industrials. In addition, the Company services clients across a six-state region.
As a member of the Pacific consortium and IPS, Reed Electric 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.
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.”
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, “Reed Electric is one of the most storied electromechanical services organizations in the Western U.S., and the Richard family has done an outstanding job of developing a first-class management team. Bundy Group has enjoyed building the relationship with Roy and John Richard over the past decade, and we are excited for the Reed management team as those executives will be a critical component for IPS’ Western U.S. growth strategy.”
Stewart Carlin with Bundy Group said, “Our work on behalf of the Pacific clients, including Reed Electric, 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 Reed Electric and the other Pacific members demanded a platform-sized valuation.” Stewart added, “We enjoyed working in collaboration with the Reed Electric team to achieve such an outstanding outcome.”
Regarding Reed Electric’s new partnership, Roy stated, “Reed Electric has a rich, 93-year history of providing high-quality electromechanical services while delivering excellent customer service. IPS has demonstrated that they hold these same core values. Those values, combined with their marketplace strength, mean we couldn’t be more excited to join the IPS network.”
“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.
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. Testimonials may not be representative of the experience of other customers and are no guarantee of future performance or success.
