Huron Capital Completes Acquisition of TriStruX
Investment Marks Huron Capital’s sixth platform investment in 2021, a record year of activity for the 22-year-old firm
DETROIT (December 23, 2021) — Leading middle-market private equity firm, Huron Capital (“Huron”), announced that it has completed the acquisition of TriStruX (the “Company”), a leading national provider of telecom infrastructure services to wireless carriers, cable companies, and OEMs.
Clifton, New Jersey-based TriStruX was formed by the 2020 merger of Telcom Engineering Group (“TEG”), Leone Electric Corporation (“LEC”), and High Point Utilities (“HPU”). The majority owners of these businesses, Frank Pena, Nick Leone, Craig Langenbach, and Scott Palmenberg will remain in key management roles and maintain minority equity stakes in the Company under Huron ownership. Huron Managing Partner, Jim Mahoney and industry veteran, Gene Callahan will join the Company’s Board of Directors. Randall P. Muench will continue to serve as CEO.
Jim Mahoney, Huron Managing Partner said, “We are pleased to partner with Randy and team to invest in such a well-regarded and scaled telecom infrastructure services platform that is poised to take advantage of significant secular tailwinds including the roll-out of 5G infrastructure, fiber deployment, and fiber-to-the-home and enterprise investments. We believe there’s a meaningful opportunity to continue the Company’s expansion both organically and through acquisition while maintaining its track record of high-quality service delivery and deep focus on safety.”
Operating throughout the United States, TriStruX provides a range of installation, upgrade, and maintenance services including macro cell towers and 5G wireless construction, underground and overhead fiber construction, and hardware decommissioning to the leading US-based telecommunications and cable companies.
Nick Leone, said, “Huron’s investment will help us achieve our vision of becoming one of the premier telecom service providers in the country.”
Frank Pena, said, “I am proud of the quality business we have built and am looking forward to becoming stronger and nimbler while maintaining the quality and “can do” success we bring to our clients. A partnership with Huron ensures we can accomplish this.”
TriStruX has experienced strong organic growth expanding its business in the Northeast, California, Southeast and Midwest markets, and is preparing to open four new markets during the first quarter of 2022.
Randall P. Muench, CEO said, “TriStruX experienced record growth in 2021 and we are just getting started. We are laser focused on delivering quality wireless site installations and hundreds of miles of fiber at a scale our clients expect while continuing to be a great place to work for our employees. I’m especially excited to be on this journey with Huron who brings deep expertise in building scalable businesses and accelerating growth through M&A.”
The acquisition of TriStruX is Huron Capital’s sixth platform investment this year.
Honigman LLP served as legal advisor to Huron Capital. Day Pitney LLP served as legal advisor to TriStruX.
About Huron Capital
Founded in Detroit in 1999, Huron Capital (“Huron”) is an operationally focused private equity firm with a long history of growing middle-market companies through its proprietary ExecFactor® buy-and-build investment model. Huron prefers complex situations where it can help companies reach their full potential by combining its operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron has successfully established six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 235 companies, and its portfolio companies have employed over 11,000 people throughout North America. The Huron buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron invests control equity in fundamentally sound companies that can benefit from the firm’s operational approach to creating value. Huron focuses on niche segments within the commercial & industrial services, professional services and consumer services sectors. For more information, please visit: www.huroncapital.com.
TriStruX, LLC provides comprehensive turnkey telecommunications service solutions across the continental United States. Our mission is to provide the highest level of quality and excellence as a turnkey solution provider, building telecommunications infrastructure (5G, fiber installation, macro tower services, DAS) in our key markets. As a national, scaled service provider, we successfully compete in the telecommunications, power/electrical, utility, venue and regional / state / local government space. In 2020, the principals of Telcom Engineering Group (founded in 1991), Leone Electrical Company (founded in 1977) and High Point Utility merged their business to create TriStruX. Visit www.tristrux.com to learn more.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.