HATTIESBURG, Miss. (AP) — One of Mississippi’s oldest family owned companies has taken on an investor from outside the state.
Bobby L. Chain, chairman of Chain Electric Co., tells the Hattiesburg American (http://hatne.ws/NnV9Sy) his family will remain at the helm of the 57-year-old company based in Hattiesburg.
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Chain says as a result of the mid-June “recapitalization,” the controlling stake in the business now belongs to Cotton Creek Capital of Dallas.
The recapitalization, or restructuring of the business’s capital, left the Dallas-based private equity firm holding more capital than the Chains.
Chain Electric provides power line installation and maintenance in distribution and transmission grids in the Gulf Coast and Midwest regions.
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Information from: The Hattiesburg American, http://www.hattiesburgamerican.com
