Track Utilities, a portfolio company of CIVC Partners, has acquired Sitewise Corporation, a provider of compliance related operations and maintenance; re-construction; and new construction services to oil, natural gas, electric, and telecom companies.
The Sitewise’ management team is led by Lee Wilkerson, President; Jeff Sedillos, VP of Operations; and Myron Stadler, VP of Finance. At closing, each of these senior managers became shareholders of Track Utilities. Sitewise is headquartered in Denver and has four additional Colorado-based offices (www.sitewisecorp.com).
Track Utilities, acquired by CIVC in 2014 from Atlanta-based Pantom Equity Partners, is a provider of outsourced services to telecom and electric utilities. Track’s services include aerial telecom, underground telecom, overhead electric, underground electric, joint utility trenching, and directional drilling. The company serves customers primarily in Idaho, Montana, Wyoming, Washington, and Oregon. Track is headquartered west of Boise in Meridian, ID and has six additional regional offices across the Northwest (www.trackutilitiesllc.com).
According to CIVC, the combination of Track and Sitewise creates a platform with revenue of nearly $100 million, approximately 600 employees, and operations across seven states. Sitewise adds natural gas services to Track’s existing telecom and electric power capabilities, and provides end-market, customer, and geographic diversification.
“Sitewise is a perfect complement to our business and significantly expands our capabilities, enabling us to better meet the long-term infrastructure requirements that are driving demand in the telecom, electric, and natural gas end-markets,” said Jim Baumgardner, CEO and Chairman of Track.
CIVC invests from $15 million to $85 million in middle-market companies that have at least $5 million of EBITDA. Sectors of interest include business services and financial services. CIVC currently manages over $1.5 billion in capital and is investing out of CIVC Partners Fund IV and Fund V. The firm is based in Chicago (www.civc.com).
CIVC continues to seek utility services companies in the telecom, electric power, and natural gas industries that would expand Tracks’ geographic footprint and service capabilities.
Partner John Compall and Principal J.D. Wright led the transaction for CIVC.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-29-16