Firm News

White Wolf Private Credit Recapitalizes Pacific Power & Systems

White Wolf Capital is pleased to announce the recapitalization of Pacific Power & Systems, LLC (“PPS”).



July 9, 2021 – Based in Fairfield, CA, PPS is a highly regarded electrical and specialty services contractor focused on public works, industrial, institutional, renewable energy sectors.  In conjunction with the transaction, White Wolf Private Credit Management LLC (“White Wolf Private Credit”) supported PPS’s acquisition of Millennium Electric, Inc., an Orlando, FL, based electrical contractor focused on the commercial, industrial, and multi-family sectors.

White Wolf Private Credit provided a senior secured term loan as well as a minority preferred equity co-investment to support the transaction. Details of the financing were not disclosed.

By supporting PPS, White Wolf Private Credit is backing industry veteran Wally Budgell who will continue in his role as CEO of PPS.

Wally Budgell, CEO of PPS, noted “This is an exciting time for Pacific Power & Systems, after several years of successful internal growth we are thrilled to have partnered with White Wolf on what we believe will be the first of many strategic acquisitions. As we move ahead with our acquisition strategy we are confident that the White Wolf team will provide the expertise, wisdom, and support required to be successful. We look forward to working with Judd and the White Wolf team for many years to come.”

Judd Kohn, Managing Director and Head of Enterprise Lending Solutions at White Wolf Private Credit added “We are very excited to partner with Wally and his team at PPS. The strategy Wally has implemented at PPS is impressive, and this partnership will allow PPS to expand into the fast-growing Florida market.  We know that PPS seeks growth organically and through acquisitions, and we are ready to support the Company now and in the future.”

About PPS

Pacific Power & Systems, Inc. (PPS) is a highly regarded electrical and specialty services contractor focused for more than three decades on public works, industrial, institutional, renewable energy and lease-leaseback projects in the San Francisco Bay Area and beyond. Clients include all levels of government, school districts, property developers, public and privately held corporations, and small businesses.

PPS provides its own in-house design and installation of electrical power (including emergency power infrastructure), copper and fiber cabling, complex fire alarm systems, paging and communication systems, clock systems, security and access control, AV systems, data infrastructure, and the latest in LED lighting.

PPS is a direct distributor for many manufacturers of the products it installs. The Company’s highly skilled craftsmen are factory–trained and certified by the manufacturers it represents. PPS’s Fire Alarm Technicians are NICET–Certified (National Institute for Certification in Engineering Technologies).

The PPS management team has been deeply involved in electrical and systems contracting for over 40 years, including experience since 1991 with California Division of State Architect rules and regulations.

For further information, please visit: www.pacificpowersystem.com.

About Millennium Electric

Millennium Electric is a Florida Corporation formed in 1998 to compete in the Electrical Construction Market. Millennium is headquartered in the Greater Orlando Area and is considered one of the premier Central Florida Electrical Contractors engaging in all phases of Electrical Construction including: commercial, industrial, residential, and servicing.

White Wolf Private Credit Investment Criteria

  • Overview: Flexible and creative financing solutions with a focus on underwriting enterprise value and cash flows.
  • Structures: First & Second Lien, Unitranche Structures, Mezzanine, Subordinated Debt, Equity Co-investment.
  • Investment sizes: $5 million – $25 million (larger with financing partners)
  • Minimum revenue and EBITDA: $10 million and $3 million, respectively.
  • Borrower profiles: Independent sponsors or search funds, business owners and management, private equity funds and family offices.
  • Situations: Buyouts / changes of control, acquisition financing, debt refinancings, minority recapitalizations and growth capital.
About White Wolf

White Wolf is a private investment firm that began operations in late 2011 and is focused on management buyouts, recapitalizations and investments in leading middle market companies. White Wolf seeks both private equity and private credit investment opportunities in companies that are headquartered in North America with $20 million to $200 million in revenues and up to $20 million in EBITDA (smaller for add-ons). Preferred industries include manufacturing, business services, information technology, security, aerospace and defense. For further information, please visit: www.whitewolfcapital.com.

 


Back to News >