12075 N. Corporate Parkway, Suite 120 | Mequon, WI 53092
[email protected]

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Deal Room
Deal Room

Connecticut Electric

Connecticut Electric

Transaction Details

Debt Placement Advisor

Year: 2023

Client: Connecticut Electric

Industry: Industrials & Manufacturing

Hedquarters: Anderson, IN

Website: www.connecticut-electric.com

Overview

Completed by the Vantage Investment Banking team under a prior firm, Connecticut Electric Manufacturing, a designer, manufacturer, and distributor of specialty electrical components, has secured financing from Onward Capital, Tecum Capital Partners, Midwest Mezzanine Funds, Medallion Capital, and Northwest Bank.

About Connecticut Electric

Established in 1906, Connecticut Electric is a leading manufacturer of low-voltage residential replacement circuit breakers, electrical power supply products, and other specialty electrical power products. Connecticut Electric primarily sells its products through nationwide distributors and hardware retailers such as Ace Hardware, Lowe’s, Home Depot, and Grainger along with leading e-commerce retailers such as Amazon and Zoro. In an effort to diversify the Company’s product portfolio and customer base, Connecticut Electric strategically acquired ATI Electrical Supply and its affiliate Power Assemblies. ATI and Power Assemblies distribute and manufacture a complete line of portable power products, commercial and industrial switchgears, and other products through ABB, Hubbell, Leviton, Schneider Electric, and other commercial enterprises.

About Financing Sources

The financing for Connecticut Electric to acquire ATI Electrical Supply and Power Assemblies encompassed a mix of senior debt, mezzanine financing, and private equity capital. 

Onward Capital: Onward Capital is a Chicago-based private equity firm focused on niche manufacturers and industrial distributors that are located in the United States or Canada.

Tecum Capital Partners: Founded in 2006 and based in Pittsburgh, Tecum Capital Partners is a multi-strategy investment firm focused on investing in lower middle market companies across the United States.

Midwest Mezzanine Funds: Midwest Mezzanine Funds is a lower middle market junior capital provider focused on financing private equity acquisitions of businesses in the manufacturing, distribution, and services sectors.

Medallion Capital: Medallion Capital provides flexible debt solutions for a wide range of transactions including sponsored buyouts, management buyouts, acquisition financing, recapitalizations, and expansions.

Northwest Bank: Northwest Bank is a full-service regional financial institution headquartered in Warren, PA, offering commercial, business, and personal banking services, including lending, treasury management, wealth management, and insurance solutions.

Deal Team

Vantage Investment Banking
Mike Burmesch

Mike Burmesch

Partner
Alex Penkwitz

Alex Penkwitz

Vice President

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12075 N. Corporate Parkway, Suite 120 
Mequon, WI 53092
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Mike Burmesch

Partner & Co-Founder

262-483-6014

[email protected]

Biography

With over a decade of middle market investment banking experience, Mike brings extensive transactional and advisory expertise to the team. He has advised on more than 40 M&A, Debt Placement, and Capital Raising transactions spanning the industrials & manufacturing, business services, technology & IT services, consumer products, and food & beverage industries.

In his role, Mike provides senior-level leadership across all aspects of transaction strategy and execution. He is actively involved in shaping go-to-market strategies, advising clients on valuation and deal structure, and leading negotiations with buyers, investors, and other counterparties. Mike oversees the development of marketing materials, manages buyer and lender engagement strategies, and guides clients through complex diligence and closing processes. His breadth of experience and strategic perspective allow him to provide clear, thoughtful advice to business owners and management teams, helping them navigate significant financial and strategic events with confidence.

Prior to entering investment banking, Mike worked as a Senior Accountant with Baker Tilly. Mike holds a BBA in accounting from St. Norbert College and is a licensed CPA.

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Alex Penkwitz

Vice President & Co-Founder

262-339-8772

[email protected]

Biography

Working in the middle market investment banking industry since 2020, Alex is responsible for leading the day-to-day execution of M&A transactions for the Vantage Investment Banking team. His responsibilities span all phases of the transaction process, including financial modeling and valuation analysis, preparation of marketing materials, buyer and investor outreach, and coordination of due diligence activities. He plays a central role in managing timelines, facilitating communication between clients and counterparties, and supporting negotiations to ensure smooth execution.

Alex has advised on more than 25 M&A, Debt Placement, and Capital Raising transactions across multiple industries, including industrials & manufacturing, business services, technology & IT services, consumer products, and food & beverage. His experience working with both privately held businesses and institutional investors gives him a well-rounded perspective on the strategic, operational, and financial considerations that drive successful outcomes.

Alex holds a BBA in finance from Marquette University, centering his education around investments and participating in the Accelerating Ingenuity in Markets (AIM) Program. 

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