Calfee Client Five Star Energy Services, Joint Portfolio Company of Emerald Lake Capital Management and Highview Capital, Acquires InterCon

Calfee congratulates its client, Five Star Energy Services, a joint portfolio company of private equity firms Emerald Lake Capital Management, L.P. and Highview Capital, LLC, on Five Star's strategic acquisition of Wisconsin-based InterCon. 

Five Star is a leading utility services firm providing underground infrastructure design, engineering, and construction services to the telecom, water, and gas end markets. The Waukesha, Wisconsin-based business was founded on safety and quality and brings deep operational expertise and long-standing industry relationships to drive strong outcomes for its customers.

InterCon, headquartered near Madison, Wisconsin, provides underground installation and maintenance primarily for the natural gas and electric end markets. InterCon primarily operates in the Midwest and serves blue-chip utility and infrastructure customers. 

Emerald Lake Capital Management, L.P. is a Santa Monica, California-based middle-market private equity firm investing in capital-efficient businesses with sustainable competitive advantages and strong growth prospects in the industrials and services sectors. Emerald Lake seeks to accelerate company growth and unlock potential through supportive, trusting partnerships with management teams and a proven-value creation strategy. Founded in 2018, the firm manages approximately $1.6 billion of equity capital across its portfolio.

Los Angeles-based Highview Capital, LLC is a middle market private equity fund backed by a multibillion-dollar family office. The fund employs a flexible mandate and takes a long-term perspective on businesses at an inflection point. Since 2017, Highview has deployed equity capital across more than 40 acquisitions in industries such as business services, industrials, and distribution.

Calfee served as legal counsel to Five Star and private equity firms Highview Capital and Emerald Lake for this transaction. Calfee’s legal team was led by Firm Vice Chair and Corporate and Finance Partner Terrence F. (Terry) Doyle and Partner Adam Pretty and included Corporate and Finance Associate Attorneys Margaret T. (Maggie) Ahern, Daniel D. (Danny) Briggs, and Piljung (Kevin) Kang.

With 45+ dedicated attorneys, the Corporate and Finance practice group at Calfee, Halter & Griswold LLP is one of the largest and most prolific in Ohio, handling a significant number of complex and sophisticated business and financial transactions for clients across the country and globally. 

Calfee has a sophisticated and robust Mergers and Acquisitions, Divestitures, and Sales practice, annually consummating 60-75 M&A transactions, led by an active private equity client base and a large roster of public and significant privately held corporate clients. These financial and strategic buyers, coupled with our deep investment banking representations and relationships, drive a thriving and diverse M&A practice at Calfee. 

Calfee's Private Equity team – comprised of more than 30 corporate, securities, tax, and employee benefits attorneys – is dedicated to getting the deal done while remaining responsive, creative, and efficient in negotiating and closing transactions for clients.