After a private equity firm became its majority owner in February, Worcester-based electrical contractor and energy solutions company Commonwealth Electrical Technologies has acquired NuWave Energy Solutions in Norwell.
After a private equity firm became its majority owner in February, Worcester-based electrical contractor and energy solutions company Commonwealth Electrical Technologies has acquired NuWave Energy Solutions in Norwell.
CET purchased NuWave, a firm founded in 2019 and focused on energy-efficient design and construction, as part of an effort to deliver integrated solutions across multiple markets and strengthen its team of employees, according to a Tuesday press release from CET.
Financial terms of the deal were not disclosed.
NuWave was founded in 2019 by Ryan Blair and serves customers in commercial, industrial, and institutional markets across the country.
“This acquisition marks an important step in CET’s growth journey, reinforcing our vision for sustainable growth and significantly increasing our service offering,” John Duquette, CEO of Commonwealth Electrical Technologies, said in the press release. “Ryan and his team are highly respected in the industry, and together we will deliver even more comprehensive energy solutions to our clients.”
CET was founded in 2008 and has 170 employees. Providing services which include electrical contracting, solar installation, and energy efficiency assessments, the firm includes business customers like Charlton-based Tree House Brewing and Westminster-based Aubuchon Hardware among its clients, according to its website.
The acquisition by CET is its first since New York-based private equity firm Broad Sky Partners became the company’s majority investor in February. Broad Sky focuses on middle market businesses with typical annual revenues between $10 million and $1 billion that provide essential services for other businesses, according to its website.
Greenberg Traurig LLP in Boston served as legal advisor to CET on the transaction. North Carolina-based FMI Capital Advisors acted as the exclusive sell-side advisor, while Quincy-based Baker, Braverman and Barbadoro was the legal advisor to NuWave.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
