Tru Val Electric

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.