How Being Acquired by HB Global Exceeded the Expectations of North Shore Mechanical Contractors’ President and CEO
When Brad Orsburn’s longtime business partner made the decision to step away from the company they co-owned, he found himself looking to make a change in the leadership structure of North Shore Mechanical Contractors.
Realizing the added responsibilities of overseeing the Massachusetts-based plumbing and piping systems company, Orsburn turned to the market to review his options. He was eager to determine what would be most beneficial to the future of North Shore for himself but, more importantly, his employees.
Read on to discover how North Shore became part of the brand family at HB Global, LLC.
Finding the Right Buyer
Distinct from their industry peers, North Shore is one of a few firms in the region with expertise in design and installation of the specialized plumbing required in advanced technology, life science, education, medical, industrial and commercial facilities.
Once he decided to sell the company, Orsburn set his sights on a buyer who would reflect and preserve North Shore’s commitment to integrity and advancing its craft, as well as having the best labor force in the industry. The ability to minimize transition interruptions and retain North Shore’s individual brand identity were also items on his buyer wish list.
After he surveyed the market, Orsburn connected with HB Global and was interested in joining HB’s strategic portfolio of brands. HB Global was equally as enthusiastic about the transaction as the addition of such specialized services in a new geographic market would further diversify the company’s portfolio and propel future growth.
Value Beyond Currency
Through several interactions, Orsburn discovered HB’s passion for collaboration, team spirit and customer satisfaction. Further, he found an employee-owned company focused on providing greater long-term financial security for its workforce through an Employee Stock Ownership Plan (ESOP).
“From my perspective, knowing that I was going to stay and that it was a company that I’d been with for a long time, I was more interested in who was buying as opposed to the price. HB wasn’t just a private equity firm – money wasn’t the sole purpose of the acquisition,” Orsburn said. “Everyone from HB was fantastic, they presented themselves very well and seemed to have a great culture.”
When HB Global and North Shore announced the acquisition in July 2019, there were minimal disruptions for employees. Though the ownership of the company has shifted, Orsburn remains at the helm of the North Shore division through his position as President and CEO. He also serves on the HB Global leadership team.
“HB’s plan is growth. They’re as hands-on as you need them to be for you, so they can help you if you’re a smaller company and money is an issue,” he said. “They offer resources for training and hiring, or even growing a particular part of your business that you couldn’t do by yourself.”
Staying True to the Brand
Each brand within HB’s strategic portfolio retains its established brand identity. This allows each company under the HB umbrella to continue serving their communities and marketplace without interruptions.
“Every brand maintains its own name and markets and every division. You’ve still got that autonomy to pursue bigger projects or maybe pursue your own acquisitions in your markets,” said Orsburn. “Our clients knew who we were, what we were. If we were to change that with both perspective and people, it probably wouldn’t work. It’s unique, what we do.”
Are you thinking about selling your business?
HB Global will work with you to create a flexible transaction structure that eases the transition of joining our brand portfolio. Comprised of five divisions with more than 1,200 employees across the country and annual revenue exceeding $200 million, HB Global strives for strategic growth and operational excellence. Contact us today for more information.