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Private equity firm invests in telecom contractor
A local private equity firm has invested in a telecommunications contractor in the area.
Grand Rapids-based Concurrence Capital Holdings (CCH) said last week it invested in Sparta-based Utility Contracting Company (UCC).
Terms of the deal were not disclosed.
“Recognizing the opportunity before us given the current telecom infrastructure landscape, I have been actively seeking the right partner to help UCC evolve and grow, while maintaining our core values of safety, quality and productivity,” said Andrew Ross, executive director, UCC.
“I am confident I have found that partner in Concurrence Capital Holdings.”
Ross and the other members of the UCC leadership team will remain in place, including Tim Rood, president, and C. Andy Edwards, CFO.
CCH partners Michael Brom and Jason Byrd will take “active roles” to support UCC’s management team.
“With more than 40 years in business, Andrew, Tim, Andy and their entire team of more than 100 dedicated and skilled professionals should take pride in what they have accomplished together,” Brom said.
Byrd added: “As the telecom infrastructure industry continues to thrive, UCC is well-positioned to leverage this opportunity for future organic and acquisitive growth. We are excited to partner with them and bring our experience to bear to support their ongoing success.”
Founded in 2017, Concurrence Capital Holdings is a private investment and management firm.
It targets companies that have sales of greater than $5 million, EBITDA of $1 million to $8 million and deal in the niche manufacturing, food and beverage, automotive, medical device, value-added distribution and B2B service industries.
Founded in 1974, Utility Contracting Company is an "outside plant" telecom contractor, specializing in placing, splicing and testing services for copper and fiber-optic cables in buried and aerial environments.
The company serves a wide array of customers across Michigan from its four field offices in Grand Rapids, Kalamazoo, Lansing and Saginaw.