Chesapeake Corporate Advisors Serves as Exclusive Financial Advisor
Baltimore, MD – October 29, 2024 – Chesapeake Corporate Advisors (“CCA”) is pleased to announce it has served as the exclusive financial advisor to Freestate Electric, LLC (“Freestate”), a specialty contractor and leading provider of comprehensive electrical construction services in Maryland, Virginia, and the Washington, D.C. metropolitan area in its sale of 90% ownership to Sojitz Energy Services LLC (“Sojitz”), a subsidiary of the Japanese general trading company Sojitz Corporation.
Headquartered in Laurel, Maryland, Freestate has a deep history of serving as a market-leading electrical contractor on high-profile projects across various end markets for over 40 years. Freestate has annual revenue of approximately $300 million. Freestate joined the Sojitz Energy Solutions & Healthcare Division with Sojitz as a standalone business in the U.S. Freestate is alongside of the McClure Company, an integrated mechanical construction, engineering, maintenance, and energy service organization, which is another subsidiary of Sojitz.
“The CCA team was instrumental in helping us achieve this milestone for Freestate. Charlie, Tim, and the entire team’s ability to help us understand and navigate the transaction process and negotiate the best possible deal was critical in getting the right deal with the right partner,” Tim Miller, President & CEO of Freestate, stated.
The CCA investment banking team on this transaction included Managing Director Charlie Maskell and Managing Director Tim Brasel who focused on client management, deal strategy, and deal negotiations. Vice President Katie Kieran led day-to-day deal execution and client management. Associate Kevin Afriyie contributed to deal marketing and outreach and Senior Analyst Aidan Olmstead provided deal execution support and financial modeling. Offit Kurman served as legal counsel to Freestate.
“CCA was honored to have the opportunity to work with Tim Miller and Ron Michael, Executive Vice President, to guide Freestate to the optimal outcome by bringing liquidity to Freestate’s owners and facilitating the creation of a trusted partnership between Freestate and Sojitz,” Brasel said. “With Freestate’s commitment to its customers, Freestate is well poised to continue to grow and provide excellent craftsmanship in the mid-Atlantic region.”
About Freestate Electric
Freestate Electric has been serving Maryland, Virginia, and the Washington, D.C. metropolitan area since 1984. Operating from six locations, Freestate employs over 1,000 skilled union craftsmen who work on some of the highest profile projects in the mid-Atlantic. Freestate has received numerous awards for its electrical construction services for commercial and industrial projects for end users such as banks, schools, hotels, government facilities, mission-critical facilities, and healthcare.
About Sojitz Corporation
Sojitz Corporation (TYO: 2768) is a general trading company based in Tokyo, Japan with about 400 subsidiaries and affiliates worldwide. Sojitz was created in 2004 as a result of the merger between Nichimen Corporation and Nissho Iwai Corporation. Sojitz conducts businesses such as manufacturing, selling, importing, and exporting a multitude of products. The business is organized into seven divisions: Automotive; Aerospace, Transportation & Infrastructure; Energy Solutions & Healthcare; Metals, Mineral Resources & Recycling; Chemicals; Consumer Industry & Agriculture Business; and Retail & Consumer Service Division.
About Chesapeake Corporate Advisors
Chesapeake Corporate Advisors is a boutique investment banking and corporate advisory firm providing strategic advisory services (value creation) and investment banking services (value realization) to companies in the lower middle market. For more information, visit www.ccabalt.com or call 410.537.5988.
