ELGIN, Ill., Jan. 11, 2022 /PRNewswire/ — Hastings Equity Partners (“Hastings”) announced that its portfolio company, MKD Electric, LLC (“MKD”), a full-service industrial automation and electrical service platform, is pleased to announce its investment in XSTele.com, LLC (“XS Telecom”). This is the third investment MKD has completed since Hastings Equity Partners, a private equity firm focused on investing in lower middle market businesses, acquired MKD in January 2021.
Based in Warrenton, VA and founded in 2014, XS Telecom is a national provider of essential communications infrastructure, providing voice and data network cable design, installation, and support solutions for large national data center companies and Fortune 500 clients. XS Telecom has a talented management team and a dedicated employee base of manufacturer-certified engineers, IT consultants, and technicians who provide end-to-end solutions for XS Telecom’s growing customer base.
“We are excited to invest in XS Telecom and partner with the management team. XS Telecom’s highly specialized service offering is an excellent complement to the existing suite of services at MKD. The data center market is a core focus for MKD and the investment in XS Telecom enhances our footprint in the data center space. XS Telecom is led by a group of entrepreneurs that shares our vision of a safety-first culture coupled with unprecedented customer service at MKD,” says Greg Rzonca, Chief Executive Officer of MKD.
XST founders Ed Phillips and Charlie Phillips added, “We are thrilled to partner with MKD and Hastings to continue XST’s growth into the future. We believe that as part of the MKD platform we can expand our services offering to better serve our customers.”
Grant Reckhow, Principal at Hastings, added “We are excited about the strategic fit between XST and MKD, and the two teams are already seamlessly working together. This acquisition greatly expands MKD’s presence in the data center market.”
Locke Lord LLP provided legal counsel to MKD and Hastings on the transaction. Graycliff Partners LP provided financing to MKD, and XS Telecom was advised by MidCap Advisors, LLC.
About MKD Electric LLC
MKD Electric is one of the nation’s leading full service industrial automation and electrical service platforms with a 25-year history of safety, high-quality service, and exceptional performance. MKD provides engineering, design, installation, automation, instrumentation, emergency response, and ongoing maintenance services for complex electrical systems. www.mkdelectric.com
About Hastings Equity Partners
Hastings Equity Partners is a private equity firm focused exclusively on the lower middle market. Hastings invests in North American business services and industrial companies, where it has deep operating and investing experience. Since 2004, the firm has formed long-term partnerships with entrepreneurs, providing first institutional capital, while accelerating growth and creating value. www.hastingsequity.com
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SOURCE Hastings Equity Partners