Commonwealth Holdings, Inc. Acquires Rydalch Electric
BCC Advisers is pleased to announce our client, Commonwealth Holdings, Inc. (parent company of Commonwealth Electric Company of the Midwest), has expanded its operations with the acquisition of Rydalch Electric, Inc. BCC served as Commonwealth’s investment banker and advised in negotiations throughout the acquisition process.
Commonwealth will be combining its resources with Rydalch Electric’s highly trained professionals to deliver excellent electrical services to the Salt Lake City area, in addition to its current locations in Nebraska, Iowa, and Arizona.
“When we spoke with Rydalch, it was very clear we had the same vision in mind, went about business the same way, and valued customer and employee relationships. We both stand to benefit from combining our companies as we will remain committed to Rydalch’s employees and customers while bringing them the opportunity of employee ownership, new customers, and greater resources for expansion. At the same time, acquiring Rydalch will provide us with a reputable and established foundation in the Salt Lake City region, allowing us to extend our reach,” stated T Michael Price, President/CEO of Commonwealth Holdings. “BCC was instrumental in bringing us together with Rydalch and successful in navigating various challenges along the way,” Price added.
Rydalch Electric will continue to operate under the same name and build upon its reputation and history in the Salt Lake area. Rydalch’s leadership and staff will remain in place, leading its day-to-day operations. Its general contractors, subcontractors, and vendors will see no interruption in the same great service to which they have become accustomed.
“BCC’s long history of supporting ESOP-owned companies gave us confidence they understood our needs throughout the entire acquisition process. Not only have they helped many other ESOPs in making acquisitions, but equally important they have the knowledge to educate potential acquisition targets on the process of selling to an ESOP and the benefits it presents to owners and their employees. This really opened doors for us,” said Price.
About Commonwealth Holdings, Inc.
Established in 1987, Commonwealth Electric Company of the Midwest (CECM) is a provider of large and small-scale commercial and industrial electrical work, service, design-build assist, and pre-fabrication services. Commonwealth Holdings, Inc. was formed in 2022 as a parent company of CECM. Headquartered in Des Moines, Iowa, Commonwealth became an employee-owned company in 2017 and has grown to include 12 locations across Iowa, Nebraska, Arizona, and now Utah. For more information, please visit www.commonwealthelectric.com.
About Rydalch Electric, Inc.
Rydalch Electric is a long-time leader in Utah construction projects, providing electrical construction services for the state’s commercial, institutional, and industrial markets. The company’s capabilities include a complete design-build and construction management team, as well as a knowledgeable service department. A Salt Lake City-based company for over 25 years, Rydalch Electric has established great relationships with its customers, general contractors, and developers. For more information, please visit www.rydalchelectric.com.