Business Recapitalization
DENVER (2016) – Class VI Partners (formerly CapitalValue Advisors (“CVA”)) is pleased to announce the recapitalization of SiteWise Corporation (“SiteWise” or the “Company”), by CIVC Partners (“CIVC”), to be combined with Track Utilities (“Track”), an existing CIVC portfolio company. Class VI Partners served as the exclusive investment bank to SiteWise.
Exclusive Investment Bank
“We were fortunate to have been able to advise SiteWise for two years in advance of seeking a new capital partner to help the company build value and position itself for a transaction. Lee Wilkerson and his team executed their plan with discipline and perseverance, and the results were exceptional, culminating in an outstanding transaction,” said Chris Younger, Managing Director of Class VI Partners. “We believe the combination of SiteWise and Track will provide an excellent foundation for future growth and opportunities for SiteWise and its employees, and are honored to have been a small part of SiteWise’s journey.”
The Business Story
SiteWise (http://www.sitewisecorp.com) is a leading gas utility service provider that has been operating in the Denver Metro area since 1987. The Company specializes in compliance related contracted services such as reconstruction, new construction, operations & maintenance services, electric and gas meter installations and exchanges, along with utility damage prevention services such as utility locating and hydroexcavation. The management team at SiteWise possesses a tremendous level of industry expertise and knowledge resulting in one of the most experienced teams within the region. The Company’s impeccable stature in the industry is a testament to nearly 30 years of doing business with the highest regard for customer satisfaction and a continued long-term commitment to serving the needs of every client.
The combination of Track and SiteWise creates a multi-disciplined utility services provider servicing the natural gas, electric power, and telecom end-markets. Together with Track, the combined platform will have revenue of nearly $100mm, employ over 600 employees, and conduct operations across seven states in the Pacific Northwest and Intermountain West. SiteWise adds a wide array of natural gas services and solutions to Track’s existing telecom and electric power capabilities, and provides end-market, customer, and geographic diversification.
Lee Wilkerson, Majority Owner of SiteWise stated, “This is a terrific opportunity for us. Our new partnership with Track and CIVC gives us additional capital and resources, enabling SiteWise to expand our service offerings, better serve our customers, and support our growth strategy. CVA was the guiding light for us throughout this process. Their bidder sourcing, positioning, and coaching were essential for us to negotiate the best deal. We have no doubt that we chose the right partner. This was a success for everyone.”
The transaction was closed on April 25, 2016. BakerHostettler in Denver served as SiteWise’s legal counsel. Strategem provided tax and accounting services to SiteWise both prior to and throughout the transaction.
About Class VI Partners
Class VI provides middle-market investment banking services, including mergers and acquisitions advisory, corporate advisory, business valuation, and private capital raising services through its affiliate, Class VI Securities, LLC and Member FINRA. Class VI is also affiliated with and offers wealth management services through Class VI Family Office, LLC, a Registered Investment Advisor with the Securities & Exchange Commission.
Lee Wilkerson, Majority Owner of SiteWise, is a client of Class VI Partners and is not being compensated for sharing their opinion and experience with the firm. Any compensation creates a conflict of interest. Comments by Lee Wilkerson may not be representative of any other person’s experience with the firm and are no guarantee of future performance or success.
Additional Disclosures
Investment advisory services offered through Class VI Partners’ affiliate Class VI Family Office, LLC, a Registered Investment Adviser with the U.S Securities and Exchange Commission. Class VI Partners offers investment banking and private securities transactions through its affiliate, Class VI Securities, LLC. Class VI Securities, LLC is a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA). Class VI Pathfinder, LLC provides general business consulting to privately held businesses. Collectively these entities are referred to herein as “Class VI”.
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