FMI Capital Advisors is pleased to announce the sale of CSI Electrical Contractors, Inc. (CSI) to MYR Group Inc. (MYR). The transaction was valued at approximately $79.7 million, subject to working capital and net asset adjustments. FMI Capital Advisors served as the exclusive financial advisor to CSI for this transaction. Snell & Wilmer acted as legal counsel to CSI.
CSI is a full-service electrical contractor headquartered in Santa Fe Springs, California. Established in 1990, CSI delivers a wide range of commercial and industrial electrical construction services with significant experience performing work in the solar, aerospace, healthcare, government and biomedical markets. CSI also has significant self-perform capabilities in electrical system construction and retrofit projects, technology integration, and alternative energy projects, preconstruction services, prefabrication, telecommunications, design-build/design-assist and integrated project delivery methodologies. For more information, visit csielectric.com.
Regarding the sale process and FMI’s performance, Steve Watts, Founder and CEO of CSI, commented, “I started my journey into ownership transition by talking to FMI a couple of years ago and when it came time to sell, I hired the FMI M&A team of Ryan Foley, Matt Drake and Dylan Faust to represent me. From our very first meeting they set realistic expectations and timelines for the entire process which were adhered to remarkably well. They were also honest with me about the emotional side of the transaction and were very transparent about the challenges involved in a sale.”
This acquisition provides MYR opportunities to further expand their commercial and industrial (C&I) service offerings, particularly in the California market. “CSI brings a high-quality workforce and strong management team with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence. We are most impressed by CSI’s reputation in the clean energy market and provided opportunity to leverage this strength across a wider footprint. We expect their diverse project portfolio, strong reputation, design skills and assist capabilities will enhance our ability to capture projects. We are excited to welcome the employees of CSI to the MYR Group organization and look forward to making this a smooth transition,” said MYR Group’s President and CEO, Rick Swartz.
MYR Group, based in Rolling Meadows, Illinois, is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets throughout the United States and western Canada which have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the United States and western Canada. For more information, visit myrgroup.com.
About FMI Capital Advisors:
FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm exclusively serving the Built Environment. With more than 700 completed M&A transactions, our industry focus enables us to maximize value for our clients through our deep market knowledge, strong technical expertise and unparalleled network of industry relationships.
FMI Capital Advisors Contacts:
Ryan Foley, Managing Director
Matthew Drake, Director
About FMI Corporation:
FMI is the leading provider of consulting and investment banking to the Built Environment. We provide services in the areas of strategy, leadership and organizational development, performance, technology and innovation, mergers and acquisitions, financial advisory, and private equity financing.
For more information, please visit www.fminet.com.