Since 1947, Pieper Electric, Inc. has been a leading Midwest electrical contractor providing high-quality, technically advanced building, equipment, and electrical construction services. Promontory Point Capital was engaged by Pieper to explore growth and acquisition alternatives for the Company’s Automation and Controls Group which incorporates application development, design, programming, control panel fabrication, quality assurance, and customer training into a complete client solution for a variety of industries including waste and water treatment, mining, heavy industry manufacturing, food and beverage, pharmaceutical, correctional institutions, and data acquisition.
PPC advised Pieper with the development of a specific investment thesis focused on long-term growth that led to the strategic acquisition of an automation and controls business. After establishing the target acquisition criteria, PPC designed an approach to identify acquisition candidates aligned with Pieper’s strategic objectives which ultimately resulted in the Company acquiring HiTech Enterprises of Green Bay, Wisconsin. The acquisition of HiTech achieved a variety of objectives for Pieper including the addition of new capabilities and services, customers and industry segments, and engineering talent.
In addition to the investment thesis development and search activities, PPC directed the entire acquisition process, including the negotiation of economic terms and conditions of the transaction as well as management of all due diligence activities, which culminated in the closing of the transaction in June of 2016.