Lynx Equity is pleased to announce the acquisition of Granite Electric
July 14, 2022
July 13, 2022 – Toronto, ON / Calgary, AB – Lynx Equity is pleased to announce the acquisition of Granite Electric Ltd. (“Granite” or “the Company”), a leading provider of electrical and fiber optic contracting services. Since being founded by Christopher Troy in 1993, Granite has been one of Alberta’s largest electrical contractors specializing in fiber optics and COAX installation, with a focus on telecommunication infrastructure. Over the last two decades, Christopher has developed a niche-focused team of electricians who are managed by an experienced General Manager, Philip Sparrow, who has been with the Company since 2000.
Granite is the go-to contractor for Canada’s largest telecommunication providers and has been the leading contributor in building out the network in the Calgary Metropolitan Region. The extensive trust and reliance have been built due to the Granite’s deep understanding of the local network, its technical capabilities, and commitment to providing 24/7 support to ensure continuous connectivity for customers. In addition to Granite’s specialization in the fibre optics space, the Company acquired Apex Cable Ltd. as a means to vertically integrate its service offerings, thereby allowing Granite to provide COAX cable installation to residential developments.
“Granite Electric is an excellent fit for our portfolio and fund mandate,” shared Mujtaba Abidi, Lynx M&A Associate. “An essential service provider in one of the strongest telecommunication sectors globally, Chris has built a great business with an impressive team. We are looking forward to transitioning Phil into the leadership role and supporting him in maintaining the Company’s legacy while further expanding its operations.”
Christopher made the decision to sell Granite in preparation for retirement but will be actively involved over the next year to ensure a smooth transition of ownership.
“Building Granite Electric Ltd.,” began Christopher, Founder of Granite Electric, “has been my life’s work – I have lived and breathed it for 29 years. It is fair to say that I had deep concerns on whom I could confidently pass the mantle to; who would carry the business forward, who shared the same ideals, and who could achieve the highest goals. I am overjoyed to relay that Lynx has surmounted all of my concerns and exceeded my hopes for the continuation of the business. Early on in the process, Lynx demonstrated a near identical set of values and ideals. Lynx’s acquisition has been the perfect outcome and is pivotal in providing the next stepping stone toward Granite reaching full potential.”
The transaction was facilitated with buy-side legal and accounting services provided by Minden Gross LLP and Deloitte Canada respectively. BDC Capital’s Growth and Transition Capital division provided acquisition financing. Lynx has had the pleasure of previously working with this division of BDC when acquiring Yellowhead Wood Products Inc. in 2021 and Alpine Shredders in 2019.
Granite Electric is joining Lynx’s robust portfolio of service providers. Lynx continues to actively pursue a variety of acquisition opportunities across North America, Europe, and the United Kingdom.
About Granite Electric
Since 1993, Granite Electric has been one of the largest electrical contractors in Alberta specializing in the telecommunication sector. The Company manages fiber optic and COAX installations ranging from fiber-to-the-premises, all the way to the last-mile end-users. Granite provides end-to-end services across indoor and outdoor dwellings, building interior conduit systems, and constructing pathways into both residential and commercial buildings. Granite is based in Calgary with over 40 employees. The Company’s footprint covers Alberta, Western Saskatchewan and Eastern British Columbia.
To learn more about Granite Electric, please visit www.graniteelectric.net
About Lynx Equity Limited
With sales in excess of $600M CAD, Lynx Equity Limited is a diversified Toronto-based private equity firm focused on acquiring small and medium-sized businesses from owners looking to retire or seeking strategic opportunities. Lynx targets acquisitions of companies with EBITDA between $1– $3.5M USD and utilizes a buy and hold strategy.
To learn more about Lynx Equity, please visit www.lynxequity.com
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