Chesapeake Corporate Advisors (“CCA”) is pleased to announce it has served as the exclusive financial advisor to Freestate Electric, LLC (“Freestate”), a specialty contractor and leading provider of comprehensive electrical construction services in Maryland, Virginia, and the Washington, D.C. metropolitan area in its sale of 90% ownership to Sojitz Energy Services LLC (“Sojitz”), a subsidiary of the Japanese general trading company Sojitz Corporation.
Freestate Electric is pleased to announce that Sojitz Corporation (https://www.sojitz.com/en/) has acquired a majority stake in the Company through its wholly owned U.S. based subsidiary, Sojitz Corporation of America (https://sojitzamericas.com/). This new partnership will allow Freestate Electric to continue to provide best in class electrical construction and service capabilities to its clients as well as supporting and encouraging growth in over 1,300 valued employees who have made Freestate a leader in the MD/DC/VA electrical construction market for 40 years. Moving forward, the company will maintain the existing management team with Tim Miller continuing his role as President and CEO, and Ron Michael will continue as Executive Vice President.
Sojitz entered the U.S. energy solutions market in 2021 with their acquisition of McClure Company, a Central Pennsylvania based industry leader in commercial mechanical construction and energy services. The addition of Freestate Electric to Sojitz’ portfolio will enhance its capabilities to provide industry leading solutions to a wide variety of client needs including new construction, retrofit, Design Build, Design Assist and service as well as new and creative energy as a service enhancement.
Freestate Electric was founded in 1984 by Mike Dugan and quickly became one of the leading commercial electrical contractors in the MD/DC/VA market. Through Mr. Dugan’s stewardship, Freestate has developed a reputation and culture that allows it to attract and retain employees who are the engine that drive this company. We are excited to begin this new chapter in Freestate’s great history!
Freestate Electric is proud to have participated in the Maryland Foundation Teacher Extern Program with the Maryland Chamber of Commerce this past summer. We were thrilled to work with Dennis Poe who is a teacher at Croom Vocational High School in PG County, and we’re going to continue to support Dennis’ efforts to show his students the value of a career in the skilled trades.
Craftsmen from Freestate Electrical Construction Company were recently honored at the Washington Building Congress’ 61st Annual Craftsmanship Awards this past March for their outstanding lighting work at Trump International Hotel at the Old Post Office in Washington, DC.
