Huron Capital’s Infrastructure Services Platform TriStruX Acquires Hess Broadband
TriStruX’s first acquisition under Huron Capital partnership adds fiber splicing and fiber network services capacity in the Northeast
Detroit, Mich. – October 4, 2022 – Middle-market private equity firm Huron Capital (“Huron”), and TriStruX (the “Company”), a leading national provider of telecom infrastructure services to wireless carriers, cable companies, tower owners, and OEMs, today announce the Company’s acquisition of Hess Broadband (“Hess”), a fiber optic splicing and specialty construction services provider.
“Our first add-on for this growing platform brings talented founders and a highly capable leadership team to TriStruX,” said Tony Pulice, Partner with Huron. “We’re excited to continue expanding TriStruX’s offerings into new geographies and we know Hess represents a critical opportunity to accelerate our value creation plan for the Company.”
TriStruX was acquired by Huron in 2021. Based in Clifton, New Jersey, TriStruX was formed by the 2020 merger of Telcom Engineering Group, Leone Electric Corporation, and High Point Utilities. The majority owners of each business remained in key management roles with minority equity stakes in the Company.
“We’re looking for founders and entrepreneurs who align with our vision and can help extend our business’ capabilities – and this is exactly what Hess will do for TriStruX’s service offerings,” said Randall P. Muench, CEO of TriStruX. “We partnered with Huron due in large part to its buy-and-build expertise to help us identify, evaluate, acquire and integrate businesses like Hess in order to build a scaled, nationwide telecom infrastructure services platform.”
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. The Company has experienced strong organic growth expanding its business in the Northeast, California, Southeast and Midwest markets, and continues to identify new regions for expansion.
Hess, a fiber optic splicing and specialty construction services provider, is based in Warwick, Pennsylvania, and primarily serves customers in that state, Delaware, and New Jersey.
“Our cultural alignment, common vision for value creation and potential synergies with the TriStruX team make this partnership a natural fit, and I’m confident this will help accelerate our recruiting efforts and organic growth,” said Fran Hess, Founder and President with Hess. “Huron and TriStruX represent a unique cultural fit for a small business owner, and our team is confident in the partnership and in the transparency we’ve been provided in this process.”
Founders Fran and Dave Hess will remain with the business in an executive leadership role and will continue to have a minority equity position in the Company going forward.
Delancey Street Partners and FOCUS Investment Banking served as financial advisors to Hess and Honigman LLP served as legal advisor to Huron and TriStruX.
About Huron Capital
Huron Capital brings a people-first and thematic approach to private equity investing in secularly relevant and fragmented sectors of the North American services industry. We pride ourselves on an unwavering commitment to candor, trust, accountability and transparency in our relationships with management teams, investors, advisors and employees.
Founded in Detroit in 1999, we partner with entrepreneurs and management teams, empowering their companies to new levels of excellence. We provide resources to help companies grow by professionalizing operations, improving service offerings, executing M&A strategies and accessing new markets.
Huron Capital has managed over $1.8 billion on behalf of a global institutional investor base. We fulfill our commitment to all stakeholders by employing a repeatable playbook to drive thoughtful value creation, showcased in over 250 acquisitions since the firm’s inception.
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.