SoFi CEO enters prepaid forward contract on 1.5 million shares
NEW YORK - White Mountains Partners LLC, an operating company under White Mountains Insurance Group, Ltd. (NYSE: WTM), a $4.82 billion market cap company with 8.66% revenue growth in the last twelve months, has acquired a majority stake in Enterprise Electric, LLC, doing business as Enterprise Solutions, a prominent specialty electrical contracting services provider. The acquisition, announced Today, marks White Mountains Partners’ first venture into the electrical contracting space.
Enterprise Solutions, established in 2003 and based in Nashville, Tennessee, offers a comprehensive range of services including the design, engineering, prefabrication, and installation of electrical infrastructure. The company caters to a diverse clientele across various sectors such as healthcare, manufacturing, education, and data centers.
John Daly, CEO of White Mountains Partners, expressed confidence in the acquisition, citing Enterprise Solutions’ track record of innovative solutions and efficient project execution. Jim Seabury, Chairman and CEO of Enterprise Solutions, acknowledged his team’s efforts and expressed enthusiasm for the growth opportunities ahead with the support of White Mountains Partners.
Manning Rountree, CEO of White Mountains, welcomed the Enterprise Solutions team and highlighted the acquisition as part of White Mountains’ strategy to diversify into attractive sectors beyond its traditional insurance business. According to InvestingPro analysis, the company maintains a "GREAT" financial health score of 3.14, suggesting strong operational performance and financial stability.
Legal counsel for the transaction was provided by Olshan Frome Wolosky LLP to White Mountains Partners, while Canaccord Genuity served as financial advisor and Bradley Arant Boult Cummings LLP as legal counsel to Enterprise Solutions.
This acquisition is part of White Mountains Partners’ broader strategy to invest in family, founder, and entrepreneur-owned businesses within the essential services, light industrial, and specialty consumer sectors. The partnership is expected to support Enterprise Solutions’ growth strategy, including geographic expansion, market adjacency, and bolt-on acquisitions.
The press release includes forward-looking statements, which are subject to various factors that could affect the company’s future results, including economic conditions and market competitiveness. InvestingPro data reveals that White Mountains has maintained dividend payments for 31 consecutive years, demonstrating long-term financial stability. The company trades at a modest price-to-book ratio of 1.08, suggesting reasonable valuation. Get access to dozens more exclusive insights and analysis with an InvestingPro subscription. The information in this article is based on a press release statement from White Mountains Partners LLC.
In other recent news, White Mountains Insurance Group has renewed its reinsurance sidecar, Outrigger Re Ltd., effective from January 1, 2025. The renewal terms for Outrigger Re remain consistent with the previous year, continuing to provide collateralized reinsurance protection for a portion of Ark Bermuda’s global property catastrophe portfolio. For the calendar year 2025, Outrigger Re has secured $230 million in total investor capital, with White Mountains contributing $150 million and the remaining $80 million funded by third-party investors. This development reflects White Mountains’ ongoing commitment to its strategic investment in collateralized reinsurance through Outrigger Re. The renewal also signifies the confidence of both the parent company and third-party investors in the venture. The focus on maintaining stability and continuity in reinsurance arrangements for Ark Bermuda’s portfolio is evident. This information was disclosed in a press release filed with the Securities and Exchange Commission.
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