Vancouver, BC – July 19, 2023 – CAI Capital Partners (“CAI”) is pleased to announce that it has completed the first closing of its seventh private equity fund, CAI Capital Partners VII LP (“Fund VII”). The first close of over C$45 million included both returning and new investors. CAI’s sixth fund closed in 2020 with $125 million in commitments. With Fund VII, the CAI team will maintain its successful, disciplined investment approach, targeting opportunities in the lower middle market where it can partner with entrepreneurs and management teams, leverage its network and resources, and drive significant value creation.
In conjunction with the first close, Fund VII completed its first transaction. Its investment in Midwestern Electric (“MWE”), a CAI Capital Partners VI LP portfolio company, will support MWE’s partnership with Kuharchik Construction, Inc. and Wyoming Electric & Signal, Inc. (collectively “Kuharchik”). Like MWE, Kuharchik is a specialized electrical infrastructure services provider that focuses on the maintenance and installation of traffic signals, streetlights, and intelligent transport systems. Based in Exeter, PA, Kuharchik services the state of Pennsylvania with a proven track record spanning decades. Kuharchik is led by Robert Bresnahan, Jr. who has retained a meaningful equity stake in the combined business and will continue managing operations in Pennsylvania.
“Becoming part of the MWE and CAI team presents tremendous opportunities for our company and employees. We share a common vision for delivering exceptional electrical infrastructure solutions, and together, we have the resources to provide enhanced value to our customers in Pennsylvania and beyond,” said Robert Bresnahan, Jr., President of Kuharchik.
Ryan Rentschler, President of MWE, shared excitement about the partnership, stating, “We are excited to join forces with a trusted name in the industry. This partnership adds scale and accelerates our growth, which is what we set out to do when we partnered with CAI.”
Curtis Johansson, Partner at CAI, added, “We are thrilled to partner with Robert and the team at Kuharchik. This partnership creates a leading electrical infrastructure services provider with capabilities extending from the Midwest to the Mid-Atlantic. We look forward to building on the foundation of safety, quality and technical expertise that these two companies have established.”
Tracey McVicar, Partner at CAI, commented on the Fund VII first close, “We are grateful to our new and returning investors for their support of Fund VII. Fundraising in general is challenging right now, but it is in periods like this that great fund vintages are launched. We’re proud of our team for posting such a strong start to Fund VII.”
Debt financing for the transaction was provided by CIBC and BMO. CAI was advised on the transaction by Cooley LLP, PwC Canada, Marsh McLennan, Ramboll, Kroll, and Unisource Services. CAI’s Fund VII legal advisor is Lawson Lundell LLP.
About Kuharchik Construction
Since 1973, Kuharchik Construction has provided electrical infrastructure solutions including the maintenance and installation of traffic signals, streetlights, and intelligent transport systems for government customers including the Pennsylvania Department of Transportation and municipalities. Kuharchik Construction and Wyoming Electric and Signal have always worked in unison creating an expansive footprint across the Commonwealth of Pennsylvania with corporate headquarters in Exeter, PA and Wyoming, PA. For additional information, please visit www.kuharchik.com.
About Midwestern Electric
Since 1971, MWE has specialized in the maintenance and installation of traffic signals, streetlights, and intelligent transport systems for government customers including State Departments of Transportation and municipalities. In addition, MWE provides specialty electrical services for commercial and industrial applications. With offices in East Chicago and Indianapolis, Indiana, MWE operates across the entire state of Indiana and parts of Illinois. For additional information, please visit www.midwesternelectricinc.com.
About CAI Capital Partners
CAI Capital Partners is a Vancouver-based private equity firm focused on partnering with and growing founder-owned businesses in the Canadian and US lower middle market. Over three decades, CAI has invested C$1.6 billion of equity capital into companies across North America. For additional information, please visit www.caifunds.com.
For further information please contact:
Curtis Johansson, Partner
[email protected]
604-657-2527
Date: July 19, 2023
