In 2012, Noverra was approached by Bob Vincent and Ted McDowell who together owned and led Brighter Mechanical.
Brighter is the leading company in British Columbia focused on retro-fitting domestic water, heating, drainage, and fire-sprinkler piping within existing tenanted buildings. Brighter re-pipes approximately 2000 homes per year and enjoys an industry-leading reputation and market share.
The size of the business, strong niche offering in the industrial services space, geographic location, track record of performance and strong company culture were compelling to Noverra.
Brighter Mechanical had been founded by Ray Wild in 1988. In the early 2000’s Bob Vincent, Ray Wild’s son-in-law and Ted McDowell, the most senior operational leader in the business at that time, partnered up to purchase the business from Ray’s widow. For 10 years Bob and Ted led the growth and success of Brighter into the top company in its niche. When Bob and Ted contacted Noverra, Bob and Ted were interested in transitioning to their next phases, which diverged. Ted wanted to remain in the business for a transition period and develop his identified internal candidate to take over the leadership of the Company as President. Bob was interested in supporting the business through the transition and was ready for a quicker transition from day-to-day operations.
Through the deal process, the Noverra team worked with Bob and Ted to create a deal structure that would create the phased transition that Ted was looking for with the support from Noverra to develop his identified internal candidate, as well as the quick transition that Bob was seeking.
The deal involved a reward-sharing structure that enabled Bob and Ted to participate in the future earnings of the company over an extended period while ensuring the financial stability both were seeking.
The deal closed in the Summer of 2012. Ted remained active in the management of the business for over two years as we developed his internal successor to take over the leadership of the company. Rick Clare, who at the time of purchase was overseeing the field operations, was proactively groomed and developed by the Noverra Team with the support of both Ted and Bob to enable him to succeed Ted and eventually become the President of the Company. Rick has led the company for many years now, in full alignment with “the Brighter Way” values which were developed by Bob and Ted, and with a management team that he has groomed internally, with Noverra’s support.View All Acquisition Stories