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November 2020
Rising Up to Meet the Next 100 Years P1 Group and Partners Invest in Long-term Growth
When you’ve been around for 100 years, innovation, growth, and an eye toward the future is critical to ensure the next century of success. That is why CEO Smitty Belcher and P1 Group executive leadership decided to join forces with two additional contractors, Vulcan Heating and Air Conditioning and Rieck, along with investors Dunes Point Capital. This team will allow P1 Group to grow our geographic footprint in both service and construction, and have the capital to stay on the cutting edge of industry demands and developments. The decision wasn’t made overnight – it’s been at least a year in the making. “One of the most important things that drove our decision is the commitment P1 Group has to maintaining control over the company we’ve strategically built over all these years,” Smitty explained. “It’s important to understand that P1 Group has no interest in selling to an industry consolidator. We are determined to be the consolidator, not the one
consolidated,” Smitty said. “Our newly formed partnership will give us access to increased capital that will fuel future growth while still allowing us to maintain control over our business.” The consolidation entity will be known as Best in Class Technology Services (BCTS). Member companies will retain their names: Rieck, P1 Group, Inc., and Vulcan, continuing to provide a high level of service in their local markets. Each organization has been a leader in providing service and facility solutions to customers for a collective 290 years. BCTS will embark on a national expansion via acquisitions, with a plan to acquire five to six additional service contractors annually. Just like P1, Rieck, and Vulcan, acquired companies will retain their names and brand locally. For P1, the largest change will be the distinct development of two separate entities: P1 Service and P1 Construction, both of which will have investment from Dunes Point Capital. continued, next page
“It’s important to understand that P1 Group has no interest in selling to an industry consolidator. We are determined to be the consolidator, not the one consolidated. Our newly formed partnership will give us access to increased capital that will fuel future growth while still allowing us to maintain control over our business.” -Smitty Belcher, CEO STAY IN THE KNOW! Like us and follow us on
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