Onni-Rye Holdings, led by Onni Capital, announced on November 2 that it has acquired Pacific Industrial Electric, an electrical contractor based in Brea, California. Founded in 1971, Pacific Industrial Electric does high- and medium-voltage, industrial, power plant, data center, and 24-hour emergency electrical work throughout California and is also licensed in Arizona. John Martin and Chris Michalski will lead the company. Terms were not disclosed.
The asset.
Pacific Industrial Electric serves industrial and commercial customers. According to the release, its work covers power plant installations, high- and medium-voltage systems, industrial and conveyor power, renewable energy and energy storage, power system coordination, commercial tenant improvements, medical office buildings, data centers, and preventative maintenance. It also runs 24-hour emergency response and provides emergency services and rental equipment up to 15kV.
That mix is what makes the company worth buying. Medium-voltage work and round-the-clock emergency service take crews, equipment, and customer relationships that build up over decades. Most commercial electrical contractors do not have them. Owners call the contractor that already knows their switchgear when it fails.
The buyer.
Onni-Rye Holdings is a partnership between Onni Group and Rye Electric that acquires and grows electrical contractors and manufacturers. Its companies now include Rye Electric, Oilfield Electric, and Pacific Industrial Electric. Rye Electric, founded in 2013 and based in Irvine, California, focuses on commercial electrical design and construction, preconstruction, BIM, low-voltage systems, and modular and prefabricated work. Onni Group is a real estate developer and owner with projects in Los Angeles, Seattle, Chicago, Phoenix, Toronto, and Vancouver. Onni Capital is its investment arm.
“Pacific Industrial Electric has served Southern California’s industrial customers for more than 50 years. Their medium voltage and emergency response capabilities strengthen how we deliver for clients,” said Chris Golden of Onni-Rye Holdings. Martin and Michalski said joining Onni-Rye gives the team “the backing to keep growing and take on more work for our customers.” The release says nothing changes for customers: same team, same services, same emergency response.
Filling capability gaps, not adding territory.
This add-on brings capabilities the platform did not have, not new territory. Rye is a commercial construction contractor built around design, modeling, and prefabrication. Pacific Industrial Electric adds medium voltage, power plant and industrial power, data center work, and a service and emergency business. Those are different customers, different work, and steadier service revenue between projects.
The backer matters too. Most electrical platforms are owned by private equity funds that plan to sell. Onni-Rye is led by the investment arm of a developer that builds and owns real estate, and Onni Capital says it invests for the long term. For a seller, that can mean a different holding period and a buyer that also knows what owners of buildings need.
The electrical M&A environment.
Southern California electrical contractors are drawing steady buyer interest. Champions Group acquired Powell Electric to deepen its electrical capability in the same home market, and Kelso Industries added contractors in three states as it pushes its MEP platform toward industrial and infrastructure work. Buyers keep paying up for work tied to power demand, including medium voltage, data centers, and energy storage.
What it means.
If you own an electrical contractor with medium-voltage crews, a service and emergency book, or industrial and data center customers, you have something platforms are actively trying to buy. A buyer will look at how much revenue repeats through maintenance and emergency work, which customers you hold and for how long, the licenses and certifications on your team, and whether leaders beyond the founder can run it. Pacific Industrial Electric’s leaders are staying on. Showing that your next generation of leaders is in place is often what makes that kind of deal possible.
Own an electrical contractor?
Schryver & Co. advises trades owners with roughly $5 million to $100 million of revenue and $1 million to $5 million or more of EBITDA, depending on the vertical. If a platform has reached out, or you want a clear read on what your medium-voltage, service, or industrial work is worth to a buyer, reach Will at will@schryverco.com.
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