Skyway is pleased to announce the sale of Sorensen Companies Inc. (“SCI”) to Congruex, a portfolio company of private equity firm Crestview Partners. Skyway Capital Markets served as the exclusive investment banker to SCI for this transaction.
SCI, a telecom infrastructure services company, was founded in 1977 by Craig Sorensen and delivers turn-key solutions across fiber and wireless infrastructure, from aerial and underground fiber optic systems to outside plant (OSP) construction. Headquartered in Syracuse, Utah, SCI is one of the pre-eminent fiber to the home (FTTH) shallow-trenching experts in the country and will extend the Congruex platform to the Mountain region, where SCI is one of the largest telecom contractors. SCI will provide synergies with existing Congruex engineering capabilities. Jeremy Bowles will be the General Manager.
Regarding Skyway’s role in the process, SCI Founder Craig Sorensen, commented “Having been through a sale process with a business many years ago, we knew from experience the critical importance of hiring the right investment banking firm. As such, our family spent a tremendous amount of time and energy interviewing potential investment banking partners before selecting Skyway. Relative to Skyway, some of those firms had completed more transactions in our industry, and some firms were larger, but they also had concerning conflicts of interest and narrower buyer relationships. Ultimately, it was obvious that Skyway cared more about us, would devote more resources to us, knew more buyers, and would run a stronger process on our behalf. Their energy and sincere excitement about our business was contagious and I know it had an impact on the incredible outcome they helped us achieve.”
Skyway Capital Markets Managing Director Michael Devine stated, “We are honored that the Sorensen family trusted us to represent them in this transaction of a lifetime and are incredibly proud of the outcome our team helped them achieve. We are excited to see what the future holds in store for SCI and Congruex together. The sky is truly the limit!”
Russ Hunt, CEO at Skway Capital Markets, added, “The Sorensen family’s prioritization of “culture” and “team” made them an ideal fit for our process at Skyway that not only optimizes valuation, but ensures our clients will meet their ideal partner. The cultural alignment between SCI and Congruex was obvious from the first meeting and it has been incredibly rewarding for us to see them join forces.”
Transaction Team:
The Skyway Capital Markets transaction team included:
- Michael Devine, Managing Director
- Jeff Hunt, Senior Managing Director
- Jack Murray, Senior Vice President
About Congruex
Congruex was formed in late 2017, in partnership with Crestview Partners, to take advantage of historic demand for digital connectivity in the U.S. Congruex integrates leading engineering and construction companies into a single, turn-key platform with network capabilities encompassing program management, engineering, construction, and utility relocation. Congruex’s clients benefit from leveraging its self-perform services separately or within an end-to-end solution. Congruex delivers engineering services nationwide and is consistently expanding its construction footprint, which currently serves the Pacific Coast, Rocky Mountain, Central, South Central, Midwest, and Southeast regions. For more information: www.congruex.com
About Crestview Partners
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: industrials, media, and financial services. For more information, please visit www.crestview.com.
