INFRAX Systems (IFXY) announced that it has entered into an agreement to acquire Southern Power & Controls (SPC), a privately-held electrical contractor. Acquisition terms include 100% of Southern Power & Controls for $4.9M mostly in cash, plus a combination of notes and stock at closing.
Founded in 1994, SPC is a eighty employee, full-service electrical contracting firm, headquartered in Tampa Florida , providing consulting, project management, design, installation and maintenance services to a broad array of customers. Major clients include Tampa Bay Water, General Electric, Lockheed Martin, Orlando Regional Utilities , Convanta Energy, Ohio Transformer, Ring Power , Ballast Needham and Siemens. Additionally, SPC has implemented baggage handling control and security systems for Boston ‘s Logan International Airport Delta Terminal , Fort Lauderdale International Airport , Southwest Florida International Airport , Tampa International Airport and the Port of Tampa .
- Generated revenue in excess of $22,000,000 in 2010
- Generated average revenue of over $18,000,000 per year in past 5 years
- 17-year track record of consistent growth and profitability
- Considered to be the premier complex electrical systems contractor in the Southeast
- Adds high voltage and substation certification to INFRAX ‘s technical workforce
- Outstanding performance reputation with water utilities and treatment facilities
As of 10 a.m. EST IFXY’s security has been traded over 2.5X 10day average volume