2021

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A capacity crunch amidst high demand

A capacity crunch throughout the transportation, logistics and warehousing sectors continued through the end of 2021. Shifts in consumer spending, tight capacity, supply shortages and ongoing coronavirus threats have impacted how shippers and carriers do business. 

Demand for goods and materials continues to outpace the supply needed to produce and transport goods from points of production to consumption.  U.S. consumers have shifted their consumption habits from services to durables, driven by the pandemic and more time spent at home. Closely related is the trend toward faster and more frequent deliveries, which continues to spur growth in final mile. 

We’ve highlighted some of the key themes that impacted the transportation & logistics industry in 2021 and where shippers and carriers have focused their efforts to combat the supply chain challenges and capitalize on the heightened demand. 

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CLIENT

ZRG Partners, LLC. (“ZRG” or the “Company”) is a leading global executive search and human capital management firm. It provides a range of executive search, consulting & advisory, and interim solutions across the Industrials, Life Sciences, Consumer, Financial Services, Sports, and Technology industries, among others.

SITUATION

In 2018 following ZRG’s financial partnership with RFE Investment Partners (“RFE”) the organization grew exponentially through increased senior-level hiring efforts. To build on this momentum, in late 2019 ZRG identified an avenue to further diversify and grow its services portfolio of human capital consulting. Through a targeted M&A effort centered around enhancing capabilities, ZRG sought to further differentiate its offering in the marketplace by providing additional consulting solutions for their clients.

ENGAGEMENT

G2 Capital Advisors, LLC (“G2”) served as the exclusive buy-side advisor to ZRG leading a strategic M&A effort focused on identifying and engaging with potential acquisition candidates in the human capital consulting market. ZRG and RFE partnered with G2 to leverage the firms’ deep-rooted expertise across the Technology & Business Services practice, with a heavy focus on services-oriented businesses including specialty consulting and executive search.

OUTCOME

G2’s mandate with ZRG led to the acquisition of Brimstone Consulting Group, LLC. (“Brimstone”), a leading management consultancy offering solutions across leadership development; diversity, equity, and inclusion; post-merger integration; and more. Headquartered in Camden, Maine, Brimstone serves a range of medium sized to Fortune-500 businesses across the globe. Together, ZRG and Brimstone will leverage an extensive network of Human Capital search professionals, interim financial professionals, and business consultants to better serve its client base.

“The complementary nature of our businesses made Brimstone an obvious partner for ZRG, as we continue to expand our portfolio of talent advisory solutions,” says Larry Hartmann, CEO of ZRG. “Further ensuring a new CEO is successful with the proven process of Brimstone will create a new paradigm for CEO transitions. We are pleased that we can now address two critical areas of leadership to align success for our clients with both strategy work and culture work. We believe when a company aligns strategy and culture with the right talent, amazing success can be achieved, and our offerings now address these three core areas.” 

Andrew Keleher, Vice President at G2 Capital Advisors, commented “The team at G2 has deep roots in the human capital management segment of the market. Supporting one of the world’s fastest-growing executive search/talent recruitment firms on their growth strategy has been a real pleasure these past few years and we look forward to continuing our work together. The recent acquisition of Brimstone Consulting further enhances ZRG’s offering by adding senior level talent that manages a disciplined approach to supporting leaders through business transformation. We are thrilled for both organizations and look forward to seeing their success together in the coming years!”.

About ZRG Partners

Over the past four years, ZRG has been the leader in top line growth and increasing market share through its talented workforce and its investments in industry leading innovations and talent acquisition tools supporting its clients in making better informed and timely talent decisions. The proprietary collaborative Zi platform with its integrated Z Score, Compensation Tools, Interview Insights, and Culture Fit Score have accelerated the hiring process in excess of thirty percent with better decision making. Since 1999, ZRG’s data-driven approach to executive and professional search has been changing the way its clients think about acquiring top talent. For over 20 years, clients have trusted ZRG to recruit top talent around the world. Today, ZRG is recognized as the fastest-growing global search firm and provides a full suite of retained executive management and customized talent solutions through its locations in North America, South America, Europe, the Middle East, and Asia.

About Brimstone Consulting Group, LLC.

Brimstone Consulting is a global leader in business consulting. Brimstone works side by side with their clients, moving from strategy to execution and uncovering the pivot points for true business growth and transformation. Brimstone’s straightforward methodology simultaneously aligns the organization and develops leaders while accelerating growth, performance, and profitability. Brimestone’s core work is focused on business acceleration; change enablement; culture change; executive coaching; leadership development; leadership team alignment; organizational alignment; diversity, equity, and inclusion; and post-merger execution. Brimstone Consulting Group is based out of Camden, ME.

About RFE Investment Partners 

RFE Investment Partners is a private equity firm focused on making control investments in established small market companies located in the United States. RFE is a long-standing New Canaan, Connecticut-based firm founded in 1980 with over 40 years of experience investing in the lower middle market. RFE’s investment strategy is to transform its portfolio companies from the lower end of the market to fully professionalized and market leading middle market companies. RFE is currently investing out of Fund IX. For more information, visit www.rfeip.com.

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.

CONTACTS ON THIS DEAL:

Matt Konkle, President, T: 857.310.5554 E: [email protected]

Kerri Ford, Managing Director, Head of Technology & Business Services, T: 917.515.7585 E: [email protected]

Andrew Keleher, Vice President, T: 860.748.6480 E: [email protected]

Ben Stevenson, Associate: T: 412.680.9100 E: [email protected]

Aaron Levy, Senior Analyst: T: 857.250.2767 E: [email protected]

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G2 Capital Advisors is pleased to present its Industrials & Manufacturing industry update for Q3 2021, providing commentary and analysis on M&A and market trends within the Industrials & Manufacturing sectors.  We hope this report finds you and your families safe and healthy, we encourage you to contact us directly if you would like to discuss our perspective on the current market environment, trends, or our relevant industry experience.

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CLIENT
Founded in 1971, The Granite Group Wholesalers, LLC (“The Granite Group” or “the Company”), serves New England residential and commercial contractors, providing exceptional service and products to plumbing, heating, cooling, water, and propane markets. Headquartered in Concord, NH, the Company’s best-in-class e-commerce and 45+ branch network is operated by expertly trained staff that offer an industry-leading customer experience. The Company serves a diverse mix of contractors and fuel dealers with a deeply ingrained, people-first culture, positioning the Company as one of the top building product distributors in the Northeast.

SITUATION
The Granite Group has long been one of the leading family-owned businesses in the Northeast. In the past few years, the Company has embarked on a strategic, thoughtful expansion across New England and within its e-commerce platform, increasing density in key markets and expanding its presence through organic branch openings and acquisitions. A meticulous approach to product line expansion has ensured strategic alignment with the Company’s customers and differentiated product knowledge. With its sustained growth, the family identified further opportunities to fast-track their vision with the right strategic growth partner.

ENGAGEMENT
G2 has served as a long-term strategic advisor to The Granite Group and as the exclusive financial advisor for this process, was responsible for leading a highly tailored and efficient transaction process for the family and Company.

OUTCOME
The transaction was successfully executed through a growth investment by BBH Capital Partners (“BBHCP”) in the equity interests of The Granite Group. The family is retaining ownership, and Bill Condron, President and CEO of The Granite Group, will continue to lead the Company, using additional resources and expertise from BBHCP to execute on a shared vision of growth.

“G2 has been our trusted advisor and partner for many years, supporting the execution of family’s and the Company’s long-term vision. Throughout this process and the duration of our relationship, G2 has been a key strategic advisor, aligning with our people-first culture, and helping us define and execute the best possible outcome. G2’s deep knowledge of our business and industry, and vision for the potential of our platform was critical to the success of this process, along with their unique ability to guide the family through a major life event,” said Bill Condron, CEO of The Granite Group.

“The exciting partnership between The Granite Group and BBHCP will supercharge the robust growth of their platform and allow them to execute their strategic vision on an accelerated timeline. We are thrilled to have had the opportunity to lead our client through to a successful outcome,” said Jeffrey Unger, CEO of G2. “Our relationship with The Granite Group is a terrific example of our strategy of acting as an industry focused trusted advisor to innovative, high growth companies.” 

The transaction will support the Company’s growth initiatives of expanding organic footprint and executing strategic acquisitions. 

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors. (www.g2cap.com

CONTACTS ON THIS DEAL:

Jeffrey Unger, Chairman & CEO: T: 617.918.7929 E[email protected]


Victoria Arrigoni, Managing Director, Industrials & Manufacturing: T: 619.742.6441 E[email protected]

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G2 Capital Advisors (“G2”) announced today the formal launch of its fourth industry practice, Consumer Retail, synchronously with the appointment of Brian Cohen as Managing Director, Head of Consumer Retail. While this announcement officially acknowledges the newly-formed practice, the decision to invest in the firms’ growth across this industry is rooted in its’ deep history serving clients within the Consumer Retail space over the last ten years. Of note, G2 has completed 30+ engagements to date supporting Consumer and Retail clients such as The Paper Store, Chia Pet, Bee’s Wrap, Directed, Sound United, Arbre Farms, Slade Gorton, Yandy.com, etc.

Cohen has over 25 years of client-facing experience and a deep knowledge of the consumer and retail space; he is a seasoned and recognized business and marketing executive, visionary, and change agent. Brian brings a dedicated expertise in enterprise-level operations and leadership, M&A, marketing, digital transformation, and eCommerce with a proven track record as a hands-on entrepreneur, business builder, operator, growth driver, and team leader. With a focus on executing strategic M&A transactions, planning & execution, and capital raises for emerging brands, Brian will collaborate with G2’s senior leadership to expand the firms’ existing footprint in the space.

“Adding a leader and professional of Brian’s quality and accomplishments is a key milestone for our Firm. His background is uniquely suited for this role given his diverse blend of consumer and retail experience, and a career track record of driving strategic growth initiatives for both the clients he’s served and companies he’s led, including M&A, advisory and restructuring initiatives. We are looking forward to harnessing his drive, ingenuity, and collaboration as we grow and expand our sector expertise across the consumer and retail universe,” said Matt Konkle, President of G2 Capital Advisors.

Leveraging the full breadth of G2’s capabilities across buy-side advisory, sell-side advisory, capital markets, and restructuring, the Consumer Retail team will utilize its expertise to help clients fuel long-term strategic growth. This announcement builds on G2’s tremendous momentum over the past year. Brian’s addition to G2’s highly qualified and experienced team will naturally extend the Firm’s reputation in the Consumer space, leveraging the strength of the G2 brand with more activity and resources in the associated verticals.

“I’m thrilled to join G2 at such an important moment in the company’s history.” Said Cohen.  “As a former client, I’ve witnessed first-hand the value, expertise, and partnership that this organization provides, and I am energized to extend that same partnership forward through the launch of the Consumer Retail practice.”

“We live in a fast-moving and ever-changing world. Shifting consumer motivations and behaviors are driving a whole new set of opportunities and challenges for retailers, service providers, and manufacturers alike.” Cohen continued, “As a result, organizations are facing new opportunities to achieve meaningful growth and maximize value.  As a former CEO faced with this very dynamic, G2 helped me navigate these challenges and identify the best path forward for operation. It is for these reasons that now is the perfect time to join G2 and formally launch the Consumer Retail practice to help guide and support others in the same capacity.”

Before G2 Capital Advisors, Brian was the CEO of Match Marketing Group, a private equity-owned North American consumer and retail-focused marketing services organization with 500+ employees across the US and Canada. Brian led the financial turnaround to profitability and stability while simultaneously modernizing Match’s data-driven go-to-market approach, new business philosophies, and marketplace position. He facilitated the sale of Match during the Covid-19 pandemic for a favorable return for all.

Brian will be based out of G2’s Boston office and report directly to Matt Konkle, President of G2 Capital Advisors.

MEDIA RELATIONS:

Jennifer Johnson, Vice President, Marketing T: 978.204.8050 E: [email protected]

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G2 Capital Advisors announced today that Matt Konkle has been appointed President of the firm. Formerly Senior Managing Director and Head of Industry Teams at G2, Matt is an accomplished C-Level executive and operator with 25 years of experience in the Technology and E-commerce services industry. Matt possesses a deep background leading complex advisory transactions in the middle market. In his role as President, Matt will lead the day-to-day aspects of G2 as well as provide oversight to the firm’s business sectors in developing and executing against its short and long-term strategies.

“With the explosive and sustained growth of the firm, it is the right moment for us to continue to invest in our organizational leadership. Matt has the vision, leadership, and expertise to support the changing and growing needs of our organization as G2 continues to scale and drive towards our long-term strategic objectives,” says Founder & Chief Executive Officer Jeffrey Unger.  “Matt’s unique understanding of our clients from entrepreneurs to institutional investors and their respective requirements makes him the ideal leader to complement our management team. We are making this organizational change to support the next stage of our growth, amidst significant firm-wide momentum as we charge through the second half of this year. Matt will be working very closely with our entire leadership team to leverage its collective experience, market and industry knowledge and operational expertise to position G2 to achieve, if not exceed, the objectives set for growth.”

“I am honored and excited to take on the role as President of the G2 team. It’s a privilege to be a part of a tremendously strong company poised for continued growth. We have an extremely talented, diverse and accomplished team who are deeply committed to achieving success for our clients. Now is the time to focus on how G2 can evolve holistically to support overall firm growth.” says Konkle. “This is a pivotal moment for G2 to build on the impressive momentum we have accomplished, the collaborative relationships we have with our clients, and the organizational culture and go-to-market strategy established by our CEO and founder, Jeffrey Unger. I have worked beside Jeffrey for the last six years and personally understand the significance of his contributions. His dedicated leadership and passion provide an example for us all, and I look forward to partnering together as we leverage the knowledge and expertise across the organization to unlock G2’s growth potential.”

Before joining G2, Matt was President of Fifth Gear, a tech-enabled services company and provider of end-to-end e-commerce solutions, including order management, fulfillment, customer care, and freight management. Matt led Fifth Gear from inception, including developing the company’s product and service offerings and go-to-market strategy. Matt partnered with G2 on buy-side, financial advisory, and sell-side mandates as part of Fifth Gear’s growth strategy. In 2014, Matt and G2 completed a strategic sale of the business to Speed Commerce (NASDAQ: SPDC). As the Chief Operating Officer of Speed Commerce, Matt was responsible for a team of over 1,500 employees serving over 30 retail and consumer brands. In his previous role at G2 as Head of Industry Teams, Matt was focused on maximizing the value of firm’s industry-specific, operations-centric approach in the middle market. Through that work, Matt has developed a deep understanding of the support required for a high-growth organization like G2. He has had a direct impact on the firm’s agile approach to accommodating the evolving needs of its clients. 

Matt holds a Bachelor of Science in Business Administration from the Indiana University Kelley School of Business and a Master’s in Business Administration from the University of Chicago Booth School of Business.

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CLIENT

Worldwide Produce (“Worldwide”) is a leading distributor of high-quality fresh fruits, vegetables, dairy products, and specialty foods to local restaurants, national chains, hotels, country clubs, entertainment venues, and catering companies in the Southern California region. Operating from state-of-the-art climate-controlled facilities in Los Angeles, California and Las Vegas, Nevada, Worldwide stocks thousands of items needed to efficiently operate a foodservice business. Worldwide also carries hard-to-find specialty items, paper goods, and cleaning supplies.

SITUATION

Long-term industry leader, Worldwide, joined forces with financial partner, Sole Source Capital (“Sole Source”) in 2019. Since being founded in 1989, Worldwide established its reputation as a premium produce provider to the Foodservice industry and experienced strong organic growth. Following its partnership with Sole Source, Worldwide’s management team were looking to further enhance their growth through a targeted M&A strategy to deepen their service and product offerings, acquire new customers, and expand geographically into new markets.    

ENGAGEMENT

G2 Capital Advisors, LLC (“G2”) served as the exclusive financial advisor to Worldwide leading a bespoke buy-side effort focused on identifying and engaging with companies that have a strong market presence and operations within the produce distribution markets.

OUTCOME

G2’s mandate with Worldwide led to the acquisition of Vision Produce Company (“Vision”) which added an enhanced geographic presence, additional sales channels, deep grower relationships, and a strong talent pool. Together, Worldwide and Vision will leverage a larger geographic footprint, impressive food safety records, and expertise to deliver the highest quality of goods to their customer base.

Todd Ferguson, CEO of Worldwide Produce, commented “I’m thrilled that Vision Produce has joined the Worldwide family. The team at Vision brings tremendous experience sourcing and importing quality produce, and expertly serving their blue-chip customer base. With a location in Phoenix as well as Los Angeles, Vision’s footprint allows us to continue to expand our reach and serve customers in this key growth market.”

“We are excited for the Worldwide team on its closing of Vision Produce as this acquisition will further enhance their capabilities. Both companies are highly reputable players with long histories of success, and we are glad to have played a role in their new partnership,” said Andrew Keleher, Vice President at G2 Capital Advisors.

About Worldwide Produce:

Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy products, and specialty foods to independent and chain restaurants across the Southern California region. The company operates out of two distribution facilities located in Los Angeles, CA and Las Vegas, NV and stocks roughly 6,000 SKUs.  Worldwide Produce was founded by current management in 1989 and has rapidly grown its revenue base due to its high-quality produce, superior service levels, strong sales staff, and high-quality 

leadership.

About Vision Produce Company: 
Established in 1980 with facilities in both Los Angeles and Phoenix, Vision Produce is a produce importer and distributor selling primarily to retail, wholesale and foodservice distribution customers in the Western United States. The Company offers a variety of fresh produce types including mangoes, limes, melons, chili peppers and more, which are sourced primarily from Mexico and South America. Additionally, Vision Produce owns Southwest Truck Brokers, a Phoenix-based freight and logistics broker primarily servicing the Western United States.

About Sole Source Capital

Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy and build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact [email protected]

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.

CONTACTS ON THIS DEAL:

Peter Reed, Director, Buy-side: T: 617.918.7972 E: [email protected]

Andrew Keleher, Vice President: T: 860.748.6480 E: [email protected]

Matt Ball, Senior Associate: T: 617.918.7933: [email protected]

Aaron Levy, Senior Analyst: T: 857.250.2767 E: [email protected]

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CLIENT

Granite Bridge Partners’ (“Granite Bridge”) portfolio company The InterMed Group (“InterMed” or the “Company”) is a premier provider of integrated health technology management services, offering a broad range of services to healthcare providers including inspection, preventative maintenance, corrective repair, logistics planning, and consulting. As an OEM-agnostic provider of medical equipment management solutions covering all modalities including Nuclear Medicine, Ultrasound, X-Ray, CT, MRI, DR, CR and various lab equipment, InterMed allows its clients to use a single provider for multi-modality needs instead of multiple contracts with OEMs or redundant staffing. The Company strives to enhance overall program quality, cost, and timeliness, by tailoring its services to the needs of their clients, with the speed and creativity of a smaller player, but with the professional coverage of a much larger provider.

SITUATION

Long-term industry stalwart, InterMed, joined forces with financial partner, Granite Bridge (formerly Wafra Partners) in 2015. Under the leadership of Rick Staab, InterMed established its reputation as a premium service provider and experienced strong organic growth. Following its partnership with Granite Bridge, Rick and his management team were looking to further enhance their growth through a targeted M&A strategy to deepen their service and product offerings, acquire new customers, and expand geographically into new U.S. markets.

ENGAGEMENT

The Company engaged G2 Capital Advisors, LLC (“G2”) as its exclusive buy-side advisor, leading a tailored buy-side effort focused on engaging with companies that have strong reputations for medical management and maintenance solutions across all modalities.

OUTCOME

G2’s search led to the acquisition of Modern Biomedical & Imaging, Inc. (“Modern”) which added a new location, additional capabilities, and a strong brand in the market. InterMed acquired Modern, an independent provider of equipment maintenance services to healthcare facilities in the southern region of the United States. Together these organizations will leverage their newly combined talent, service offerings and geographic footprint to deliver a more integrated solution of equipment management services to healthcare systems across the US. Rick Staab, CEO of The InterMed Group, commented “We are very excited about entering the growing Texas market and I feel that the acquisition of Modern Biomedical was the best platform for our organization as we grow throughout the southern region. We look forward to bringing together our corporate cultures and cross-selling premier equipment management services within our combined network of nationwide healthcare systems. Throughout the process, G2 has been instrumental in sourcing this acquisition candidate and supporting the transaction process as our trusted buy side advisor. G2 ran a robust and efficient process that resulted in finding a new partner in Modern Biomedical that we are thrilled to welcome to The InterMed Group family.”

“The InterMed Group will significantly benefit from its partnership with Modern Biomedical. Both organizations have excellent reputations and service minded cultures that are well known in the marketplace,” said Andrew Keleher, Vice President at G2 Capital Advisors.

About The InterMed Group:

As a premier provider of integrated health technology management services, InterMed offers an array of Health Technology Management options to its clients. From comprehensive equipment planning and administration to strategic coverage of key divisions or modalities in support of in-house, OEM, or hybrid solutions, InterMed strives to enhance overall program quality, cost, timeliness, and client confidence, by tailoring its services to the needs of their clients. InterMed’s unique Jump Team™ solutions provide skilled engineers for a wide variety of project needs. Jump Team™ services include credentialed temporary staffing, special projects, routine and project-driven PMs, compliance preparation, physical inventories, and cybersecurity assessments. InterMed also sells and services used, reconditioned, and new imaging equipment from select OEMs. (www.intermed1.com)

About Modern Biomedical & Imaging, Inc.:

Modern Biomedical & Imaging is a premier national independent provider of Healthcare Technology Management, offering comprehensive on-site medical equipment services to virtually every type of healthcare facility in several states across the country. Modern offers a fully comprehensive asset management program customized to best suit their clients’ operational and financial HTM needs. Headquartered in Irving, TX, the Company, via its top-notch services and reputation and through its contractual arrangements, has experienced steady growth by serving a well-diversified array of healthcare facilities, including hospitals, medical centers, outpatient surgery centers, clinics, and doctor offices. (https://www.modernbiomedical.com)

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.

Securities offered through Hollister Associates, LLC. Member FINRA, SIPC. G2 Capital Advisors, LLC and Hollister Associates, LLC are separate and unaffiliated entities. This does not constitute an offer to buy or sell securities.

CONTACTS ON THIS DEAL:

Peter Reed, Director, Buy-side: T: 617.918.7972 E: [email protected]
Andrew Keleher, Vice President: T: 860.748.6480 E: [email protected]

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CLIENT:
Systems Control (the “Company”) is a best-in-class designer and manufacturer of customized, highly engineered control panels and electrical substation equipment enclosures for the transmission and distribution industry across North America. The Company is recognized by electric utility providers for supplying high-quality, critical components to ensure reliable operations of the electrical grid. Systems Control is headquartered in Iron Mountain, Michigan and employs over 750 people.

SITUATION:
Systems Control established aggressive growth objectives and an acquisition strategy to identify manufacturing expertise in the market that would enhance and expand utility customer relationships, broaden its geographic presence, and maintain an aligned business philosophy. With fresh capital through its financial partnership with Comvest Partners (“Comvest”) in 2018, Systems was well positioned to accelerate its growth through a disciplined acquisition strategy and explore expansion opportunities.

ENGAGEMENT:
G2 Capital Advisors, LLC (“G2”) was engaged by Systems Control as the exclusive buy-side advisor to identify, source and engage with acquisition targets that fit with the Company’s end-market profile.

OUTCOME:
The definitive agreement was announced on June 21st, 2021. The acquisition provides additional capabilities and geographic scale to Systems Control’s operations.

The team at Keystone is a strong cultural fit with the Systems Control family. Both companies have similar values and approaches to providing engineering and manufacturing services. Furthermore, the additional investment in Keystone will accelerate growth, while unlocking core capabilities in a high growth market.

“We are really excited about the opportunity to partner with the Keystone team” said Brad Lebouef, CEO of Systems Control. “Keystone has a reputation for high quality products, is a great cultural fit all around, and will immediately expand our production capabilities.”
“It was a pleasure working with Systems Control and the Comvest team to help identify opportunities, build relationships, and ultimately execute a highly strategic transaction with Keystone. We look forward to watching the ongoing success of Systems as they continue to expand the platform within the electrical enclosures and systems industries,” said Michael Williams, Director at G2 Capital Advisors.

About Systems Control
Systems Control specializes in engineering and manufacturing of equipment enclosures and control and relay panels used in electrical transmission and distribution substations across North America.

About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $6.1 billion. Today, Comvest Partners has approximately $5.0 billion of assets under management. Through extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance.

About G2 Capital Advisors
G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors.

CONTACTS ON THIS DEAL:
Michael Williams: Director, Industrials & Manufacturing: T: 917.523.2164 E: [email protected]
Andrew Keleher: Vice President: T: 617.918.7982 E: [email protected]
Matt Ball: Associate: T: 617.918.7933 E: [email protected]
Aaron Levy: Senior Analyst: T: 857.250.2767 E: [email protected]

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G2 Capital Advisors, a leading full-service, industry-focused investment bank and restructuring advisory firm, is pleased to announce two key additions to the Firms’ Capital Markets team. Andrew McAteer has been appointed as Vice President and Cullen Moore as Senior Analyst. Andrew and Cullen are based in Boston and report to Howard Lanser, Managing Director & Head of Capital Markets.

“We are excited to add Andrew and Cullen to our team as we continue to build out our Capital Markets platform,” said Jeffrey Unger, Chairman & CEO for G2 Capital Advisors. “The combination of their unique experiences in debt financing, market expertise, network of corporate and sponsor-based relationships and extensive track record of excellence in closing capital markets transactions will bring immediate value to our clients.”

Andrew brings extensive capital markets, M&A, and corporate finance advisory experience to the Firm and will be responsible for sourcing, structuring and executing debt and equity raises for both private and public middle-market companies. Andrew holds Series 79, Series 82, and Series 63 licenses.

Prior to joining G2, Andrew was a Vice President at Wells Fargo where he focused on structuring and executing senior debt financings for leveraged buyouts, M&A and recapitalizations. At Wells Fargo, Andrew successfully transacted over $2B of new debt origination and refinancing primarily for sponsor-backed businesses across several industries including but not limited to; manufacturing, software & technology, industrials, consumer goods, distribution and healthcare.

Cullen was an Analyst in the Leveraged Finance Group at Goldman Sachs, providing advisory services related to clients’ capital structure needs, structuring and executing senior debt transactions, and acting as a liaison between the lender syndicates and corporate clients.

“Given their experience base, Andrew and Cullen have quickly and seamlessly integrated into the G2 platform and client engagements,” said Howard Lanser, Head of Capital Markets. “Each brings a unique set of experiences and skills to the team, which has allowed us to broaden our capabilities to the direct benefit of our clients. We couldn’t be more excited about the future of our Capital Markets practice with Andrew and Cullen playing a key role in our future growth.”

ABOUT G2:
G2 is a Boston-based integrated multi-product, industry-focused investment bank and restructuring advisory firm focused on crafting bespoke operational and financial advisory solutions for our corporate and investor clients. We work with clients across a range of situational dynamics, from struggles with a challenging downtrend to development of and execution of a growth strategy. Our breadth of service capabilities is unparalleled in the middle market.