Austin, TX — Phoenix Electric ("Phoenix" or the "Company"), the leading multi-family electrical contractor in Texas and a portfolio company of Tejas Investments, has been acquired by Ascension Property Services ("Ascension"). Phoenix's President, Michael Riley, will continue to lead and operate the Company. Specific terms of the transaction were not disclosed. Legacy FocalPoint Partners, LLC, now B. Riley Securities ("B. Riley"), served as financial advisor to the Company.
Michael Riley, President of Phoenix Electric, commented, "We look forward to leveraging the Ascension platform to support our current and future multi-family construction partners with the highest quality of service and reliability. I would like to thank Tejas Investments for their support over the last three years; the growth of Phoenix is a testament to the strength of the partnership we formed in 2017."
Todd Self, Partner at Tejas Investments, said, "Mike and his team have been great partners over the past 3-4 years. As the business continues to grow and expand we believe Ascension represents a natural next step forward for Phoenix." Todd added, "We thank the [B. Riley] team for their outstanding guidance throughout the process."
Connor Mitchell, Managing Director at B. Riley, said, "We are extremely proud to announce this closing in the middle of the COVID-19 pandemic. The success of this transaction demonstrates the strength of Phoenix Electric and the commitment of both the buyer and seller to effectuating this new partnership. We are excited for the future of the Company during this next phase of growth."
About Phoenix Electric Inc.
Founded in 1986, Phoenix Electric is a leading full-service multi-family electrical general contractor. The Company serves all major markets in the state of Texas, including Dallas-Fort Worth, San Antonio, Austin, Corpus Christi, and Houston, among others. The Company is led by a seasoned team of electrical professionals and enjoys strong, entrenched relationships with national and large regional general contractors operating within the state. To learn more, visit www.phoenixelectrictx.com.
About Ascension Property Services
The Ascension operating companies offer a variety of building services to commercial, industrial, municipal, and multi-family customers, including electric, HVAC, and painting. Founded in 2019, Ascension is aggressively pursuing acquisition opportunities as it continues to develop the "House of Brands."
B. Riley Securities is a leading investment bank that provides a full suite of investment banking, corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring, and recapitalization. The firm is nationally recognized and highly ranked for its proprietary small-cap equity research. B. Riley Securities is a wholly owned subsidiary of B. Riley Financial. For more information, visit brileysecurities.com.