FourBridges negotiates sale of equipment maker

FourBridges Capital Advisors announced that Houston, Texas-based IER Electrical Equipment and Controls has been acquired by Chicago Switchboard Inc., a portfolio company of private equity fund

Promise Holdings.

Chattanooga-based FourBridges acted as the exclusive investment banker to IER and negotiated and structured the transaction on behalf of IER founder Mike Wolf.

IER is a manufacturer of custom products used for power distribution and motor controls in a wide variety of end markets. Chicago Switchboard, based in Elmhurst, Illinois, has been a leader in quick-ship, custom built electrical distribution equipment since 1936.

Andy Stockett, managing director at FourBridges Capital, said in a statement that IER has established itself as “a go-to custom provider to a number of blue chip customers across the country, and we were pleased to find a partner that will carry on that legacy.”

FourBridges Vice President Clay Stockett said in a statement that demand for products made by IER is being driven by the increase in onshoring of manufacturing back to the U.S. as well as infrastructure upgrades across the electrical grid.