June 17, 2021
Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to Ward Leonard Energy and it’s owners in the sale of its motor maintenance, service and repair operations (“Ward Leonard Energy” or “WLE”), to Mark Welch, an industry veteran. Transaction terms were not disclosed.
Following the strategic sale of the Connecticut based defense operations of Ward Leonard to Fairbanks Morse in December 2020, the remaining operations, located in Houma, Louisiana and Houston, Texas consisted of a full spectrum of electrical equipment lifecycle support including aftermarket services, motor and generator reconditioning, remanufacturing and maintenance to both downstream petrochemical markets and oilfield industries.
Following a short process Mr. Welch, through a new operating entity, acquired the assets of WLE and will be rebranding its name back to Houma Armature Works & Supply. The company will continue its EASA and ISO9001 accreditations and is employing approximately 82 current employees.
Frank Morse, Managing Director of CMG, explained, "We have enjoyed a 15-year relationship with Jon Carter and the Ward Leonard management team, having advised on multiple strategic initiatives. This final transaction not only provided liquidity to the owners but also continued employment of its valued work force. CMG has established deep relationships with the entire Ward Leonard team that will likely continue, professionally and personally, for years to come.”
Martin LLP served as Ward Leonard’s legal advisor and Eisner Amper provided quality of earnings support. The transaction was managed by CMG’s FINRA registered broker dealer affiliate, Carter Capital Corporation.