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Utilities Construction Company

An electric utility contractor headquartered in Charleston, SC.  Utilities was very concerned about rapid consolidation of electrical contractors in the Southeast and the potential impact of deregulation in the electric power industry.

Engagement Goals

Brookwood was engaged to advise Utilities’ owners on sale of the business.

Engagement Process and Outcomes

The Assignment – As Utilities’ customers became larger, they were seeking to deal with fewer contractors that could serve broader geographic areas. At the same time, several firms were aggressively acquiring contractors in the Company’s markets. The Company engaged Brookwood to manage a broad sale process to both financial and strategic acquirers.

Brookwood’s Role – Brookwood provided significant assistance with: (i) analyzing and demonstrating the profitability of the business, including a detailed review of key contracts; (ii) producing pro forma financial statements to clearly demonstrate the overhead costs that could be eliminated by a strategic acquiror; and (iii) conforming Utilities’ financials to public GAAP standards to maximize value.

The Result – Brookwood received several offers for the business, including the winning proposal from an in-market competitor.