Microfield unloads Christenson Electric for $9M

Microfield Group Inc. has sold its Christenson Electric Inc. subsidiary for about $9 million to a new company formed by Christenson's president.

Portland-based Microfield Group (OTCBB: MICG), which works with companies to reduce their power bills, closed the sale on April 24, according to a filing Thursday with the Securities and Exchange Commission.

The deal makes Christenson, an electrical contractor with several hundred trucks and 400 workers, a private company.

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The company was bought by CEI Acquisition LLC, a group headed by A. Mark Walter, who served simultaneously as president of Christenson and Microfield, and also served on Microfield's board of directors.

Walter resigned from Microfield's board on Oct. 17 and as Microfield's president on April 24, according to the SEC filing.

The $9,050,000 acquisition is comprised of $1.65 million in cash and $7.4 million of debt, according to the SEC filing.

Walter on Thursday said he is the sole partner in CEI Acquisition, but within a month Ken Jacob, Christenson's electrical services manager, and Dean Skaar, the company's technology and cabling services manager, will join him as co-owners.