Power Plumbing Has Been Acquired by Peltram Plumbing Holdings, a Porfolio Company of Crescendo Capital Partners
HOUSTON, August 24, 2021 -- GulfStar Group ("GulfStar") is pleased to announce the acquisition of Power Plumbing, Inc. (“Power” or the “Company”) by Peltram Plumbing Holdings (“Peltram”), a portfolio company of Crescendo Capital Partners (“Crescendo”). GulfStar served as the exclusive financial advisor to Power throughout the transaction, which closed on July 30, 2021.
Founded in 1988 and based in Houston, Texas, Power is the largest plumbing-focused mechanical contractor serving multi-family builders throughout Texas. The Company has delivered best in class results, service, and value to customers for over 30 years while utilizing the latest technologies and offering a full range of capabilities that span the entire construction process.
“Partnering with Peltram and Crescendo is incredibly exciting for Power,” said Dick Pearsall, president and CEO of Power. “With the resources of a national platform propelling Power, we believe the Company will cement its reputation as the plumbing contractor and employer of choice in Texas.”
“We are thrilled to partner with Power,” added CL Turner, III, chairman of Peltram and Crescendo’s founding partner. “Power’s preeminent reputation and unmatched ability to execute across four high-growth, highly-attractive Texas markets is a natural fit for Peltram.”
Peltram is a mechanical contractor providing plumbing services in six high-growth markets throughout the U.S. Peltram provides both construction (new construction and retrofit) and service solutions to building owners, developers and homeowners across single-family, multi-family and commercial end-markets.
“This transaction was instrumental not only in enabling Power to advance its strategic growth initiatives but also in providing liquidity and diversification opportunities for the participants in its ESOP,” said Cliff Atherton, managing director of GulfStar. “The combination of Power with Peltram was the option best-suited to these dual objectives, and we were honored to work with Dick Pearsall and his team to achieve this great outcome.”
The GulfStar team was led by Managing Directors Cliff Atherton and Tom Hargrove along with Senior Vice President Charles Craig and Analysts Brodie Sherman and Luis Barrera.
About Crescendo Capital Partners
Crescendo invests in middle-market companies at an inflection point, bringing capital and scaling skills to unleash latent growth potential. Crescendo has made 12 platform acquisitions totaling ~$350M, and has a particular expertise in the construction trades, with 10 such closed acquisitions and one pending.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 700 transactions in 36 states and 16 foreign countries across a variety of industries.