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Crete United bets big on Charlotte, fuels local growth with new headquarters

This article originally appeared in the Charlotte Observer.

Crete United bets big on Charlotte, fuels local growth with new headquarters

Crete United opened its new corporate headquarters last year and brought jobs to the Charlotte region. Now, the company is banking on that success with an expanded footprint in the city and across North Carolina.

The billion-dollar energy conservation and mechanical services company relocated from Tampa, Florida, to a 10,000-square-foot facility in the Lower South End neighborhood called The Station at LoSo, a mixed-use development. Crete United moved over 500 miles, drawn by Charlotte’s growth, its workforce, and its standing as one of the top states for business, said Mike Cox, Crete’s CEO.

“It’s a big city, but it doesn’t feel big,” he said, talking about quality of life factors. “We’ve had a lot of people say, ‘I really like this city, and I could see myself raising my family here.’”

Crete United currently has 46 employees at the Charlotte office, with that number continuing to grow. The company plans to funnel all new hires into its Charlotte headquarters, establishing it as the central hub for the organization.

“I think it was the right move for the company,” he said. “We like being here, and we hope to continue to grow, not only in Charlotte but all over the Carolinas.”

Crete United also has a presence in the Greensboro and Raleigh markets, taking advantage of a regional density approach to avoid spreading the company across the entire country, Cox said. “We like to concentrate in certain areas where we find good businesses, good strong economies, good markets, and North Carolina checks every box,” he added.

Crete United primarily serves commercial and light industrial clients, with roughly 85% of its business coming from service and repair work for big businesses like Wells Fargo and Novant Health. This focus on recurring revenue streams provides stability, with only about 15% of business coming from construction projects.

Growing Crete United

Crete United partners with small, family-owned companies in the mechanical, electrical, and plumbing field. This provides capital, strategic guidance and resources to help these companies grow after Crete acquires a majority stake.

“The owners stay on board, and they just get a shot of capital and support from Crete United to help drive to the next level,” he explained.

One of those major partnerships was with ProStar Energy Solutions, an energy management company. The Texas-based company was founded by Jerry Jones, the owner of the Dallas Cowboys.

With nearly 50 acquisitions in four years, integrating diverse company cultures presents a continuous challenge. But the company fosters a teamwork and collaboration approach with its partners.

“You have to really work with people,” he said. “We’re not a company that comes in and says, ‘Hey, we’re here to help. You’re gonna do it our way.’ We really value teamwork and collaboration.”

Cox is no stranger to teamwork. He served 13 years in the military after joining the U.S. Navy in the early 1990s, spending 10 years as a diver with underwater construction and demolition teams.

He joined Crete United in 2022 after serving as CEO for Bilfinger North America, a provider of light industrial and commercial services. That publicly traded company was losing $2 million a month before Cox turned it into a profitable enterprise.

“They just were numb to the obvious signs that were bubbling until one day it was too late,” he said. “By coming to Crete, which was definitively not that, we were able to say, ‘Look, let’s put the things in place to grow, and let’s put the safeguards in place to make sure we don’t become a turnaround company.’”

The company was only two years old, but Cox and his colleagues saw an opportunity to be different by making every building they touch healthier through energy efficiency and other environmental efforts.

“You know, 35 to 40% of all greenhouse gases come from buildings, not from cars, like you would think,” he noted. “We can’t do anything about the cars. But we can make churches healthier, schools healthier, workspace healthier, and I don’t always hear that from our competition. So that’s really our focus and how we think we set ourselves apart.”

In addition to environmental work, he also helped boost profits for Crete. After Cox arrived a few years ago, Crete United has seen its revenue increase from about $250-$300 million to well over $1 billion, according to his estimates. This growth was driven by acquisitions and what Cox calls “strong, organic growth.”