Eaglestone, LLC (“Eaglestone”), a portfolio company of Aterian Investment Partners (“Aterian”), is pleased to announce a strategic partnership with Commonwealth Electrical Technologies, Inc. (“CET” or the “Company”).
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Founded in 2008 and based in Worcester, Massachusetts, CET is a leading non-union provider of energy efficiency, solar, and commercial electrical services in New England. The Company offers a comprehensive suite of services including installing, servicing & testing commercial solar panel investments, providing renovations, new construction services & electrical maintenance for commercial / industrial facilities and specializing in optimizing lighting, mechanical work and EV charging stations. The Company serves a well-diversified customer base across many high-growth end markets including EV charging, solar, healthcare, commercial, automotive and education. CET has a strong presence in the New England market and is well-positioned for continued growth as this region has proactively embraced green initiatives.
“We are excited to partner with CET and welcome CET to the Eaglestone family,” stated Andru Coren, Chief Executive Officer of Eaglestone. “CET has a longstanding history of providing exceptional service to its customers. Its expertise in solar & energy efficiency will complement Eaglestone’s existing capabilities. Through the acquisition of CET, Eaglestone will expand its commercial relationships throughout the Northeast, allowing us to better service our broader markets and continue our growth trajectory.”
John Duquette Sr., President and owner of CET, stated, “Eaglestone’s partnership will continue the vision of CET and help us on our next phase of growth. We believe that Eaglestone and CET are culturally and operationally aligned, which will position the combined business for future success in the Northeast. We have already been growing our geographic presence to help better serve our customers and are confident that we have found the right partner in Eaglestone to continue our success.”
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Michael Fieldstone, Co-Founder & Partner at Aterian, commented, “We are excited to partner with John Sr. and the highly-skilled CET team. CET has a long history of being a market leader and providing exceptional, consistent one-stop services including design / build, service & maintenance and testing & inspection capabilities to its customers. We look forward to supporting management in expanding the Company’s solar and EV charging station presence, while preserving its family-like culture and serving its customers at the highest level possible.”
Daniel Phan, Managing Director at Aterian, commented, “We are thrilled to have closed our seventh strategic add-on to the Eaglestone platform since partnering with the team in 2019. We believe John Sr. and his team will make a great addition to Eaglestone as we continue to expand our capabilities and footprint.”
Capstone Partners served as investment banking advisor to the seller. Mountain, Dearborn & Whiting LLP and Stolberg, Ebbeling & Blanchette LLP also advised the seller on the transaction. Kirkland & Ellis LLP and CohnReznick LLP advised Aterian and Eaglestone.
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