Crestview Partners-Backed Congruex Acquires Terra Technologies, LLC
Congruex, a national end-to-end provider of design, engineering, construction, construction management and maintenance services to broadband service providers, today announced the acquisition of Terra Technologies, LLC. Financial terms of the transaction were not disclosed.
Founded in 2011, privately-held Terra Technologies is headquartered in McHenry, IL. The company is a specialized civil engineering and construction firm with a deep expertise in legal mandate projects involving the mandatory relocation of existing telecommunication lines in the context of public infrastructure projects. Terra Technologies has developed highly differentiated capabilities in this space, with proprietary engineering and construction solutions that unlock meaningful savings for its customers by mitigating conflicts, speeding up projects, and minimizing operational disruption to networks.
Terra Technologies is the fifth acquisition that Congruex has completed since establishing a partnership with Crestview Partners, a leading New York-based private equity firm with significant expertise in the cable, telecommunications, and business services industries. In 2017, funds managed by Crestview Partners, along with the Congruex leadership team, committed $200 million of equity to build out a new platform as part of what is expected to be a total investment of approximately $500 million. This acquisition follows Congruex's 2017 acquisitions of CCLD Technologies and CHC Consulting, 2018 acquisition of White Construction and 2019 acquisition of Veterans Underground, and further establishes Congruex as one of the largest end-to-end telecom engineering and construction platforms in the United States.
Bill Beans, Congruex's CEO, said, "We are pleased to announce the acquisition of Terra Technologies, a company that provides distinctive and specialized capabilities to help telecommunications operators mitigate the cost and disruption that can arise from public infrastructure projects. The acquisition of Terra furthers our strategy to become one of America's largest end-to-end telecom engineering and construction platforms and to build out a robust suite of value-added capabilities. We look forward to welcoming all of Terra Technologies' outstanding employees to the growing Congruex platform."
Bob Wegener, President of Terra Technologies, added, "We are excited to begin our partnership with Congruex and to grow our business even further. They have an exciting business model and we are all looking forward to leveraging their operational expertise and capital resources as we continue providing innovative and efficient services to our customers."
Congruex was formed in mid-2017 by industry executives, Bill Beans and Kevin O'Hara, in partnership with Crestview Partners. 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 that include 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 Crestview Partners
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $9 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, please visit www.crestview.com.