25 Sep, 2006
Xcelecom Break-Up
One of the last electrical/datacom conglomerates cobbled together in the "roll-up mania" of the 1997-2001 period is now being disassembled. The company's name is Xcelecom. It's a subsidiary of UIL Holdings -- a holding company with one prime asset, United Illuminating, a small Connecticut electric utility. UIL put Xcelecom together by buying electrical and VDV contractors. At one point, Xcelecom's sales were (if my memory serves) equal to about 25% of the total sales of UIL Holdings.
Problem was, Xcelecom had the usual "lumpy" results of construction companies -- some quarters were good, some weren't so great. This was not tolerable to the shareholders of a small utility! So it has been banished.
In April, UIL announced its intention to rid itself of Xcelecom. In July, it began the sell-off -- piecemeal. The effort to get rid of Xcelecom accelerated on 9/1. Find information here:
Xcelecom ranked #400 on the VAR Business 500 -- 4 pages of info.
UIL's decision to sell off Xcelecom (and other non-construction subsidiaries) -- here.
Sale of M.J. Daly op in July, to folks at that company -- SEC filing here. Interesting sentence: "Xcelecom sold $3.8 million of book value (assets less liabilities) for $1.75 million in cash."
NWN of Waltham, Mass., takes three Xcelecom operating units off of UIL's hands for $16.4 million. 9/1 release here.
WHAT DOES THIS MEAN?
In the short- or long-term, the sell-off of Xcelecom -- by itself -- means nothing much, really. As part of the overall back-tracking on the buy-a-contractor trend of 1997-2001, of course, it's one more nail in the coffin. Many, many, MANY companies bought up in the 1997-2001 mania have now been sold off or sold back. The only electrical contractor/datacom roll-ups of which I am aware that remain viable are:
- Integrated Electrical Services -- a shrunken version of its former self. IES sold off various units in recent years.
- Black Box Corp. -- it's bought a lot of datacom cabling and voice installation contractors, and has kept them all.
That's it. Some people throw EMCOR Group in here, but EMCOR did no buying in the mania. EMCOR was assembled in a wild flurry of buying in the late 1980s and early 1990s. Then it went bankrupt. The company kept its powder dry during the 1997-2001 period -- then bought up a failed roll-up (the Midwest operations of Comfort Systems) at what might have been a bargain price.
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