Crescendo Capital Partners, LLC (“Crescendo”) announces that it has exited its investment in Peltram Plumbing Holdings, LLC (“P3”) through a sale to Stellex Capital Management (“Stellex”).
P3 is a premier national contractor which provides plumbing services in six high-growth markets throughout the US: Austin, Dallas, Houston, San Antonio, Charlotte and Seattle. P3 provides both installation (new construction and retrofit) and service solutions to building owners, developers, property managers and homeowners across single-family, multi-family and commercial end-markets.
Crescendo acquired Peltram Plumbing (Seattle) in July of 2018. Peltram subsequently acquired Precision Plumbing (Charlotte), ER Plumbing (Charlotte) and Power Plumbing (Texas), which collectively form P3.
During Crescendo’s 3.5-year ownership period, the company grew revenue and EBITDA by ~7x. P3 is the 3rd Crescendo construction/renovation platform to achieve a 5+x return, including Westcoast Gates and Empire Marketing—a fourth is pending.
Crescendo and management achieved success through strict adherence to company culture - treat employees exceptionally well and provide quality service to customers. The addition of key leaders, including CFO Ryan Evans, helped create an institutional quality management team to accelerate future growth.
“The skills and collaboration among P3’s business leaders—Karel Peltram, Justin Elliott and Dick Pearsall – were critical to this great success. We are thrilled with the outcome; P3 is well-positioned for continued growth,” noted CL Turner, III, former P3 Chairman and Crescendo’s Founding Partner. “We are proud of P3’s success; we believe Stellex and P3 will continue this growth trajectory, especially in the service arena,” added Crescendo Partner Mike MacRitchie.
Fifth Third Securities acted as exclusive financial advisor and Morrison Cohen as legal advisor to P3. DLA Piper LP represented Stellex.