Transaction

Tri-State Utilities Company


Transaction Details

Client:

Tri-State Utilities Company

Location:

Chesapeake, VA

Industry:

Buyer:

Hoffman Southwest Corp./ORIX Capital Partners

Transaction Type:

M&A Advisory

Close Date:

Situation
Tri-State Utilities Company (“Tri-State”) is a leading, award-winning, regional provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market. Tri-State maintains long-term sewer and stormwater contracts with an enviable list of blue-chip customers making it a market leader in the Mid-Atlantic and Southeast.

Objective
Matrix was retained by Tri-State to pursue a sale of the business with the goal of achieving a liquidity event and to provide wealth diversification for the Company’s shareholders.

Solution
Matrix articulated Tri-State’s investment thesis to a broad universe of strategic and financial buyers that possessed an understanding of the industry and the growth opportunities that exist within the Company’s geography.

Received significant initial interest and numerous final bids for the Company from a broad suite of financial and private equity supported strategic buyers.

Matrix negotiated with Hoffman Southwest/ORIX Capital Partners and closed a transaction that achieved terms, conditions and valuation that aligned with the seller’s objectives.

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