Stout is pleased to announce the sale of Benevento Enterprises, LLC dba Herbst Electric, LLC (“Herbst”) to The State Group Industrial USA Ltd. (“State Group”), a portfolio company of Blue Wolf Capital Partners, LLC (“Blue Wolf”). Stout served as exclusive financial advisor to Herbst in connection with this transaction.

Founded in 1944 and headquartered in Cuyahoga Heights, OH, Herbst provides electrical installation and construction, testing, and maintenance and service in the Greater Cleveland area. The company is a trusted provider of electrical engineering services and serves a broad range of private and public sector clients across aerospace, automotive, healthcare, steel, water/wastewater, and other industrial end markets.

Established in 1961 and headquartered in Franklin, TN, State Group is one of North America’s leading multi-trade industrial and specialty services contractors. State Group provides comprehensive multi-trade services that include electrical, mechanical, and civil on a single source basis. The addition of Herbst to Blue Wolf’s platform will further diversify State Group, supporting significant potential for value creation opportunities.

Stout’s Jim Owen led the execution of the transaction, assisted by Chris Hannah, Andrew Masotta, Aaron Perez, and Jerry Hand.

Walter Haverfield served as legal counsel to Herbst.

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