Acquisition Is First Step In Establishing Best-In-Class Engineering and Construction Management Platform for Broadband Networks
Congruex Is Led by CEO Bill Beans and Executive Chairman Kevin O’Hara, and Backed by Crestview Partners
BOULDER, Colo., Nov. 6, 2017 /PRNewswire/ — Congruex, a company established for the purpose of building a nationwide platform that delivers end-to-end engineering, construction and maintenance services to broadband service providers and utility operators across the country, today announced the completion of its first acquisition, C.C.L.D. Technologies (“CCLD”). The acquisition of CCLD follows Congruex’s recent partnership with Crestview Partners, a New York-based private equity firm with significant experience in cable, telecommunications and business services. Funds managed by Crestview and the Congruex leadership team have committed to fund $200 million of equity to the new platform as part of what is expected to be a total investment of approximately $500 million to consolidate the highly fragmented sector against a backdrop of increased broadband infrastructure spending.
Founded in 1999, CCLD is an outside plant (OSP) telecommunications contracting firm headquartered in Buford, Georgia. The company operates across four lines of business: construction, engineering and design, Unmanned Aerial Vehicle (UAV) services, and disaster recovery network services. CCLD is a leader in emerging technologies, and has developed novel applications of Light Detection and Ranging (LiDAR) for OSP engineering. The firm engages in engineering and construction of large project work for many of the top broadband providers in the US.
Bill Beans, Chief Executive Officer of Congruex, said, “We are pleased to announce our first acquisition and look forward to working closely with CCLD as we build a best-in-class engineering and construction management platform.” Mr. Beans continued, “We are currently evaluating a host of further exciting acquisition opportunities that will empower Congruex to perform nationwide turnkey design, development and construction though our program management resource of outside plant fiber projects. In turn, Congruex will ultimately become one of the largest pure network engineering firms in the nation.”
Brett Burke, Chief Executive Officer of CCLD, said, “We are eager to begin our partnership with Congruex to further accelerate our growth, industry capabilities and resulting market share. Congruex’s executives share our strategic vision and deeply respect our firm’s distinct culture and innovative spirit. Collectively, we will all benefit from this transaction, particularly our employees, business partners and the client communities that we service.”
Congruex is comprised of seasoned industry executives bringing together leading engineering and construction companies across the U.S. Congruex is building a company with unique capabilities ranging from network development, engineering, construction and operations. Our customers benefit from the integrated skills that the Congruex companies can offer either as a single discipline, or as a turn-key solution with self-perform capabilities. For more information: www.congruex.com.
About C.C.L.D. Technologies
Founded in 1999, C.C.L.D. Technologies is an outside plant (OSP) telecommunications contracting firm headquartered in Buford, Georgia. The company operates across four lines of business: construction, engineering and design, Unmanned Aerial Vehicle (UAV) services, and disaster recovery network services. C.C.L.D. is a leader in emerging technologies, and has developed novel applications of Light Detection and Ranging (LiDAR) for OSP engineering. The firm engages in project work for clients such as AT&T, Verizon, and the state of Kentucky. For more information: ccldtech.com
About Crestview Partners
Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials, energy and financial services. For more information: crestview.com.
SOURCE Crestview Partners