PCE Executes ESOP Transaction for Tri-City

WINTER PARK, FL –  PCE Investment Bankers, Inc., a leading financial services firm for mid-market companies, is pleased to announce that the shareholders of Tri-City Electrical Contractors, Inc. (Tri-City) have transferred an interest in the company to the Tri-City Employee Stock Ownership Plan (ESOP) Trust.

Founded in 1958, Tri-City is Florida’s leader in electrical contracting.  With four locations throughout the state and more than 800 employees, Tri-City provides vast bonding capacity and human resources for projects of all sizes including commercial, health care, theme park, office buildings, hospitality, government, schools, special projects, industrial, multi-family and residential projects.

PCE guided Tri-City through the feasibility study, providing them a roadmap of their options, and then through the ESOP formation process including raising capital.

“We consider our employees to be our greatest asset and we have always rewarded them for good performance. This is consistent with that philosophy, while offering them an additional vehicle for retirement planning. It also helps with organizational performance and provides a strong succession plan for Tri-City,” stated Jack Olmstead, President of Tri-City.  Mr. Olmstead continued, “The team at PCE was vital to the successful implementation of the ESOP and we enjoyed working with them throughout the process. ”

Will Stewart of PCE commented, “Tri-City and its shareholders were great candidates for an ESOP transaction.  The way they treat their employees and the loyalty they receive in return made the ESOP a natural fit and we were honored to help them through the process.”

About: Tri-City Electrical Contractors, Inc. offers unparalleled and award-winning expertise in commercial, health care, theme park, office buildings, hospitality, government, schools, special projects, industrial, multi-family, residential projects and more. Based on sound business practices and management, Tri-City provides vast bonding capacity and human resources for projects of all sizes. Whatever the assignment, Tri-City can handle every project phase from initial design to final warranty.  With over 800 field and support staff statewide, Tri-City can handle any project from start to finish, from wire to wire — locally and throughout the State of Florida.

About: PCE is a leading financial services firm for mid-market companies, offering clients a full range of investment banking, valuation and advisory services. PCE delivers M&A support, ESOPs, management buyouts (MBOs), bankruptcy advisory, restructuring, and fairness and solvency opinion advisory services. Additionally, the firm offers management consulting, succession planning, strategic analysis and litigation support. Experienced in all market sectors, PCE has established several specialty practice areas, including Consumer, Diversified Industrial – Infrastructure & Power, Healthcare, Construction & Building Products, Manufacturing, and Food. Offices in Orlando, Atlanta, Chicago and New York.

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