WEIFIELD GROUP PURCHASES FRANKLIN, TENNESSEE-BASED CONTRACTORS GROUP INC. [CGI ELECTRIC]!
The goal of this communication is to inform our employees of the acquisition of CGI Electric in Franklin, Tennessee (a suburb of Nashville, TN) – which meets our company goal of expanding into the Nashville and surrounding southern U.S. region. The new company name will be Weifield Group Tennessee.
This acquisition was executed to meet several of our company goals and provide the following benefits to Weifield and its employees:
- P (People)
- Provides opportunities for our employees to grow and develop through potential relocation to TN, working on different types of projects, supporting new clients, and advancing their careers
- A (Advance Process)
- Achieves our company goal set in 2019 to expand into Tennessee
- Keeps us on target to meet our 3-year picture of being in 3 regions (CO/WY, TX & TN)
- Reduces market risk by broadening the Weifield brand across several regions – allowing us to advance our process across new markets and incorporate different perspectives
- C (Community)
- Allows our company to have a bigger impact on communities across the nation
- T (Trusting Relationships)
- Strengthens our ability to support build trusting relationships with our clients across a broader cross-section of the country
Under the acquisition, CGI will become a subsidiary of Weifield Group Holdings (Weifield’s operating entity owned by Weifield’s four founders) – allowing the company to leverage shared resources and experiences while reducing overhead costs.
CGI is a $13M commercial electrical contractor that has been in business since 2004; the company’s current website can be found at https://cgielectric.com/.
- CGI Leadership: To date, CGI has been led by Steve Cathey (Head of Business Development) and Willie (‘Chip’) Stokes (Sr. Project Manager/Estimator). Steve’s wife, Connie, has held majority ownership in the company in the past, but was not involved in the day-to-day operations of the company. Steve and Chip will retain a partial ownership stake in the company, post-Weifield acquisition.
- New Weifield Leadership: CJ Wheeler is the Weifield TN General Manager; CJ reports to Tim Markham, Weifield COO.
- CGI Markets: CGI Electric is licensed to do business in Tennessee, Kentucky, Alabama, Florida, and North Carolina.
- CGI Employees: CGI has 76 employees across the following roles –
> PMs – 3
> Field Supervisors – 14
> Journeymen – 16
> Apprentices – 29
> Others – 14
- CGI Projects: CGI has executed 84 projects and two million man hours in total across the following market verticals:
> Retail, Medical, Aviation, Tenant Improvements, Stadiums, Office Space, Service, Mechanical Replacements, Churches, Site Lighting, Fire Alarm, Manufacturing
- Integration: Weifield’s acquisition of CGI was executed on July 27, 2021, and the integration of CGI into the Weifield operating model will start in August, 2021. Support Services will be the integration focus for the remainder of the year (Accounting, Purchasing, IT, HR, and Legal).
- Please see the FAQ document link below for more details on the CGI Electric acquisition.
We are very excited about this acquisition which brings us another step closer to our 10-year target of being in 5 geographic regions, allows us to provide plentiful opportunities for our employees, and provides us with the opportunity to grow our list of national clients!
We will keep you updated as we work on the integration of CGI Electric into Weifield Group. If you have any questions, please feel free to direct them to your manager or Leadership Team members – or send an email to Tim Markham (firstname.lastname@example.org) or CJ Wheeler (email@example.com) at any time. We have much to be grateful for; here’s to a promising future in Tennessee and the southern U.S. region!