White Construction Company, Inc. sells to Crestview Partners-backed  Congruex, LLC
Case Study

White Construction Company, Inc. sells to Crestview Partners-backed Congruex, LLC

White Construction Company, Inc. sells to Crestview Partners-backed  Congruex, LLC
Case Study

White Construction Company, Inc. sells to Crestview Partners-backed Congruex, LLC

Client need

Founded in 1995, White Construction Company, Inc. (White Construction) is a telecom-focused, self-perform construction company that specializes primarily in underground construction work. The company has particular expertise in fiber-to-the-home, fiber-to-the-premises and fiber optic interconnect projects, while also having aerial, splicing and cutover capabilities.

Adam and Abraham White, co-owners of White Construction, desired to find a partner to help fund and execute the company’s growth opportunities, while at the same time obtaining liquidity from the business they worked hard to build. Furthermore, they wanted a partner who would allow them to participate in the company’s future growth opportunities.

Baker Tilly Capital solution

The investment banking team at Baker Tilly Capital worked closely with White Construction, developing and implementing a competitive transaction process to find the right partner moving forward. Our team assessed the company’s current state of operations and assisted in gathering and developing its financial and strategic information into a comprehensive confidential information memorandum. With a deep understanding of the construction industry, the team conducted an extensive marketing process to targeted strategic and financial buyers that met the parameters set forth by Adam and Abraham.

Results

The outcome of the transaction process matched White Construction with Congruex, LLC, a national end-to-end telecom engineering and construction provider, and a platform company of Crestview Partners. Congruex was interested in furthering its position as one of the largest telecom firms in the United States by adding self-perform construction capabilities to its service offering.

The Baker Tilly Capital team negotiated a complex recapitalization transaction between the two companies, which allowed Adam and Abraham to obtain a significant portion of the business’s value in cash at the close of the transaction. More importantly, the recapitalization allowed the co-owners to continue participating in the business’ future growth by contributing equity in the new business on a tax-deferred basis.

Baker Tilly Capital understood our organization’s goals, as well as our personal goals, in our desire to find a partner for the future. We are excited to begin our partnership with Congruex and look forward to growing our business even further as we continue providing innovative and efficient construction services to our customers.
Adam and Abraham White, co-owners – White Construction Company, Inc.
Group of professionals with laptops and documents
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