On February 8, 2012 Iron Eagle Group, Inc.
announced that it has signed a definitive agreement to acquire
100% of Tru Val Electric Corporation, an electrical contractor
serving the northeast United States with offices in New Jersey
and New York, from the current shareholder, Christopher Totaro.
The aggregate purchase price to be paid by Iron Eagle shall
consist of equity to Mr. Totaro in the form of common and
preferred shares of Iron Eagle and the assumption of debt.
Tru-Val Electric has grown as a regional leader in electrical
contracting in New York and New Jersey. They have built their reputation with
a staff of professionals dedicated to the success of their clients, in the public
and private sectors. For over forty-five years, Tru-Val has provided design-build
services, wiring, and equipment installations. Tru-Val has integrated “green
technology” into many of their projects, particularly public projects for
school agencies and utility authorities. With over ninety employees, Tru-Val
serves as a construction leader in New York and New Jersey, including the New
York Power Authority, Department of Environmental Protection, Madison Square
Garden, NYC School Construction Authority, MTA, and PSE&G. Tru-Val operates
two facilities including a newly renovated forty thousand square foot office/warehouse
facility in Hackensack, New Jersey.
As part of the transaction, Iron Eagle has signed five year
employment agreements with Christopher Totaro, President of Tru-Val to continue
in leadership positions with Tru Val. Mr. Totaro will also become part
of Iron Eagle’s Executive Advisory Committee.
Jason Shapiro, Iron Eagle’s CFO, commented “After
months of due diligence and hard work, we believe that Tru-Val represents best
in class as a regional leader with a strong proven reputation. We are thrilled
to have Chris Totaro, his executive team and the entire Tru-Val family join Iron
Eagle.” Chris Totaro, President of Tru Val Electric, added “Our team
strongly believes in Iron Eagle’s vision and strategy, and we are proud
to become leaders, operators, and shareholders of Iron Eagle.”
For more information on Tru-Val, please visit www.tru-val.com.