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FocalPoint Advises Phoenix Electric, a Portfolio Company of Tejas Investments, on its Sale to Ascension Property Services
September 10, 2020
Source: FocalPoint Partners, LLC
Phoenix Electric (“Phoenix” or the “Company”), the leading multi-family electrical contractor in Texas and a portfolio company of Tejas Investments, has been acquired by Ascension Property Services (“Ascension”). Phoenix’s President, Michael Riley, will continue to lead and operate the Company. Specific terms of the transaction were not disclosed. FocalPoint Partners, LLC (“FocalPoint”) served as financial advisor to the Company.
Michael Riley, President of Phoenix Electric, commented, “We look forward to leveraging the Ascension platform to support our current and future multi-family construction partners with the highest quality of service and reliability. I would like to thank Tejas Investments for their support over the last three years; the growth of Phoenix is a testament to the strength of the partnership we formed in 2017.”
Todd Self, Partner at Tejas Investments, said, “Mike and his team have been great partners over the past 3-4 years. As the business continues to grow and expand we believe Ascension represents a natural next step forward for Phoenix.” Todd added, “We thank the FocalPoint team for their outstanding guidance throughout the process.”
Connor Mitchell, Managing Director at FocalPoint, said, “We are extremely proud to announce this closing in the middle of the COVID-19 pandemic. The success of this transaction demonstrates the strength of Phoenix Electric and the commitment of both the buyer and seller to effectuating this new partnership. We are excited for the future of the Company during this next phase of growth.”
About Phoenix Electric Inc.
Founded in 1986, Phoenix Electric is a leading full-service multi-family electrical general contractor. The Company serves all major markets in the state of Texas, including Dallas-Fort Worth, San Antonio, Austin, Corpus Christi, and Houston, among others. The company is led by a seasoned team of electrical professionals and enjoys strong, entrenched relationships with national and large regional general contractors operating within the state. To learn more, visit www.phoenixelectrictx.com.
About Ascension Property Services
The Ascension operating companies offer a variety of building services to commercial, industrial, municipal, and multi-family customers, including electric, HVAC, and painting. Founded in 2019, Ascension is aggressively pursuing acquisition opportunities as it continues to develop the “House of Brands.”
About FocalPoint Partners, LLC
FocalPoint is an independent investment bank specializing in mergers and acquisitions, private placements, financial restructurings, and special situation transactions. With offices in Los Angeles, Chicago, New York, and Shanghai, the firm provides global advisory services to middle market clients and has a dedicated Business Services practice. For more information, visit www.focalpointllc.com and follow us on LinkedIn and Twitter.
Please contact Connor Mitchell, Managing Director, at 312-508-5776 with any questions about this transaction.
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