Laketown Electric

What Laketown Electric does

Laketown Electric Corporation (LEC) is a second-generation, family-owned electrical contractor founded in 1975 in Minnesota and operating under the sole ownership of CEO Matt Bergmann since 2020. The firm provides commercial, industrial, healthcare, hospitality, and institutional electrical construction services across the Midwest, delivered through four core service lines: Electrical Construction, Design/Build, Low Voltage Systems, and Service & Maintenance. Approximately 75% of projects are delivered on a design-build basis, with LEC operating as a State of Minnesota Licensed Design Firm and acting as engineer of record on those engagements.

The company maintains in-house design capabilities including full-time CAD/Revit drafters, lighting designers, and engineers, and runs a state-approved apprenticeship program with the MN Department of Labor. Its Low Voltage Systems division delivers structured cabling, IP surveillance, mass communications, and wireless systems, staffed by BICSI-certified installers and an RCDD-credentialed lead. Service & Maintenance includes same-day electrical service, VFD drives, PLC controls, control panels, generators, and ongoing service contracts. LEC holds a 0.70 workers' compensation mod rate (2023), ABC STEP Diamond Award status, and ABC Accredited Quality Contractor recognition maintained since 2018.

LEC employs 150+ people across two regional offices in Waconia (Twin Cities) and Mankato (Southern Minnesota), logging 275,000 field labor hours in 2023 with zero lost-time incidents. Revenue is project-based and quote-driven, with no public pricing; average FY 2024 project size is $675,000, ranging from one-hour service calls to projects of $20M+ electrical scope, and the company worked on 24 projects of $1M+ in 2024. Customer concentration sits with regional general contractors (Adolfson & Peterson, Kraus Anderson, Knobelsdorff Enterprises) and end-clients across healthcare (Mayo, Northfield Hospital, Two Twelve Medical), retail (Walmart), manufacturing (Johnson Outdoors, Crown Cork & Seal), and hospitality. Reported 2024 sales are expected to surpass $50M, and the company has been named to the Inc. 5000 seven times and the MSPBJ Fast 50 six times.

Name

Laketown Electric

Legal name

Laketown Electric Corporation

Website

https://laketownelectric.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

101–250 employees

Short description

Laketown Electric Corporation is a second-generation, family-owned Minnesota electrical contractor founded in 1975, delivering commercial, industrial, healthcare, hospitality, and institutional electrical construction, design-build, low voltage systems, and service and maintenance across the Midwest from offices in Waconia and Mankato.

Ownership category

akta.pro rank

Headquarters

HQ city

Waconia

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Electrical Construction Services: New construction electrical work for commercial, industrial, healthcare, hospitality, and institutional projects. Project sizes range from small service calls to $20+ million in electrical scope. In 2024, LEC worked on 24 electrical projects of $1 million or more in scope.
2. Design/Build Services: Integrated design and construction services under single point of responsibility. Over 75% of LEC's annual sales volume is design-build work. Projects start with completely engineered and mutually agreed upon electrical drawings.
3. Low Voltage Systems: Structured cabling, IP surveillance, mass communications, and wireless system installation and maintenance services. Includes design, planning, installation, testing, and ongoing support.
4. Service & Maintenance: Same-day electrical service for residential, commercial, and industrial facilities. Includes electrical design, engineering, installation, and maintenance for industrial and medical facilities. Also includes service contracts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Laketown Electric is a licensed commercial electrical contractor providing electrical construction, design/build electrical engineering, low voltage systems, and ongoing service and maintenance. The company serves hospitality, healthcare, commercial, industrial, and institutional clients across Minnesota through offices in Waconia and Mankato, employing approximately 150+ staff and generating roughly $50M in 2024 revenue.

Product overview

Laketown Electric is a second-generation family-run electrical contractor offering four core service lines: Electrical Construction, Design/Build Services, Low Voltage Systems, and Service & Maintenance. The company specializes in commercial, industrial, and healthcare projects throughout the Midwest, with approximately 75% of projects delivered on a design-build basis. Their Low Voltage Systems division provides structured cabling, IP surveillance, mass communications, and wireless systems. The company operates across five industry verticals: Hospitality, Healthcare, Commercial, Industrial, and Institutional.

Differentiator

Problem solved

Functional benefit

Products and services

• Electrical Construction Full electrical construction for new builds and renovations in hospitality, healthcare, commercial, industrial, and institutional facilities, including power distribution, lighting, and wiring installation.
• Design/Build Electrical Services Integrated electrical design and build service in which Laketown Electric engineers the electrical scope and self-performs installation, delivered to owners, general contractors, architects, and developers.
• Low Voltage Systems Installation and integration of low voltage infrastructure such as structured cabling, communications, and security wiring for commercial and institutional buildings.
• Electrical Service & Maintenance Ongoing preventive maintenance, troubleshooting, repair, and service work for installed electrical systems across hospitality, healthcare, commercial, industrial, and institutional customers.

Quantifiable outcome

• Zero lost time incidents during 275,000 field labor hours in 2023
• +3 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Knobelsdorff Enterprises (KE)coreStrategic or Co-development Partner · 1 January 2025Strategic partnership on the Walmart Distribution Center project in Mankato, MN. This is the largest project in Southern Minnesota (660,000 SF building on 150-acre site). KE performs medium voltage, temporary electrical, sitework while LEC performs interior electrical services. Shared excavation for conduit and temporary cable installation. Partnership based on aligned values and GSDS motto ('Getting Stuff Done Safely').
• Adolfson & Peterson ConstructioncoreStrategic or Co-development PartnerOne of the largest general contractors in the Midwest. LEC maintains excellent working relationships as a large merit-shop contractor.
• Kraus AndersoncoreStrategic or Co-development PartnerMajor Midwest general contractor with whom LEC maintains strong working relationships on construction projects.
• Associated Builders and Contractors (ABC)coreOthersLEC is an ABC member and has received multiple awards including the STEP Diamond Award, Accredited Quality Contractor recognition, and Excellence in Construction awards. Active participant in ABC Minnesota chapter.
• National Electrical Contractors Association (NECA)minorOthersElectrical industry association affiliation.
• Electrical Supply Alliance (ESA)minorOthersElectrical supply purchasing cooperative/association.
• Minnesota State Electrical Association (MnSEA)minorOthersMinnesota state electrical association.
• International Facility Management Association (IFMA)minorOthersFacility management industry association affiliation.
• Design-Build Institute of America (DBIA)minorOthersLEC specializes in design-build delivery method. DBIA is the industry authority on design-build project delivery.
• AFCOMminorOthersData center industry association affiliation.
• Minnesota Associated Builders and Contractors Safety Minnesota (MASMS)minorOthersSafety-focused ABC chapter in Minnesota.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Rosendin Electric: Rosendin is one of the largest employee-owned electrical contractors in the U.S., with design-build delivery across commercial, healthcare, data center, and industrial markets. Comparable service mix (electrical construction, low voltage, design-build) and employee-ownership culture align closely with LEC's positioning.
• Pieper Electric: Pieper Electric is a Wisconsin-based electrical contractor with design-build commercial, industrial, and healthcare expertise, plus a dedicated low voltage division. As an Upper Midwest merit-shop peer with comparable capabilities, it is a directly comparable competitor.
• Guarantee Electrical Construction: Guarantee Electrical Construction is a St. Louis-based commercial and industrial electrical contractor offering design-build, low voltage, and service work. Geographic and vertical overlap makes it a strong regional comparable peer for LEC.
• Faith Technologies: Faith Technologies is a large Midwestern-headquartered electrical and specialty systems contractor with design-build capabilities across commercial, industrial, and healthcare verticals. Comparable scale, design-build delivery model, and similar vertical mix make it the most direct comparable peer to LEC.
• Hunt Electric: Hunt Electric is a Midwest-based electrical contractor with design-build, commercial, industrial, and healthcare expertise. As a regional contractor of similar size and vertical mix with strong design-build emphasis, it is a directly comparable peer.
• Stark Electric: Stark Electric is a Minnesota-based electrical contractor with commercial and industrial expertise. Overlapping geographic market and service offerings make it a directly comparable regional peer to LEC.

Broad incumbents

• EMCOR Group: EMCOR Group is a Fortune 500 mechanical and electrical construction services provider with nationwide operations. As a broad incumbent with overlapping electrical services, it competes with LEC on larger commercial and institutional projects.
• Quanta Services: Quanta Services is the largest publicly traded infrastructure construction firm in North America, with substantial electrical contracting operations. While primarily utility/infrastructure focused, Quanta competes with LEC on larger industrial and commercial scopes and represents the upper-bound incumbent scale.
• IES Holdings: IES Holdings is a publicly traded electrical and infrastructure services provider with nationwide commercial, industrial, and data center work. As a much larger incumbent competitor with overlapping capabilities, it represents the broader incumbent peer set LEC competes against for larger scopes.

Emerging players

• Knobelsdorff Enterprises: Knobelsdorff is a Minnesota-based electrical and automation contractor; LEC currently partners with KE on the Walmart Distribution Center project. Overlapping geography and emerging scale make it a relevant emerging peer/partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Laketown Electric