MOUNT AIRY, N.C., June 16 /PRNewswire/ -- Pike Electric Corporation , congratulates its Chairman, President and Chief Executive Officer, J. Eric Pike, who was announced the winner of the Ernst & Young Entrepreneur Of The Year 2006 Award in The Carolinas for the Industrial and Products Services category last night at a special 20th anniversary gala event at the Westin Hotel in Charlotte.
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According to Ernst & Young, the awards program was designed to recognize outstanding entrepreneurs on a regional, national and global level who are building and leading dynamic and growing businesses. Mr. Pike was previously featured as a finalist in the Triad Business Journal as follows:
The third generation of the Pike family to run Pike Electric, Inc., Eric Pike took over the reins of the company from his father in 1998.
The Mount Airy-based company, which was founded in 1945 by Eric Pike's grandfather, Floyd S. Pike, is one of the largest third-party providers of outsourced electric distribution and transmission services in the U.S. Pike Electric serves over 150 electrical utilities, cooperatives and municipalities within a 19-state region stretching from Pennsylvania to Florida.
On Mr. Pike's watch, the company has grown annual revenue from $178 million to approximately $900 million.
Like his father and grandfather before him, Mr. Pike learned the business from the ground up. While a student at Emory University, he worked as a lineman on an overhead construction crew. When he graduated, he returned to work as a top lineman. After another year and a half in the field, he became an operations supervisor, bidding work in the company's northern region.
A promotion to vice president of Pike Electric's central region and a seat on the board of directors gave him more hands-on experience.
In 1998, Mr. Pike saw a new vision for the company and approached his father, Joe B. Pike, with the request that he be able to take over the company and put into play some new strategies, including the execution of some key acquisitions.
In 2001, Mr. Pike led the family in pursuit to sell the company to equity partners. The sale was completed in 2002 with the firm Lindsay Goldberg Bessemer purchasing approximately 85 percent of the company. Mr. Pike remained with the company as president and CEO, as well as the largest minority shareholder.
Over the next two years, the company grew through both organic growth and small acquisitions to nearly 7,000 employees and revenues of over $700 million.
In July 2004, the company finalized its largest acquisition, purchasing Red Simpson Inc., adding $200 million in revenue and 1,500 employees.
In December 2004, Mr. Pike began the process of taking the company public and successfully completed the IPO on July 27, 2005.
Again, we congratulate, Mr. Pike on his achievement and look forward to his national award in Palm Springs, CA in November.
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