Partner Rob Welch has been with Drew, Eckl & Farnham for over 25 years and leads its Corporate and Transactional Practice Group. He focuses on providing outside general counsel services to for-profit and nonprofit businesses in a wide range of industries, including: Healthcare Services, Software and Technology, Entertainment, Property Management, Industrial Recycling, Insurance Claims Investigation, and Construction Management.
Rob works closely with corporate leadership to meet day-to-day legal challenges and accomplish long-term strategic objectives. His clients range from closely-held local businesses to mid-market national and multi-national companies. Rob also has extensive civil litigation experience, giving him valuable perspective in advising clients with regard to corporate risk management and litigation avoidance. Rob regularly advises clients regarding:
- Corporate compliance
- Regulatory compliance (including HIPAA and Medicare/Medicaid)
- Contract negotiation and management
- Mergers & acquisitions, joint ventures, and corporate restructuring
- Banking and corporate finance
- Commercial lending
- Commercial real estate purchase and leasing
- Software/intellectual property licensing
- Music production and publishing
- Corporate sponsorship
- Executive compensation
- Product supply and distribution
- Government contracting
Businesses Succession and Estate Planning As an extension of his representation of closely held businesses, Rob advises business owners on succession planning strategies. Whether “succession planning” means passing a business down through the family, a management led buyout, or a sale to a third party, Rob’s understanding of the dynamics of business ownership gives him the insight needed to structure an effective succession plan. In addition, Rob works with high net-worth individuals and families in structuring complex trust and estate planning solutions to efficiently transfer assets to subsequent generations.
Most recently, Rob led Drew Eckl & Farnham’s Corporate Transactional team in representing the shareholders of long-time client, Gibson Technical Services, Inc. in the sale of 100% of their stock to Orbital Energy Group (NASDAQ: OEG). Read below to learn more about the sale and DEF’s Corporate Transactional Team.
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.