A majority stake in Franklin-based contractor CGI Electric has been purchased by a Denver electrical contracting firm.
Weifield Group announced in mid-October that it purchased a majority stake in the private, local electrical contracting firm as a means to expand into Nashville and thereby further into the southeastern U.S.
The acquisition has yielded a new incorporation under the name Weifield Group Tennessee with CJ Wheeler at the helm as its general manager. The resultant group aims to consolidate clientele in the southern U.S.
CGI Electric was launched by Steve Cathey, its head of business development, and Willie “Chip” Stokes, Sr., who operated as a project manager and estimator. They developed the business 17 years ago as a small startup company that expanded into a $13 million business with more than 75 employees servicing myriad electrical construction projects and clients in the Nashville metropolitan statistical area market. Cathey and Stokes remain part owners of the company even after the acquisition.
“I am excited for this new chapter in our lives and the life of CGI Electric and I am pleased to continue with the company representing Weifield Group Tennessee,” Cathey said. “My role here is to continue to provide our community with the exceptional product that our teammates in the field deliver on a daily basis. These are exciting times, here, as we look toward the future — continuing to grow this new company and afford opportunities to all who take this journey with us!”
The merger will see the company continue servicing the same preexisting clientele’s projects and honor all CGI Electric contracts, and Weifield retains CGI personnel and relationships also since these serve to buoy its strategic expansion plans.
“This new alliance was one of our company’s main strategic goals for 2021 and opens up a host of opportunities for Weifield in the southern U.S. market,” according to Seth Anderson, Weifield Group CEO. “We met with the ownership of CGI numerous times pre-acquisition and were pleased to find a company that aligned directly with our core values of people, process, community and trusting relationships. With this acquisition, we are gaining strong talent and innovative performance that builds on Weifield’s successful client satisfaction history. We are excited about the future in the Tennessee region.”
Weifield is a known leader in the specialty contracting space with over 600 employees in Colorado and other offices and projects in Texas and Wyoming. Its top clients among general contractors rely on them to provide them with timely and well budgeted service, which earned them the ENR Mountain States Specialty Contractor of the Year award in 2018.