Capstone Partners advised Ickler Electric Corporation — a leading electrical contractor — on their recapitalization via an ESOP transaction with private equity firm Mosaic Capital Partners LLC. The transaction closed in April 2025, and the terms of the deal were not disclosed.
Ickler is a leading electrical contractor in San Diego, California serving commercial clients in mission-critical industries including biotech, pharmaceuticals, data centers, and labs. Founded in 1985, the company offers differentiated prefabrication capabilities, prioritizing efficiency, safety, convenience, and quality for customers, while differentiating themselves from competitors. Ickler prides itself on its early design and preconstruction abilities, focusing on solutions-based outcomes and working collaboratively with clients and tailor services to their unique needs. For more information, visit Ickler here.
The creation of the ESOP will allow Ickler to retain and attract top talent in labor-constrained industry.
Capstone was a trusted advisor and sounding board to us through every phase of the transaction. We appreciate their professionalism and expertise navigating the transaction process so we could continue to grow the company at a rapid pace.
Crista Gilmore, Managing Director at Capstone Partners, noted “We are honored to have represented Ickler Electric in this transaction. Ickler Electric is a market leader in the electrical services industry by thinking outside the box on delivering solutions for their clients. Randy has transformed the company significantly over the last decade, and we are looking forward to seeing Ickler Electric accelerate its growth with Mosaic Capital Partners.”
Mosaic Capital Partners is a private equity firm focused on investing in lower middle market companies ($3-$12 million EBITDA) through an Employee Stock Ownership Plan (ESOP) transaction. Mosaic has created and supported over 3,000 employee owners through 13 platform investments with aggregate capital commitments of $230+ million. Ickler represents Mosaic’s first and preeminent platform investment in electrical contracting. Based in Charlotte, NC, Mosaic combines a number of compelling attributes of private equity and employee ownership in its unique investment approach. For more information, visit Mosaic here.
“We are thrilled to partner with Randy and bring an ownership opportunity to Ickler’s nearly 350 employees”, remarked Brett Findlay, a Principal with Mosaic who helped lead the transaction. “Ickler has been delivering outstanding electrical solutions and service for years thanks to the dedication of its labor force and leadership group,” he continued. “Transitioning to an ESOP is an exciting next step for an already great company.”
The investment banking professionals on Capstone Partners’ dedicated Construction Services Team work with leading middle market companies operating in the Electrical Engineering market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Building Products Banking Team, contact us here.
