WestView Capital Partners Supports Management led Recapitalization and Growth Financing of Prime Electric
July 30th, 2021
Bellevue, Washington and Boston, Massachusetts - Prime Electric (“Prime” or the “Company”), a premier electrical services company operating in the Greater Seattle and Silicon Valley / Bay Area, announced today that it received growth financing to support a management led recapitalization from WestView Capital Partners (“WestView”), a Boston-based private equity firm focused on middle market growth companies.
Headquartered in Bellevue, Washington, Prime provides specialty electrical services primarily to large non-residential clients across the technology, healthcare & biotech, public sector & education, industrial and commercial real estate sectors. With a footprint spanning the Pacific Northwest and California, the Company’s capabilities include electrical construction, electrical service & maintenance, underground & utilities services, and low voltage technology solutions. Prime is one of the region’s largest employers with over 800 highly skilled electricians and offers extensive, end-to-end design-build capabilities spanning a development’s lifecycle.
“At Prime, we are dedicated to providing our customers with the best service possible. We are driven by a culture of ‘continuous improvement’ and accountability. We offer a highly skilled, sophisticated team of project managers and electricians who know how to successfully navigate the complex challenges of today’s electrical needs,” said Eric Reichanadter, Chairman of the Board at Prime. Bob Ledford, CEO of Prime, noted “We are excited to partner with WestView and leverage their deep experience as investors in guiding growth-based businesses. With this investment, Prime will continue to operate how it has historically and work on expanding the depth and breadth of our service offerings to meet the growing needs of our clients and the regions in which we operate.”
“Our investment in Prime reflects WestView’s commitment to partnering with top industrial companies led by world class operators,” said Carlo von Schroeter, Managing Partner at WestView who will join Prime’s Board of Directors. “Eric, Bob and his team have built an amazing organization centered around a remarkable culture. We believe Prime’s experience working on major developments across a variety of sectors, coupled with their comprehensive management capabilities, positions them well to be a go-to partner for future growth,” noted von Schroeter. “We are thrilled to join the Prime family. Prime is a special company with over 20 senior managers owning a piece of the organization and we are excited to support them on continuing what has led to their outstanding success over the past 30 years,” added Brett Rocheleau, a Vice President at WestView who will also join the Company’s board.
WestView was represented by Latham & Watkins. Prime was represented by BMO Capital Markets and Karr Tuttle Campbell.
Prime is a premier electrical service provider, serving the Greater Seattle and Bay Area for the past 30 years. Prime provides specialty electrical services primarily to large non-residential clients across a wide variety of sectors. With a footprint spanning the Pacific Northwest and California, the Company’s capabilities include electrical construction, electrical service & maintenance, underground & utilities services, and low voltage technology solutions. Prime is one of the region’s largest employers with over 800 highly skilled electricians and offers extensive, end-to-end design-build capabilities spanning a development’s lifecycle. Prime was founded in 1987 and is headquartered in Bellevue, Washington. For more information, please visit www.primee.com.
About WestView Capital Partners:
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer, and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 million. For more information, please visit www.wvcapital.com.