March 30, 2023
Gilbert Electric, a reputable electrical subcontractor in Tucson and beyond, has earned a distinguished standing for its quality, reliability, and safety in the industry. Celebrating its 51st year in business, the company is in a phase of growth, expanding its capabilities to better serve both clients and the community. This growth is bolstered by the alliance with Cannon & Wendt, a well-established Phoenix-based electrical contractor with a foundation dating back to 1945.
With a skilled staff of 94 electrical professionals in Southern Arizona, combined with Cannon & Wendt’s substantial team of 651 employees, these two firms now possess a robust and dedicated workforce to maintain their leadership positions in their respective markets. The integration of Cannon & Wendt’s expertise empowers Gilbert Electric with the latest industry technology and the skilled personnel required to implement it. Notable additions to their capabilities include Building Information Modeling (BIM) services, as well as a strengthened materials procurement position arising from the shared resources and buying power.
John Kostyo, the Division Manager at Gilbert Electric, shared, “By combining Gilbert Electric and Cannon & Wendt Electric, we’re expanding the reach of both organisations.” Both companies have strong footholds in health care and higher education projects: Gilbert in Southern Arizona, and Cannon & Wendt in the Phoenix metro area, including Flagstaff. The complementary strengths of Cannon & Wendt, including their data centre experience and BIM capabilities, alongside Gilbert’s expertise in industrial and specialty construction, will extend the firm’s capabilities statewide, opening up possibilities in new markets that have yet to be explored.
Currently, Gilbert Electric is actively involved in key projects with entities such as Tucson Medical Centre, The University of Arizona, Raytheon, Cal Portland Cement, Asarco, and holds ongoing contracts with Pima County, The University of Arizona, and Catalina Foothills School District. These endeavours, along with numerous smaller projects and service departments, have firmly established the company as an integral part of Southern Arizona.
The decision to merge with Cannon & Wendt aligns with both companies’ shared commitment to taking care of their people. Cannon & Wendt, an employee-owned (ESOP) company, embodies the principles that Gilbert Electric values. As a result, employees at Gilbert Electric will become part of the ownership group through the ESOP program, reflecting a positive step toward employee ownership. This change is anticipated to strengthen their dedication to their work and the company’s day-to-day operations.
Shane Snyder, President of Cannon & Wendt, expressed excitement about the merger: “Our employee owners are thrilled about the merger of these two exceptional organisations.” He emphasised that their core principles, revolving around Company, Client, and Community, will be enhanced by this merger, enabling more efficient and enriched service delivery across the state of Arizona. The future holds great promise, with both companies eager to further enrich the lives of their employee owners.
Contact our Team Members advising in this transaction:
Translink Corporate Finance is an independent partnership of firms dedicated to Corporate Finance and M&A advisory services through over 35 offices in the key markets in Europe, North and South America, Asia, Australia, and Africa. Translink has been successful in advising clients on thousands of transactions since its founding in 1972 and Translink offices have acted as advisers in over 100 M&A projects during the last twelve months.
Dinan & Company, LLC is the partner firm of Translink Corporate Finance in the United States. It is a leading national M&A and merchant banking services company with over 35 years of advisory experience dedicated to middle-market transactions.