Allegiance Capital Facilitates Acquisition of Mid-Plains Power
Firm Completes Three M&A Deals in Power Transmission and Distribution in 2010
Allegiance Capital has facilitated the acquisition of Mid-Plains Power, Inc. by Hunter Equity Capital and Manasota Capital, who will recapitalize the Nebraska-based power line maintenance company through an equity investment. Mid-Plains Power’s current management team will remain in place and will retain a significant ownership stake in the company. Terms of the private transaction were not disclosed.
“Allegiance Capital’s investment bankers listened to our vision and goals. They worked to understand our corporate culture and operations, and led us to the right financial partners,” said Kevin Hulse, President of Mid-Plains Power. “We’ve developed strong relationships with Dan Vermeire and Ryan Foley, who earned our trust through this complex process.”
Vermeire and Foley are Vice Presidents at Allegiance Capital who led the Mid-Plains Power deal team.
The Mid-Plains Power acquisition is the third transaction in the electricity transmission and distribution space for Allegiance Capital in 2010. The others were acquisitions of Allegiance Capital clients, T&D Solutions and E&R Incorporated.
“Kevin Hulse is a sharp, self-made businessman who took his company as far as possible with the resources available to him,” commented Foley.
“Now, with the additional investment and business acumen of Hunter Equity Capital and Manasota Capital, Kevin can grow his company to the next level. Dan and I are extremely proud of providing this entrepreneur with professional assistance and advice through a highly complicated sale process,” Foley concluded.
The investment by Hunter Equity Capital and Manasota Capital, both based in Chicago, will be instrumental in helping Mid-Plains Power capitalize on the growing demand for power line maintenance services, which is being fueled by an aging electric grid, expected long-term increase in demand for electric power and government-enforced reliability standards.
“We’re excited about the opportunities that are ahead with the addition of our new financial partners,” added Hulse.
Allegiance Capital has created a specialized practice dedicated to energy infrastructure with a focus on transmission and distribution.
“Investment bankers at Allegiance Capital have worked to develop relationships with, and deep knowledge of, private equity groups and large corporations whose acquisition strategies involve transmission and distribution service providers. We are currently involved in several additional engagements in the transmission and distribution space,” said Vermiere.
About Allegiance Capital Corporation
Allegiance Capital Corporation is an investment bank specializing in financing and selling businesses in the middle market. Allegiance Capital has won multiple awards recognizing the value it delivers to clients. Examples include: 2009 Dealmaker of the Year (Dallas Business Journal), 2008 Boutique Investment Bank of the Year (M&A Advisor), 2006 Investment Bank of the Year (Dallas Business Journal). Subscribe to the Capital Ideas blog. Follow Allegiance Capital on LinkedIn, Facebook, and Twitter:@ALLCAP.