Crescenda announces the sale of Otter Tail subsidiary
Minneapolis, Minnesota – Crescenda Investment Banking Advisors announced that its client, Moorhead Electric, Inc. (MEI), was acquired by Parsons Electric, LLC. MEI is owned by Aevenia, Inc. a subsidiary of Otter Tail Corporation. The deal closed on October 20.
Moorhead Electrics' origins date back over 40 years to 1967 when the company was founded in Moorhead, Minnesota. Since then, MEI has grown into one of the largest and most highly respected electrical contracting companies in the Midwest. MEI has both a regional and national presence providing a full range of design-build, installation and support services for many blue chip clients including Archer Daniels Midland, Sanford Health, Anheuser Busch, Caterpillar and American Crystal Sugar.
Joel Moryn, President of Parsons said, "Turn-key design-build services for new construction and preventative maintenance for industry are the hallmark of both MEI and Parsons Electric, and since we have worked with MEI in western Minnesota and North Dakota, this was a natural acquisition." Moryn added, "MEI has a strong reputation as a leading electrical contractor in the Midwest and coupled with their strong commitment to providing cost-effective solutions and client services support, they will allow us to continue experiencing solid financial performance in 2013 and beyond.” Founded in 1927, Parsons is one of the Nation’s premier electrical and technology service providers and was recently ranked as the 21st largest by revenue in the U.S. by Engineering News Record. They are an established leader in the construction services industry providing quality design, construction, service and maintenance to their customers.
Headquartered in Minneapolis, MN, Parsons has additional offices in St. Paul, MN, Duluth, MN, Virginia, MN and Phoenix, AZ.
Otter Tail Corporation is headquartered in Fargo, North Dakota. They own companies in the electric utility and infrastructure businesses, which include manufacturing, construction, and plastics. The company trades on the NASDAQ Global Select Market under the symbol OTTR and is dedicated to creating long-term value and growth for customers, shareholders, and employees by being among the country’s leading diversified organizations with a strong electric business as its foundation.
Crescenda Investment Banking Advisors (Crescenda, LLC) represented Otter Tail Corporation as sell-side advisor. Jim Odney handled the sale for Crescenda.
www.otpco.com
parsonscorp.com
About Crescenda, LLC
Crescenda is a mergers and acquisitions intermediary and investment banking advisory firm specializing in representing privately held businesses in the sale of their companies.
Jim Odney, Managing Director Crescenda, LLC 515 Evergreen Ln N Plymouth, MN 55441 Ph: (763) 545-1886 Fx: (763) 545-1898
jim@crescenda.com www.crescenda.com