April 15, 2022 – White Wolf Private Credit announced it has supported Sundog Capital (“Sundog”) in the platform acquisition of Stryker.
The platform, known as “Stryker Electric”, is initially comprised of three electrical contracting businesses: Stryker, Bay Area, and Edge. White Wolf provided the financing to support the acquisitions, which consisted of a senior secured term loan, a preferred equity co-investment, and a minority common equity co-investment. Details of the transaction were not disclosed.
Based in Palm City, FL, the combined platform represents a highly diversified electrical contracting company in attractive end markets and geographies with strong back-office infrastructure and industry-leading workforce recruiting, training, and retention practices. Scott Eccleston, President of Stryker, will remain as CEO of the Stryker Electric platform.
Scott Eccleston noted, “We are excited to have partnered with White Wolf and Sundog Capital to build a compelling platform in this dynamic industry. As we move ahead with our ambitious growth strategy, we are confident that the White Wolf and Sundog teams will provide the guidance and resources required for success. We look forward to working and growing together.”
Judd Kohn, Managing Director and Head of Enterprise Lending Solutions at White Wolf Private Credit added “White Wolf is thrilled to have partnered with Sundog and Scott on this exciting transaction. Under Scott’s leadership, we think Stryker is poised to accomplish great things as it seeks to expand its operations across Florida and the greater Southeast United States.”
Stryker Electrical Contracting, Inc. and affiliates Stryker Electric & Air, Inc., and Diversified Electrical Systems, Inc. (collectively “Stryker”) are leading electrical and specialty services contractors focused on educational, aviation, healthcare, commercial, public use, transportation / DOT, correctional, religion / worship, retail / hospitality, industrial, government / military, and high rises / multifamily projects in the Southeast.
Stryker provides its own in-house design, installation and maintenance of complex electrical power systems, cabling, paging and communication systems, low-voltage solutions, and HVAC services. Stryker is licensed in 5 Southeast states: Florida, Georgia, Alabama, South Carolina and North Carolina.
The Stryker management team have been leaders in the electrical contracting industry for over 40 years. For further information, please visit: www.stryker-electric.com.
About Bay Area
Bay Area Electric, Inc. (“Bay Area”) is based in Sarasota, FL and is a leader in providing electrical contracting services to industrial, municipal, commercial/institutional, and luxury residential customers throughout Southwest Florida. For over 12 years, Bay Area has provided in-house design/build services as well as service and maintenance. For further information, please visit www.bayareaelectricfl.com.
Edge Electric, Inc. (“Edge”) is a premier electrical contractor based in greater Austin, TX founded in 2009. Edge provides electrical design and installation services primarily to the commercial sector for tenant finish outs, new construction, and service. For further information, please visit www.edgeelectricinc.com.
Sundog Capital (“Sundog”) is a private equity firm founded in 2021 with a team of investors and operators focused on acquiring and growing businesses in the lower middle market. Sundog seeks majority recapitalization opportunities in companies with $2-10 million in EBITDA. Sundog takes a generalist investing approach, with a particular interest in specialty contracting services, manufacturing, distribution, and consumer products. For further information, please visit www.sundogcap.com.
White Wolf Capital is a private investment firm that began operations in late 2011 and is focused on making both direct and indirect investments in leading middle market companies located in North America.
On the direct side, White Wolf Capital seeks both private equity as well as private credit investment opportunities in companies with $20 million to $200 million in revenues and up to $20 million in EBITDA. Typical situations include, management buyouts leveraged buyouts, recapitalizations and investments for growth. Preferred industries include manufacturing, business services, government services, information technology, security, aerospace and defense.
In addition to making direct investments in operating companies, White Wolf Capital also looks to invest with other private fund managers as a limited partner. Targeted investment candidates are North American focused private credit funds looking to raise $50 million to $500 million in assets under management, with a focus on the lower-middle and middle-market. For further information, please visit: www.whitewolfcapital.com.