Griffin Serves as Investment Banker to Core States Group
Core States Group (“CSG” or “the Company”), based in Ambler, PA, provides architecture, design, engineering, installation, program rollout and signage solutions to a diverse set of multi-national, blue-chip clients operating in a variety of end markets. The Company was founded in 1999 by John Scheffey in Duluth, GA, and quickly expanded, and today CSG has over 500 employees working in 21 offices nationwide and Canada. CSG supports multi-site expansion, remodeling and renovation programs for several sectors including the petroleum/convenience store, banking, quick-service restaurant and retail industries. In addition, the Company also provides installation and related services for zero-emission vehicle infrastructure, such as EV and hydrogen charging stations, and distributed generation and energy projects.
After founding Core States and managing the Company for over 15 years, John Scheffey hired Dave Dugan in 2015 as President of Core States and began to transition away from a direct management role. The second part of this succession plan involved equity ownership transfer. John preferred an exit plan that provided liquidity for a majority of his equity, continuity and greater equity ownership for CSG’s management team and employees, and a new majority owner with greater resources to support the Company’s continued growth.
Core States Group engaged Griffin as its exclusive investment banker to solicit interest in the acquisition of the Company. Griffin advised CSG that a private equity or family office investor would better meet John’s goals via a recapitalization transaction, versus a full sale to a strategic buyer. Griffin managed a competitive sale process involving a select group of institutional financial investors, ultimately resulting in CSG being recapitalized by Harren Equity Partners, a private equity firm based in Charlottesville, VA. Harren is dedicated to the growth and development of industry-leading companies through the creation of strong partnerships. John Scheffey and other top management from CSG will retain a meaningful minority equity stake in the business alongside Harren.