Business Description:
Kendrick Electric is a leading wholesale electrical distributor, primarily focusing on the sale of electrical supplies to commercial contractors in the Chicagoland area. The company’s revenue is derived primarily from commercial construction projects, while utility and residential construction projects account for a growing portion of revenue. In addition to supporting new construction projects, the company also supports the industrial maintenance, repair and operations market. The company distributes products from a number of leading vendors including Siemens, Cutler-Hammer, Southwire, United Copper Industries and Allied Tube and Conduit.

Falcon Solution:
A non-traditional private equity group acquired the company in December 2007. Despite a challenging financing and economic environment, Falcon structured and provided senior subordinated notes with warrants, participating preferred stock and common equity to fund a portion of the purchase price.