Private equity investment positions National Power for substantial growth.
RALEIGH, NORTH CAROLINA, JULY 10, 2019 ? National Power Corp is proud to announce the acquisition of the company led by Valley Ridge Investment Partners with significant equity and debt financing provided by Tecum Capital and C3 Capital. Led since its founding in 1985 by Eddie Youngblood, National Power will continue to be a leader in its markets for mission critical electrical and infrastructure installations for telecommunications companies, sales of power generation equipment as the exclusive Industrial Distributor for Generac Power Systems in the Carolinas, service of all makes of generators, and sales of battery back-up and power quality equipment made by Eaton and others. Eddie Youngblood remains President of National Power and retains a minority equity stake. Financial terms of the transaction were not disclosed. In conjunction with the transaction, National Power Corp becomes National Power, LLC.
?This is a fantastic outcome for National Power, our customers, and employees. This investment group, led by Valley Ridge, has the desire, vision and financial capability to grow the Company beyond the success we have had over the last 30 years,? said founder Eddie Youngblood, ?I am honored to have created such a company based on honesty, integrity and customer focus, and this investor group recognized and valued my life?s business accomplishment.? All of the existing management team and employees remain in their roles serving the critical power needs of their customers.
With the financial support of Tecum and C3, Valley Ridge and the Company expect significant additional growth investment in hiring of field service technicians, expanding product and service offerings, upgrading enterprise resource planning systems, and incorporating inorganic growth opportunities.
Mark Tedford of Valley Ridge commented on the transaction, ?As our name ?Investment Partners? indicates, Valley Ridge Investment Partners strives to find the best partners in founder-led companies and in our financing partners. We found high quality partners in both respects on this transaction.? John Sheffield, also of Valley Ridge added, ?We are very excited to have been supported by Tecum and C3 in this transaction with the founder, Eddie Youngblood, who will remain actively involved. Tecum was just recently named to Inc. Magazine?s 50 Best Private Equity Firms for Entrepreneurs, so their involvement here is a perfect match. Tecum and C3 have successfully partnered together on other investments as well.?
FourBridges Capital Advisors represented National Power as its exclusive financial advisor. Legal assistance was provided to the Company by Smith Anderson. McGuireWoods and JonesDay represented Valley Ridge and Tecum/C3, respectively, with legal advice. CohnReznick provided accounting, tax and quality of earnings advice to Valley Ridge in conjunction with this transaction.
ABOUT NATIONAL POWER
National Power provides efficiently managed power and network infrastructure solutions for the telecommunications, cable, wireless and broadband industries and other businesses and institutions of all sizes. A National Master Distributor for Eaton Power Quality products and the only Industrial Distributor for Generac generators in the Carolinas, National Power utilizes their full range of products and decades of experience to create back-up power solutions that save you time and money. Whatever your power needs, National Power will customize and implement a back-up solution, from installation to parts and routine service, to keep your business running with Smarter, Nonstop Power. For more information, please visit natpow.com.
ABOUT VALLEY RIDGE INVESTMENT PARTNERS
Valley Ridge was founded in New Canaan, Connecticut as an independent sponsor private equity firm to make control investments in lower middle market industrial companies. Valley Ridge searches for unique situations and untapped growth opportunities to build market leading enterprises on the foundations established by visionary entrepreneurs. Valley Ridge?s goal is to build successful partnerships with its investors and the management teams of the companies in which it invests. For more information, please visit www.valleyridgeip.com.
ABOUT TECUM CAPITAL
Tecum Capital Partners is an independent investment firm based in Pittsburgh, Pennsylvania with over $750 million in assets under management. Tecum is a multi-strategy investor and is currently investing out of its second SBIC Fund. The investment team partners with independent sponsors, family offices, business owners seeking succession plans, and management teams to create shared success. Since 2006, Tecum?s investment professionals have investment in over 80 platform and add-on acquisitions. Tecum specializes in growth-oriented middle market companies across the broader high-value manufacturing, value-added distribution, and business service sectors, with a focus on businesses with EBITDA in excess of $2 million. Tecum seeks to invest $5 million to $20 million in potential portfolio companies. For more information, please visit www.tecum.com.
ABOUT C3 CAPITAL
C3 Capital is an experienced SBIC mezzanine lender with offices in Kansas City and Phoenix. C3 has invested over $500 million in more than 80 companies since 2003. C3 provides expansion and acquisition capital to lower middle market companies across the United States, working closely with entrepreneurs and sponsors, owners and managers to execute growth strategies and enhance long-term enterprise value. The funds make $3-15 million investments in the form of subordinated debt or preferred equity in established businesses with a history of profitability. C3 currently manages three funds, all licensed as Small Business Investment Companies, with combined assets greater than $400 million. For more information, please visit www.c3cap.com.
Valley Ridge Investment Partners
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