R.L. Hulett Advises Glaenzer Electric on its Sale to Heritage Holding

R.L. Hulett (“RLH”) is pleased to announce that its client, Glaenzer Electric, Inc. (“GEI”), has been acquired by Heritage Holding (“Heritage”). In this transaction, RLH acted as exclusive financial advisor to the Seller.

After more than 30 years as a business owner, Larry Glaenzer, GEI Founder & CEO, was seeking retirement and sought a buyer that could provide a combination of liquidity, resources and expertise needed to successfully transition GEI to the next level. Larry engaged R.L. Hulett to represent GEI in a sale process to find the ideal suitor.  Of particular importance to Larry was a buyer that would be a good custodian of the brand and culture he had built, while continuing to support GEI’s longstanding commitment to customer service and project execution. Heritage Holding emerged as the ideal buyer, with an existing platform in the MEP contracting space.  Heritage brought a number of intangibles to the table that would be very helpful to GEI including a Midwest presence with another one of its divisions in Airco located 30 minutes away, that had management infrastructure that could be very complimentary to help with the transition and facilitate Larry’s retirement.

Upon closing the transaction, owner Larry Glaenzer had this to say:

“We are thrilled to join forces with the Heritage team as we step into an exciting new chapter of growth for Glaenzer Electric’s employees and customers. We extend our heartfelt gratitude to every employee who has played an integral role in building this company into what it is today, your dedication and commitment have been the foundation of our success. We also wish to express our sincere appreciation to the R.L. Hulett team, whose expert guidance proved invaluable throughout this complex process.”– Larry Glaenzer, Owner & Founder, Glaenzer Electric

In this transaction, Mathis Marifian & Richter, Ltd. served as legal counsel to the Seller.

 

About Glaenzer Electric

Founded in Belleville, Illinois in 1993, GEI has been a trusted electrical contractor specializing in repair, retrofit, and installation services for commercial and residential customers for 33 years. Known for its broad expertise, including commercial lighting, new construction, generator installations, surge protection, and customized electrical solutions, GEI has developed a reputation for quality workmanship and on time project completion. GEI’s team of highly trained technicians and project managers ensures seamless execution from planning through commissioning while helping clients meet performance, budget, and compliance objectives.

 

About Heritage Holding

Founded in 2015 by Ross Porter and Alex de Pyffer, Heritage Holding is a Boston-based, values-driven private investment firm that partners with founder and family-led businesses across the industrials and business services sectors. Heritage is currently investing out of a $220MM institutional fund and has made more than 36 acquisitions across 11 Platform Companies to date.  The firm takes a long-term approach to investing, providing operational support, strategic guidance, and growth capital while preserving the culture and legacy of its portfolio companies.

 

The Heritage Holding Group is building a nationwide platform of HVAC, mechanical, plumbing and electrical providers across the nation. Glaenzer Electric represents Heritage’s first investment in the electrical contracting services space. Heritage has a proven track record of partnering with essential service providers and supporting leadership transitions in businesses with strong reputations and deep customer relationships. The firm remains committed to building lasting value by empowering management teams and investing in the next phase of growth.

 

About R.L. Hulett

R.L. Hulett is a St. Louis-based middle market investment bank providing sell-side and buy-side M&A advisory, capital markets advisory and valuation services to business owners and private equity executives. Founded in 1981, RL Hulett has advised in over 290 transactions across a variety of industries including industrials, food & consumer, packaging, transportation & logistics, business services, healthcare and software/tech-enabled services. The firm focuses on middle-market, family and founder-owned businesses with revenue ranging from $10 – 250MM and EBITDA from $2 – 20MM. In this transaction, RLH advised the Seller and facilitated the sale process by preparing marketing materials, contacting strategic and financial buyer candidates and negotiating with prospective suitors throughout the process.