Cotton Creek Capital has formed Bobcat Power Holdings as a platform in the substation infrastructure services sector and has closed its first acquisition with the buy of Bobcat Heavy Civil.
Bobcat is a provider of sub-surface, site work, foundations, and above-ground electrical construction services to utilities, engineering, and electric procurement and construction (EPC) companies that operate in Texas, Oklahoma, and Louisiana.
Specific capabilities of Bobcat include site preparation, installation of grounding framework, subgrade foundations, and the installation of underground conduit, transformers, and circuit breakers. Bobcat, led by President Scott Yocham, was founded in 2007 and is headquartered in Waco, Texas.
“We are excited to partner with Cotton Creek as Bobcat enters the next chapter of its growth story. With Cotton Creek’s extensive infrastructure experience, we anticipate capitalizing on a variety of new opportunities while maintaining our commitment to quality and safety,” said Mr. Yocham.
“Scott and his team have built an exceptional business around a diverse customer base,” said Antonio DiGesualdo, the managing partner of Cotton Creek. “We look forward to building upon Bobcat’s leading market position to expand its footprint and service capabilities.”
“Over the past 15 years, Cotton Creek has been actively investing in infrastructure services platforms, and we believe our shared experiences will facilitate Bobcat’s continued growth,” said Josh Gault, a partner at Cotton Creek. Earlier platforms in this sector include Y-COM (Young’s Communications), a Florida-based provider of infrastructure services to the telecommunications, power, and utility industries, which was acquired in 2018 and sold in 2021 to private equity firm Grain Management; and Chain Electric, a Mississippi-based provider of power line installation and maintenance services, which was acquired in 2012 and sold in 2016 to a strategic acquirer.
Austin-based Cotton Creek invests from $10 million to $40 million in companies with EBITDA between $5 million and $15 million. Sectors of interest include manufacturing, infrastructure services, specialty chemical, building products, food and beverage, and business services.
Cotton Creek’s investment in Bobcat was made through its third fund, Cotton Creek Capital Partners III LP, which closed in August 2019 with $215 million in capital.
© 2022 Private Equity Professional | October 7, 2022
