PowerTown Construction, LLC, was an entrepreneur-owned provider of outsourced services to leading power and utility companies throughout the Southeast and along the Eastern Seaboard. Founded by CEO Steven Townsend in 2005, PowerTown specialized in a wide variety of distribution, transmission, telecommunication, and substation construction services. Headquartered in Seffner, Florida, with three operations centers to serve customers, PowerTown enjoys a stellar reputation in the industry for successful project execution.
As utility companies increase focus on core competencies and streamline workforces, PowerTown capitalized on the growing trend of outsourcing non-revenue generating functions and established a strong and profitable foothold in the market by providing critical services related to the installation of power lines, street lights and substations.
Townsend achieved much success with PowerTown’s core business model but wanted to expand the company with a more aggressive new business development strategy. In 2018, Townsend began looking for a financial partner to help solidify PowerTown’s corporate infrastructure so it could expand its geographic footprint and provide additional service offerings to its customers.
*Carl Marks Securities (Carl Marks) was engaged by PowerTown to perform a full range of merger & acquisition advisory services. The Carl Marks team prepared a confidential offering memorandum and distributed it to a targeted list of potential strategic buyers and financial investors. Carl Marks created a secure data room to facilitate the sharing of due diligence information, arranged management presentations, and moved negotiations forward with several potential buyers to obtain indications of interest.
Ultimately, this successful and efficient process resulted in the sale of PowerTown to Entregado, a portfolio company of AEA Investors who had deep understanding of the utilities industry and shared Townsend’s vision for the company. This successful transaction allowed Townsend to own equity directly in Entregado post-closing, further aligning the interests of Townsend and the buyer.**
*Securities offered through Carl Marks Securities LLC, member of FINRA and SIPC.
**Results are representative of past performance and are no guarantee of future results or success.
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