AMPAM Expands with Strategic Acquisition of Seal Electric
Deal News | Apr 10, 2025 | Gemspring Capital
AMPAM Parks Mechanical, Inc., a portfolio company of Gemspring Capital, has announced its acquisition of Seal Electric, Inc., a leading electrical services provider for the multifamily market. This acquisition marks a significant step in AMPAM's growth strategy, extending its capabilities to include electrical services and establishing it as the first multifamily-focused MEP provider in California. Founded in 1996, Seal Electric has built a strong reputation in California and Arizona, and will continue to operate under the leadership of its current president, Joe Bongiovanni. This move aligns with AMPAM's strategy to provide integrated plumbing, HVAC, and electrical solutions, enhancing its service offerings for multifamily residential projects.
Sectors
- Private Equity
- Construction
Geography
- United States – AMPAM is based in California, and Seal Electric operates in both California and Arizona. Gemspring Capital is based in Connecticut.
- California – AMPAM is primarily active in California, as is Seal Electric, focusing on the multifamily residential market within the state.
- Arizona – Seal Electric has operations in Arizona, providing electrical services for multifamily residential projects.
Industry
- Private Equity – The article involves Gemspring Capital, a private equity firm, which manages the portfolio company AMPAM Parks Mechanical, Inc.
- Construction – AMPAM and Seal Electric are involved in providing mechanical, electrical, and plumbing (MEP) solutions for the construction of multifamily residential projects.
Financials
- Not disclosed – The financial terms of AMPAM's acquisition of Seal Electric were not disclosed.
- $3.8 billion – The capital under management by Gemspring Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AMPAM Parks Mechanical, Inc. | Acquiring Company | Company | A provider of plumbing and HVAC solutions for the multifamily market and a portfolio company of Gemspring Capital. |
| Seal Electric, Inc. | Target Company | Company | A leading electrical services provider for multifamily residential projects in California and Arizona. |
| Gemspring Capital | Private Equity Firm | Company | A Westport, Connecticut-based private equity firm managing AMPAM Parks Mechanical, Inc. with $3.8 billion of capital under management. |
| Joe Bongiovanni | President of Seal Electric | Person | Current president of Seal Electric who will continue to lead the company after its acquisition by AMPAM. |
| Frank Bongiovanni | Founder of Seal Electric | Person | Founder of Seal Electric. |
| Buddy Parks | Co-Founder of AMPAM | Person | Co-Founder of AMPAM Parks Mechanical, Inc. |
| John Parks | Co-Founder of AMPAM | Person | Co-Founder of AMPAM Parks Mechanical, Inc. |