Atlanta, GA (404) 885-1400

Albany, GA (229) 431-3036 

Brunswick, GA (912) 280-9662


  • Home
  • Blog
  • Drew Eckl & Farnham's Corporate Transactional Team Represents Gibson Technical Services...

workers\' compensation, workers compensation, workers comp, water loss claims, trucking litigation, tips, supreme court, sponsorships, spokeo inc, speaking events, slip and fall, seminar, scholarships, robins, retail, recognition, randy moody, quarterly property breakfast series, property claims, product hunt, prima, presentations, paul burke, partnerships, overtime hours, nccae insurance meeting, melody kiella, legal industry, legal, law firms in atlanta, law, kniffen, karen karabinos, juliana neelbauer, journal, john p reale, john feguson, jim anderson, jennifer parrott, jack reale, international association defense counsel, insurance, gold sponsor, georgia prima, georgia legal food frenzy, georgia law injuries, georgia insurance law, football, flsa, firm news, fair labor standard acts, events, estates attorney, estate planning, employment law, employee, elizabeth rose, dri, drew eckl farnham, diversity, def helps, daniel cheek, daniel c kniffen, dan kniffen, dan, cpcu, corporate attorney, corporate, community service, community, client alerts, charity, ce credit, breakfast, blog, best lawyers, awards, attorney speakers, atlanta\'s fastest growing law firms, atlanta business chronicle legal, atlanta business chronicle law firms, atlanta business chronicle, atlanta and tyrannosaurus tech, atlanta, arkansas, april, american bar association, Workers Compensation, Workers Comp, Welch, Volunteer, United Way Coastal of Georgia, US Department of Labor, Speaker, Rose bowl, Robert Welch, Robert L. Welch, Recognition, ROYAL CUP, OFFICE COFFEE, Merrill Lynch, Lisa N. Higgins, Legal Food Frenzy, Karen Karabinos, Juliana was sworn into the Forsyth County Supior Court by Honorable Chief Judge Jeffrey S. Bagley. Juliana is now barred in both Maryland and Georgia, Janeen Smith, Jack Reale, Iowa Hawkeyes, Georgia trusts and estates, Georgia Hispanic Chamber of Commerce, General Liability, GHCC, Firm News, Events, Eric Mull, Drew Eckl and Farnham Summer Associates, Drew Eckl and Farnham Corporate Law, Drew Eckl & Farnham Corporate, Diversity, DRI, DEF Interviews, DEF Achievements, Cyber coverage, Corporate Transaction, Corporate Law, Congratulations to Juliana Neelbauer for passing the Georgia bar! On Friday, Christina Jay, COVID-19, CHARITABLE CONTRIBUTIONS, Business Breakfast Series, Big changes to overtime, Awards, 2016 Summer Associates

Drew Eckl & Farnham's Corporate Transactional Team Represents Gibson Technical Services in Sale of Stock to Orbital Energy Group

April 28, 2021 BY DEF Admin


Drew Eckl & Farnham's Corporate Transactional team represented the shareholders of our long-time client, Gibson Technical Services, Inc. in the sale of 100% of their stock to Orbital Energy Group (NASDAQ: OEG).

Congratulations to the GTS shareholders and to OEG on the closing of this transaction! See below to learn more.

See more about DEFCorp

Orbital Energy Group, Inc. Acquires Privately Held Telecommunications Company, Gibson Technical Services, Inc., for $48.0 Million

April 14, 2021

HOUSTON — Orbital Energy Group, Inc. (NASDAQ: OEG) (“OEG” or “Company”) today announced the completion of its previously announced acquisition of 100% of the capital stock of Gibson Technical Services, Inc. (“GTS”), an Atlanta-based telecommunications company providing diversified telecommunications services nationally since 1990, effective April 13, 2021.

Upon completion of the acquisition, GTS became a wholly-owned subsidiary of OEG.  The senior management team, including CEO, Mike McCracken, COO, Jon Martin, and CFO, Robert Moore will remain with the company.  OEG expects no organizational changes to GTS’s successful, long-term operations.

The acquisition will immediately add significant revenues and earnings to OEG.  For the calendar year 2020, GTS’s audited results include gross revenues of approximately $40.0 million, gross profit of $6.8 million and unaudited adjusted EBITDA of $5.5 million.  For 2021, GTS expects to generate revenues of approximately $50.0 million and EBITDA of $8.0 million.

With GTS’s Master Services Agreements, capabilities, reputation, and extensive contacts throughout the telecommunications industry, this acquisition is the first of several acquisitions the Company plans to execute upon this year, as OEG continues its strategy to transform into a full-service electrical, telecommunications, renewable infrastructure services platform.

“This acquisition is yet another step towards OEG’s transformation into a full-service infrastructure platform company.  It further diversifies OEG’s service offerings, positions the Company to accelerate profitable revenue growth and adds immediate value to our shareholders,” explained OEG’s vice-chairman and CEO, Jim O’Neil.

“GTS’s sterling reputation within the telecommunications industry, combined with our own resources, will enable us both to further penetrate the telecommunications market. OEG’s established network and capital markets access will allow GTS to expand both organically and through additional acquisitions enabling GTS to market its broad portfolio of technical services to a much larger customer base and geographic footprint,” O’Neil concluded.

The gross purchase price for the outstanding shares in GTS was $48.0 million or approximately 6x GTS’s forecasted 2021 EBITDA.  The purchase was funded by OEG’s available cash resources and 2-year restricted shares of OEG common stock.

“This is a very significant company milestone for GTS,” explained GTS’s CEO, Mike McCracken. “With the combination of these two companies we will now be able to increase our programs and services to our existing customer base, as well as pursue growth opportunities across a much broader market.  We look forward to a long and profitable partnership with OEG and its portfolio of companies.”

Since its founding in 1990, GTS has focused on providing superior customer service, advanced technology solutions and a dedication to quality and safety unequaled in the telecom industry.  GTS’s customers, including Cox Communications, Charter Spectrum, Comcast Communications, Verizon, and other industry leaders, rely on its team of talented and knowledgeable employees for crucial technical support and specialized knowledge.  Its value-added services reduce the time to identify, design and construct the cost-effective delivery of a broad range of telecommunications projects.

During this transaction GTS was represented by Robert L. Welch and Timothy Veith of Drew, Eckl & Farnham LLP of Atlanta.  OEG was represented by Michael T. Cronin and John Martin of Johnson, Pope, Bokor, Ruppel & Burns, LLP of Florida.