Adkins Electric, of Jacksonville, Florida, is a provider of electrical contracting services for multi-family and commercial construction. Founded in 1977 by CEO Virgil Adkins, the company has grown from a single employee to a 90-person firm serving the greater Jacksonville area. As a leading name in its home market, Adkins provides its acquirer immediate market gravity in one of the country’s fastest-growing regions.
Pacific Power & Systems of Fairfield, California, is a diversified electrical services contractor focused on public works, industrial, institutional, renewable energy, and leaseback projects in the San Francisco Bay area. With a highly diversified portfolio of service offerings, from design-build construction to low-voltage and emergency power infrastructure, Pacific brings immediate strategic and operational value to the combined entity.
The acquisition is backed by Norlee Group of Danville, California, which owns and operates Millennium Electric in Orlando, Florida, in addition to Pacific Power & Systems. With the addition of Adkins, Norlee adds a key hub to its growing electrical contracting platform.
Of the transaction, Benchmark International Transaction Director William Sullivan stated, “Virgil has built a great company that only continued gain value over the term of his relationship with Benchmark International. From the beginning, Adkins had an array of both strategic and private equity suitors. In taking a patient, deliberate approach, we were able to get the right deal at the right time with the perfect buyer. We wish both parties a world of continued success.”
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $7B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 14 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.
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