New Consolidator Enters Market
A new consolidator with letters of intent to buy $800 million worth of contracting businesses has joined the ranks.
Sunbelt Integrated Trade Services Inc., Orlando, Fla., will start out buying approximately 15 contractors in the electrical, HVAC and plumbing fields. According to James Bowen, senior vice president of business development, Sunbelt will focus on the commercial service and renovation market within the southern United States. Bowen added that the company plans to work with national residential home builders as well.
Bowen has spent the past year putting together his initial deal. He plans to go public next year, and hopes to grow to between $1.5-$2 billion over the next 24 months.
In other news, Bowen named Michael Hanna CEO and president. Hanna resigned from an executive post with Louisiana-Pacific Corp.