Intrepid Investment Bankers (Intrepid), a leading middle-market investment bank, announced today that it acted as the exclusive financial advisor to HHS Construction, LLC and HHS Communications, LLC (HHS Construction) on its sale to Congruex, a private-equity backed national provider of engineering, construction management, and maintenance services to broadband providers. Founded in 2003, HHS Construction is a leading infrastructure services partner to major telecommunications and cable companies primarily in Southern California and adjacent geographies. HHS Construction’s core capabilities include aerial, underground and substructure construction, telecom engineering, placement and splicing of fiber optic cables and pole maintenance. HHS Construction is headquartered in Ontario, Calif. Intrepid’s senior team had previously represented the founders of HHS Construction in the sale of their first business in 1999.
“A few years after selling our first company in 1999, my partners and I formed a new venture to address the growing demand for fiberoptic cable infrastructure services in Southern California. When we started thinking about exploring a sale, we called the investment banking team at Intrepid who had earned our trust the first time around,” said Steve Schwing, Co-Founder of HHS Construction. “Once again, they took care of us as if it were their own company, always giving us advice that was in our best interest. They delivered in spades, again, running a competitive process that culminated in our partnership with Congruex, a platform that will help us accelerate our growth and capitalize on the massive demand for telecom infrastructure services.”
“Congruex is building a differentiated and compelling platform, and we are excited to leverage their operational expertise and capital resources in pursuing the next phase of HHS Construction’s development. Having worked with the Intrepid team before, we knew they would understand the unique qualities of our business, culture, and potential,” remarked Kevin Knoblock, Co-Founder of HHS Construction.
“HHS Construction has done an incredible job over the past 16 years of building an experienced team focused on hard work, honesty, and service, in the process creating a regional infrastructure services leader and critical partner to its customers. This transaction will enable HHS Construction to continue its evolution from a regional service provider to a national turn-key solutions provider as part of Congruex,” commented Ed Bagdasarian, Managing Director and Chief Executive Officer at Intrepid. “It is particularly fulfilling to be part of this exciting transaction with Congruex after working with Kevin and Steve on the sale of their former business. Congratulations to the team for carrying on HHS Construction’s legacy, and creating a truly differentiated market leader.”
HHS Construction is the sixth 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. The acquisition of HHS Construction strengthens Congruex’s turn-key capabilities in the Southern California region and expands their relationships with numerous broadband service providers.
Deal Team Contacts
About Intrepid Investment Bankers
Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage breeds a culture that embraces teamwork, tenacity and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.