Capstone Partners advised Commonwealth Electrical Technologies (CET) on its sale to Eaglestone, LLC (Eaglestone), a portfolio company of Aterian Investment Partners (Aterian). Terms of the deal were not disclosed.
Founded in 2008 and based in Worcester, Massachusetts, CET is a leading non-union provider of energy efficiency, solar, and commercial electrical services in New England. The company offers a comprehensive suite of services including installing, servicing & testing commercial solar panel investments; new construction services & electrical maintenance for commercial industrial facilities; and specializing in optimizing lighting, mechanical work, and EV charging stations. CET serves a broad and well-diversified customer base across many high-growth end markets including electrical vehicle (EV) charging, solar energy, healthcare, commercial, automotive, and education. CET has a strong presence in the New England market and is well-positioned for continued growth as this region has proactively embraced green initiatives.
We selected Capstone Partners as our investment banking partner because of their experience with similar companies to ours. We were very impressed and comfortable with their management team. They guided us through the various challenges of the selling and closing processes. Their steady leadership was needed and much appreciated.
John Duquette Sr., President and Owner of CET, stated, “Eaglestone’s partnership will continue the vision of CET and help us on our next phase of growth. We believe that Eaglestone and CET are culturally and operationally aligned, which will position the combined business for future success in the Northeast. We have already been growing our geographic presence to help better serve our customers and are confident that we have found the right partner in Eaglestone to continue our success.”
Ted Polk, Managing Director at Capstone, added “CET is successfully applying its electrical contracting knowledge for multiple uses that are in high demand. It truly is a leading-edge player in today’s evolving energy markets.”
“We are excited to partner with CET and welcome CET to the Eaglestone family,” stated Andru Coren, Chief Executive Officer of Eaglestone. “CET has a longstanding history of providing exceptional service to its customers. Its expertise in solar & energy efficiency will complement Eaglestone’s existing capabilities. Through the acquisition of CET, Eaglestone will expand its commercial relationships throughout the Northeast, allowing us to better service our broader markets and continue our growth trajectory.”
Eaglestone, LLC is a holding company comprised of best-in-class MEPS sub-contractors providing superior workmanship and project management services across all commercial and residential construction platforms. Eaglestone, LLC is committed to companies that focus on energy strategies & solutions, service & maintenance programs, and biosecurity initiatives.
Aterian manages over $1.5 billion of committed capital investing in industry-leading, middle market businesses. Aterian supports investments throughout an organization, from people to processes, equipment, technology, and social governance, among other areas.