Author: Bengur Bryan

Bengur Bryan & Co., Inc., arranged senior debt and preferred equity for 3E, LLC (the “Company”), a utility service provider, to support the Company’s acquisition of Diversified Utility Services and Player and Company.

3E, LLC (www.3einfrastructure.com) is a utility service provider that installs, inspects, maintains, and replaces critical infrastructure throughout the United States. The Company currently provides its services through multiple branded operating subsidiaries. 3E is a Minority Business Enterprise and a portfolio company of 35711, a private investment firm with holdings in the data center, technology, and infrastructure services industries.

“We were excited to partner with the Bengur Bryan team again to close these acquisitions,” said Jay Scherer, Principal at 35711. “The additions of Player and Company and Diversified Utility Services expand our existing utility operations with complementary products and services and increase our southeastern workforce allowing 3E to continue to meet growing customer demand with local resources. Founder and Chairman of 35711, Dale LeFebvre, said, “The integrity, values, and customer focus of Player and Diversified Utility Services make them a great fit within the 3E family. Bengur Bryan played a critical role in driving these deals to close, and we, again, benefited from their strategic insights and industry knowledge.”

Player and Company provides specialty electrical, piping, and construction services throughout the southeastern United States to Industrial, Utility and Aviation infrastructure markets. Founded in 1946, Player and Company is based outside Atlanta, GA, and is minority-owned.

Diversified Utility Services is a natural gas utility construction and maintenance provider, serving Alabama, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia. Diversified Utility Services is a minority-owned business and based in Morrow, GA.

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, announced today that the firm acted as the exclusive financial adviser to Boyle Transportation in its announced sale to the Andlauer Healthcare Group (AHG) for approximately $80 million, subject to customary purchase price adjustments, of which $60 million of the purchase price will be payable in cash and $20 million will be satisfied through the issuance of AHG subordinate voting shares to the sellers.

Boyle Transportation provides specialized transportation services to clients in the life sciences and government/defense sectors. Boyle Transportation adheres to stringent quality and security standards, employs highly trained and dedicated professionals, continually invests in advanced technology and equipment, and has an expansive reach across the United States.

The company was recently named the “Best Overall Winners” for the second year in a row in the Best Fleets to Drive For®, an annual program dedicated to uncovering the best workplaces in the North American trucking industry, produced by the Carriers Edge and Truckload Carriers Association. Boyle Transportation will join AHG’s comprehensive platform of dedicated healthcare supply chain solutions and continue to be led by the current executive leadership team.

“We are thrilled to be welcoming the Boyle Transportation team to Andlauer Healthcare Group,” stated Michael Andlauer, Chief Executive Officer of AHG. “Boyle is a leader in the temperature-sensitive life sciences sector and brings complementary security and visibility capabilities to the defence sector. Boyle has a strong commitment to customer-focused care and a people-first approach, which are core values of the Andlauer Healthcare Group.”

“We’re excited to join the Andlauer team,” stated Andrew Boyle and Marc Boyle, Co-Presidents of Boyle Transportation. “As part of the highly regarded AHG platform, we will be able to offer a broader suite of services to our valuable clients. We are confident that this strategic move will help Boyle Transportation continue to be the provider of choice to clients and the employer of choice to transportation and logistics professionals in the U.S. The Bengur Bryan team was an integral part of the entire process, providing comprehensive transaction advice. They focused on achieving the best deal structure and strategic outcome for Boyle Transportation.”

“We are proud to partner with Andrew, Marc, and the Boyle Transportation team to bring this deal to fruition,” said Scott Bass, Managing Director of Bengur Bryan. “This is the 30th deal we’ve completed in the transportation and logistics industry, and we are pleased that we could utilize our deep industry knowledge to provide insights and maximize value for Boyle Transportation.”

Bengur Bryan provided financial and strategic advisory services to Three Wire Systems, LLC (“Three Wire” and “Company”) as part of a growth capital financing. Three Wire engaged Bengur Bryan to provide financial and strategic analysis for the Company, including the evaluation and modeling of multiple growth capital financing proposals to support the projected growth of the business.

Founded in 2006, Three Wire Systems, LLC is the leader in innovative and efficient technology solutions for government agencies and large enterprise corporations looking to modernize with innovative and efficient technology solutions. Three Wire designs solutions to support business goals and deliver superior results in a cost-efficient manner. Three Wire’s MyAdvisor® division provides holistic care to individuals and families, with access to one-on-one care coordination sessions in behavioral health, wellness, navigational advocacy, financial literacy, and career development. This includes the VetAdvisor® program, an American Association of Suicidology (AAS) accredited member, with over a decade of experience in health and wellness serving military veterans, active-duty service members, national guardsmen, and reservists.

“From the moment we engaged Bengur Bryan, we knew we made the right decision. Their strategic instincts and financial acumen, combined with their knowledge of the government services sector, proved to be incredibly valuable to our company,” commented Three Wire Chief Executive Officer Greg Feldman. “The structural concepts that Bengur Bryan laid out provided us with insight on how to best structure our growth capital.”

Bengur Bryan arranged $67.5 million in senior debt and preferred equity for 3E, LLC (the “Company”), a utilities service provider, to repurchase equity from a minority investor and refinance its debt to position it for growth.

Under the Benton-Georgia, LLC and Pipe Strong, LLC subsidiaries, 3E installs, inspects, maintains and replaces critical infrastructure for blue-chip, investor-owned natural gas utilities throughout the Southeast and Midwest regions. With history dating back to 1914, 3E enables utilities to reach their infrastructure goals and is well positioned to help its utility partners expand, improve maintenance and replace aging utility networks. The Company is a certified Minority Business Enterprise and is wholly owned by 3.5.7.11, a technology development, patent and private investment firm which has holdings in the data center, energy and financial services industries.

“The Bengur Bryan team served as an invaluable resource in structuring a transaction that allowed us to buy out our non-control equity partner and arrange a capital structure that sets up 3E to better serve our customers,” said Dale LeFebvre, founder of 3.5.7.11. “The team expertly managed a complex multi-party transaction and negotiated numerous competing interests, allowing us to reclaim 100% of the equity ownership and position our Company for growth. We look forward to continuing our relationship with Bengur Bryan.”

“Scott, Pat and Charles at Bengur Bryan partnered with us to execute a complicated set of transactions with multiple parties on a very tight timeline,” said 3E Chief Financial Officer Jay Scherer. “The Bengur Bryan team was instrumental in supporting and preparing 3E for its next chapter of growth.”

Pittsburgh, PA: Pinnacle Cranes, a leading Link-Belt and Manitex dealer in North Carolina and South Carolina, has been purchased by Western Allegheny Capital, LLC, and Tecum Equity, a Pittsburgh, PA-based family office investment partnership.

Pinnacle Cranes was established in 2001 as a division of CTE (formerly known as Carolina Tractor and Equipment Company), a leading provider of equipment, service, technology, and rental services to the construction, power generation, material handling, and warehouse solutions industries throughout North Carolina, South Carolina, and other Southeast markets.

Jim Mackinson, CEO of Pinnacle Cranes, comments, “The Pinnacle Team looks forward to partnering with Western Allegheny and Tecum to continue the great growth journey we have experienced in our markets. We will continue to operate as Pinnacle Cranes out of our current service facilities in Charlotte and Raleigh to provide customers with the same exceptional quality and service they have come to expect from Pinnacle.”

Tyson Smith, a partner at Tecum Equity, added, “We are excited to partner with the employees of Pinnacle to continue building on its success and key partnerships with Link-Belt and Manitex. We are confident the culture of great customer service will continue, and we look forward to supporting Pinnacle’s growth over the long-term.”

A comprehensive transition plan put in place by Pinnacle, CTE, and Tecum will guarantee Pinnacle continues the highest level of customer and product support. A search is currently underway to locate a new headquarters to meet future market demands.

About Tecum Equity: Western Allegheny Capital, LLC d/b/a Tecum Equity Partners (“Tecum Equity”) is a private family office investment vehicle, advised by Tecum Capital Management. Tecum Equity is focused on making control equity investments in middle-market companies with EBITDA ranging from $2 to $20 million. Tecum Equity seeks companies with an identifiable niche, a strong culture of customer service, and a history of long-term profitability. Tecum Equity is differentiated from traditional private equity by its intention to hold investments across multiple generations and long time horizons.

About Tecum Capital Management: Tecum Capital Management is a Pittsburgh, PA-based private investment firm with over $750 million of committed capital and focused on providing mezzanine debt and private equity to middle-market companies. Since 2006, Tecum has invested in over 80 platform and add-on acquisitions across its managed funds.  The firm is focused on providing financing for recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs.

On July 11, 2019, Bengur Bryan completed a $96 million equity recapitalization by Alaris Royalty Corp. and arrangement of $205 million in new senior debt facilities for PF Growth Partners, LLC (“PFGP”) led by Fifth Third Bank.  The transaction provided for new debt and equity growth capital to support the Company’s new club growth across its various development areas, as well as providing liquidity to the Company’s shareholders. Fifth Third Securities was a co-advisor to Bengur Bryan in the transaction.

Founded in 2007, PF Growth Partners, LLC is one of the largest franchisees in the Planet Fitness® (“PF”) system, currently serving over 500,000 members and operating 64 fitness clubs across the United States. The Company’s core geographic footprint includes the Maryland, Washington D.C., Tennessee, Florida, Washington and Northern California markets. Victor and Lynne Brick, co-founders and CEO + President of PFGP, each have over 35 years of experience in the health club industry, having opened their first full-service club in 1985. The Company is further supported by a group of professional business owners and an experienced management team which includes Glenn Norris, CFO, who has been with the Company since 2007. Over the years, PFGP has received multiple accolades from Planet Fitness corporate, including the inaugural Franchisee of the Year in 2013, Developer of the Year in 2014 and 2015, Highest BER (Brand Excellence Review) in 2014 and the Judgement Free Generation award in 2016 for their exceptional work with the local boys’ and girls’ clubs in Tennessee.

Bengur Bryan and its affiliates have had a relationship with Victor and Lynne Brick for over 15 years. In November 2014, Bengur Bryan completed a $93.75 million private placement of senior debt and preferred equity to refinance the Company’s existing debt and allow for new club growth in its development areas. Since 2014, Bengur Bryan and its affiliates have provided ongoing financial advisory services to the Company including a $5 million add-on preferred equity investment from its preferred equity partner in July 2015, a $20 million expansion of the Company’s existing capital expenditure loan from a syndicate of lenders in November 2016, the acquisition and conversion of 7 non-Planet Fitness clubs, under multiple brands, in early 2017 and the arrangement of $150 million of senior debt facilities from a syndicate of lenders in May 2018.

Bengur Bryan & Co., Inc. advised Accscient, LLC in the purchase of PDS, LLC (PDS). PDS, established in 1987 and headquartered in Denver, CO, has offices in Phoenix, AZ and Salt Lake City, UT and is one of the leading Information Technology (IT) & Engineering consulting firms in the Western United States. Given their presence in the southwest and strong engineering competencies, the acquisition will create significant benefits to both companies and especially PDS’s customer base.

Based in Atlanta, GA, Accscient was founded in 2005 with a goal of building a leading national provider of IT services. Accscient operates through three divisions (Norwin Technologies, Premier IT Solutions and Appridat) and provides IT consulting and IT staffing services on client projects including ERP planning/implementation, business intelligence, and infrastructure/data center management. Accscient serves Fortune 1000 customers in a wide variety of industries with over 350 consultants while leveraging offshore capabilities when appropriate.