Truelink Capital Bets Big on Electrical Services with Prime Electric Investment

In a strategic move that underscores the surging investor appetite for electrical infrastructure assets, Truelink Capital has entered into a definitive agreement to make a significant investment in Prime Electric, a provider of small, medium, and large-scale repair, installation, and maintenance of electrical systems. The transaction, announced January 8, 2026, represents Truelink's 11th platform investment since its founding in 2022 and marks a secondary buyout from WestView Capital Partners, which acquired Prime Electric in July 2021.

The deal arrives at an inflection point for the electrical contracting sector, where the convergence of data center expansion, renewable energy adoption, and broad-based electrification is reshaping industry economics and attracting unprecedented private equity attention. For Truelink, the investment extends a proven playbook of acquiring technology-enabled industrial services businesses with strong operational foundations and clear paths to consolidation.

The Prime Electric transaction follows a familiar pattern in middle-market private equity: a growth-oriented firm like WestView nurtures a company through its initial value creation phase, then exits to a larger platform builder like Truelink that can provide additional capital and M&A firepower for the next stage of expansion.

WestView Capital Partners, a Boston-based growth equity firm that manages $2.7 billion in capital, initially backed Prime Electric through a management-led recapitalization approximately five years ago. At the time, WestView emphasized Prime's distinctive ownership structure, noting that over 20 senior managers own a piece of the organization, a characteristic that has contributed to the company's outstanding success over the past 30 years.

The transaction was facilitated by Latham & Watkins LLP, which represented Prime Electric and WestView Capital Partners with a comprehensive deal team spanning corporate, tax, benefits, labor and employment, intellectual property, finance, insurance, and antitrust matters. The involvement of such extensive legal resources suggests a complex transaction structure typical of middle-market platform acquisitions.

While financial terms were not disclosed, the deal likely values Prime Electric at a premium to historical electrical services multiples, reflecting both the company's West Coast market position and the sector's current momentum. Industry observers note that electrical contractors with diversified service offerings and strong commercial relationships are commanding EBITDA multiples well above traditional construction sector valuations.

Based in Bellevue, Washington, Prime Electric has established itself as one of the most prolific and successful electrical construction contractors on the west coast, with primary markets in the tech-centric Seattle and Silicon Valley regions. The company provides a full spectrum of electrical contracting services across all industry groups on the west coast, serving commercial, industrial, and institutional clients.

This geographic footprint positions Prime Electric at the epicenter of several powerful demand drivers. The Pacific Northwest and Bay Area are experiencing explosive growth in data center construction to support artificial intelligence and cloud computing infrastructure—projects that require massive electrical capacity and sophisticated power management systems. Additionally, both regions are leaders in renewable energy adoption and electric vehicle infrastructure, creating sustained demand for electrical contracting expertise.

Prime Electric's service portfolio spans the full project lifecycle, from design and installation to ongoing maintenance and emergency repair. This comprehensive offering provides revenue stability through a mix of large-scale project work and recurring service contracts, a business model that appeals to private equity investors seeking predictable cash flows alongside growth opportunities.

The company's established presence in high-barrier-to-entry markets, combined with its experienced management team and employee ownership culture, creates a compelling platform for Truelink's consolidation strategy. Prime Electric can serve as a foundation for bolt-on acquisitions of smaller electrical contractors throughout the Western United States, leveraging Truelink's capital and operational resources to accelerate growth.

For Truelink Capital, the Prime Electric investment represents a natural extension of the firm's industrials sector thesis. Since its 2022 founding by veterans Todd Golditch and Luke Myers, the Los Angeles-based firm has demonstrated a clear focus on industrial and technology-enabled companies in the $20M to $75M EBITDA range.

The firm's track record in the industrials vertical includes several notable platform investments:

This portfolio reveals Truelink's preference for businesses that serve the construction and infrastructure sectors with essential products and services. The firm has shown particular skill in executing corporate carve-outs—transactions that require operational expertise to separate business units from larger parents and position them for independent growth.

Truelink's investment pace has accelerated significantly following the close of its oversubscribed $875 million inaugural fund in 2024, which attracted over $2 billion in demand from limited partners. The firm has completed or announced six platform investments in the past 18 months alone, demonstrating aggressive deployment and strong deal sourcing capabilities.

The timing of Truelink's entry into electrical services reflects a fundamental transformation underway in the sector. Multiple structural trends are converging to create what industry participants describe as a generational opportunity for electrical contractors.

According to a recent study by Cascade Partners, the electrical industry was valued at $255 billion in 2024 and is expected to reach $295 billion by 2030, at a compound annual growth rate of 2.4%. However, near-term growth is expected to significantly exceed this average, with the US electrical contracting industry forecast to grow at a 5.07% compounded annual rate from 2025 to 2029, outpacing the broader economy.

The explosive growth of artificial intelligence is driving unprecedented demand for data center capacity, and data centers are among the most electricity-intensive facilities ever constructed. A single large-scale AI training facility can require as much power as a small city, creating massive opportunities for electrical contractors capable of designing and building high-voltage distribution systems.

Major technology companies are racing to secure power capacity and electrical infrastructure, often paying premiums for contractors with proven expertise in mission-critical facilities. This dynamic is particularly pronounced in Prime Electric's core markets of Seattle and Silicon Valley, where technology giants are expanding existing campuses and building new facilities.

The broader transition from fossil fuels to electricity across transportation, heating, and industrial processes represents a multi-decade tailwind for electrical contractors. Demand for electrical contracting services is surging as electrification, data center expansion and decarbonization reshape the sector.

From AI infrastructure to renewable energy, EV charging, solar, and backup power generation, virtually every aspect of the energy transition requires sophisticated electrical work. Commercial buildings are installing EV charging infrastructure, manufacturers are electrifying production processes, and utilities are upgrading grid infrastructure to handle bidirectional power flows from distributed solar installations.

Historically, private equity firms have traditionally not invested in electrical contractors because of the project-based nature of the business and lack of lenders. The sector remained highly fragmented, dominated by family-owned businesses and regional operators.

That dynamic is changing rapidly. The combination of stronger growth prospects, more predictable revenue streams from service contracts, and the emergence of larger platform companies has attracted significant private equity interest. Growing consolidation and private equity interest in electrical services is reshaping competitive dynamics, with well-capitalized platforms using M&A to expand geographic reach and service capabilities.

This consolidation trend creates opportunities for platform companies like Prime Electric to acquire smaller competitors, often from aging owners seeking liquidity. Truelink's capital and M&A expertise position Prime Electric to be an active consolidator in the fragmented Western U.S. market.

Truelink's investment thesis for Prime Electric likely centers on several key value creation levers:

Geographic Expansion: While Prime Electric has strong positions in Seattle and the Bay Area, significant white space exists throughout the Western United States. Bolt-on acquisitions of regional electrical contractors in markets like Portland, Sacramento, San Diego, Phoenix, and Denver could rapidly expand the company's footprint while maintaining operational density.

Service Line Expansion: The electrical services sector is experiencing rapid specialization, with emerging opportunities in EV charging infrastructure, solar installation, energy storage systems, and building automation. Strategic investments in these high-growth niches could diversify Prime Electric's revenue base and improve margins.

Operational Excellence: Truelink emphasizes its operational playbook tested through decades of hands-on private equity investing and deep network of internal and external operational resources. Applying best practices in project management, procurement, workforce development, and technology adoption could drive margin expansion even before considering M&A.

Technology Enablement: Modern electrical contractors are increasingly differentiating through technology adoption—from project management software and prefabrication capabilities to drone-based site surveys and building information modeling (BIM). Investments in these areas can improve project execution, reduce costs, and enhance customer experience.

Recurring Revenue Growth: While large project work provides growth, recurring service contracts and maintenance agreements offer more predictable cash flows and higher customer lifetime value. Expanding Prime Electric's service business could improve business quality and support higher valuation multiples.

The electrical services M&A market has been exceptionally active over the past 24 months, with numerous platform investments and roll-up strategies underway. National players like EMCOR Group, Quanta Services, and MYR Group have been acquisitive, while private equity-backed platforms including IES Holdings and others are pursuing aggressive consolidation strategies.

Prime Electric's West Coast focus provides some insulation from direct competition with these national consolidators, many of which have concentrated on other regions. However, the company will need to move quickly to capture attractive acquisition targets before larger competitors expand westward or new regional platforms emerge.

The competitive dynamics favor well-capitalized platforms with strong operational capabilities and cultural fit. Prime Electric's employee ownership structure and reputation for quality work should aid in acquisition discussions with family-owned businesses seeking a cultural home for their employees and customers.

The Truelink-Prime Electric transaction signals continued private equity enthusiasm for electrical services despite broader concerns about economic growth and interest rates. The sector's structural growth drivers appear sufficiently compelling to justify premium valuations and aggressive deployment.

For Prime Electric's management team and employee-owners, the partnership with Truelink provides capital and resources to pursue a more ambitious growth strategy than was possible under WestView's ownership. The company is well-positioned to capitalize on the infrastructure investment boom underway across its core markets.

For the broader electrical services sector, the transaction reinforces the consolidation narrative. Smaller contractors face increasing pressure to either invest in growth and compete with well-capitalized platforms, or consider strategic sales to those platforms. The availability of private equity capital for quality businesses should support healthy valuations for owners considering exits.

As electrification continues to reshape the American economy, electrical contractors occupy an increasingly strategic position in the infrastructure ecosystem. Truelink Capital's investment in Prime Electric represents a calculated bet that this structural transformation is still in its early innings—and that the companies best positioned to capture that growth will generate exceptional returns for their investors.