Cupertino Electric, Parent Company Of Ceitronics Inc., Organizes To Meet Explosive Growth Of The New Economy
SAN JOSE, Calif.—July 24, 2000—The Cupertino Electric (www.cei.com) family of companies, which includes Ceitronics, Inc., announced today that the parent company has reincorporated in the state of Delaware under the corporate umbrella of Cupertino Electric, Inc. The Cupertino Electric, Inc. group of companies includes Cupertino Electric, Frank Electric, and Cascade Controls in addition to Ceitronics. Ceitronics and each of the other companies will continue to operate separately and with their current management teams.
Cupertino Electric has also arranged a major new financing with a syndicate of banks, led by the Bank of America, to provide further support for the company’s strong growth. At the same time, the company has brought in two passive minority equity partners that regularly provide capital to promising fast-growing companies. The new partners are BancAmerica Capital Investors of Charlotte, and TA Associates of Boston.
Cupertino Electric undertook these changes to continue to support the tremendous growth that all of its companies have experienced during the past 18 months, as well as to provide funds to finance both present and future growth, especially in the area of building electrical and data infrastructure for the Internet.
“The company believes that these changes put us in a position not only to maintain our very strong market share, but also to expand it nationally, with the potential of international expansion,” said Jim Ryley, CEO of Cupertino Electric, Inc. “We are all very excited about the opportunities ahead for Cupertino Electric, Ceitronics, Frank Electric, and Cascade Controls, and for the employees of these great companies. The companies are now financially positioned not only to sustain the growth we are currently experiencing, but also to continue to grow well into the future.”
“Cupertino Electric Inc. fills an immediate, important and fast-growing market need,” said Ann B. Hayes, Managing Director for BancAmerica Capital Investors. “Its strategic business model as one of the new infrastructure service companies that is helping to build Internet facilities has put it as the center of the accelerating market. Cupertino Electric has tremendous momentum.”
About Cupertino Electric
Founded in 1954, Cupertino Electric (www.cupelectric.com) has built an exceptional team of experts into one of the largest electrical and teledata facilities contractors in the country. Cupertino Electric was named the largest electrical contractor in Silicon Valley in 1999 by the San Jose Business Journal, and was ranked eighth in size in the country by Electrical Contractor magazine. With its staff of project managers, registered engineers and designers, Cupertino is a single-source provider for a wide range of design/build construction, including Internet data centers, dot-com facilities, and biotech installations. Cupertino has headquarters in San Jose, with branches in San Francisco and Phoenix, Arizona. Cupertino can be reached by calling 408-808-8000.
About Ceitronics
Founded in 1985, Ceitronics (www.ceitronics.com) is one of the leading systems integrators on the West Coast. Ceitronics provide integration services within the disciplines of Internet/e-business, audio and video systems, voice/data/fiber optics, education, fire life safety systems, security systems, and post completion service. Ceitronics has offices in San Jose, San Francisco and Portland, Oregon. Ceitronics' main office can be reached by calling 408-435-0500.
SAN JOSE, Calif.—July 24, 2000—The Cupertino Electric (www.cei.com) family of companies, which includes Ceitronics, Inc., announced today that the parent company has reincorporated in the state of Delaware under the corporate umbrella of Cupertino Electric, Inc. The Cupertino Electric, Inc. group of companies includes Cupertino Electric, Frank Electric, and Cascade Controls in addition to Ceitronics. Ceitronics and each of the other companies will continue to operate separately and with their current management teams.
Cupertino Electric has also arranged a major new financing with a syndicate of banks, led by the Bank of America, to provide further support for the company’s strong growth. At the same time, the company has brought in two passive minority equity partners that regularly provide capital to promising fast-growing companies. The new partners are BancAmerica Capital Investors of Charlotte, and TA Associates of Boston.
Cupertino Electric undertook these changes to continue to support the tremendous growth that all of its companies have experienced during the past 18 months, as well as to provide funds to finance both present and future growth, especially in the area of building electrical and data infrastructure for the Internet.
“The company believes that these changes put us in a position not only to maintain our very strong market share, but also to expand it nationally, with the potential of international expansion,” said Jim Ryley, CEO of Cupertino Electric, Inc. “We are all very excited about the opportunities ahead for Cupertino Electric, Ceitronics, Frank Electric, and Cascade Controls, and for the employees of these great companies. The companies are now financially positioned not only to sustain the growth we are currently experiencing, but also to continue to grow well into the future.”
“Cupertino Electric Inc. fills an immediate, important and fast-growing market need,” said Ann B. Hayes, Managing Director for BancAmerica Capital Investors. “Its strategic business model as one of the new infrastructure service companies that is helping to build Internet facilities has put it as the center of the accelerating market. Cupertino Electric has tremendous momentum.”
About Cupertino Electric
Founded in 1954, Cupertino Electric (www.cupelectric.com) has built an exceptional team of experts into one of the largest electrical and teledata facilities contractors in the country. Cupertino Electric was named the largest electrical contractor in Silicon Valley in 1999 by the San Jose Business Journal, and was ranked eighth in size in the country by Electrical Contractor magazine. With its staff of project managers, registered engineers and designers, Cupertino is a single-source provider for a wide range of design/build construction, including Internet data centers, dot-com facilities, and biotech installations. Cupertino has headquarters in San Jose, with branches in San Francisco and Phoenix, Arizona. Cupertino can be reached by calling 408-808-8000.
About Ceitronics
Founded in 1985, Ceitronics (www.ceitronics.com) is one of the leading systems integrators on the West Coast. Ceitronics provide integration services within the disciplines of Internet/e-business, audio and video systems, voice/data/fiber optics, education, fire life safety systems, security systems, and post completion service. Ceitronics has offices in San Jose, San Francisco and Portland, Oregon. Ceitronics' main office can be reached by calling 408-435-0500.
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