ASHLAND — BCU Electric, an Ashland-owned company, has been acquired by Meptagon Group, a global designer and builder of industrial facilities, according to a press release signed by both companies’ CEOs Thursday.
“BCU will continue to deliver the same high-quality service that clients have come to expect over the past 35 years,” the release stated. “The focus will be on continuous improvements and expanding service offerings, while maintaining their dedication to employees, clients, and vendors.”
(Below is a copy of the press release.)
Ben Uselton, BCU Electric’s CEO, started the electrical contracting company in 1990.
The release stated Uselton would continue supporting the company as needed during a “transition period.” He’ll be replaced by Dan White, BCU Electric’s current operations manager. White will take over as the company’s CEO.
Uselton couldn’t give an exact timeline for that transition period — he said he’d stay as long as necessary until things feel “smooth” for both parties.
Finding the right buyer
Uselton said the search for somebody to buy the company had been in progress for a long time. Uselton and his wife Brenda, who works as BCU Electric’s chief financial officer, planned to retire, but wanted to make sure they connected with the “right buyer.”
For him, that meant finding someone who would grow the company and maintain its culture. That culture, Uselton said, includes promoting from within, serving the community and taking care of employees.
The Meptagon Group checked those boxes. He said all his employees will keep their jobs and he hopes the company helps BCU Electric grow.
According to the Meptagon Group’s website, the company is based in Israel and began in 1960. It employs more than 1,500 people.
The release stated the group’s U.S. subsidiary, Meptagon USA, is who acquired BCU Electric. The release did not specify how much Meptagon Group paid to acquire the company. Uselton did not disclose that amount in an interview Friday.
But he said BCU Electric did its research on the Meptagon Group. He feels confident the company he started will be in good hands.
“This allows Brenda and I to go out on a good note knowing that we did a good job and that our employees were at the center,” Uselton said.