Greenbelt to Acquire Peak Utility Services from ORIX

Greenbelt Capital Partners has agreed to acquire Peak Utility Services Group from ORIX Capital Partners, the private equity arm of ORIX Corporation USA.

Peak Utility Services Group provides outsourced maintenance, repair, and upgrade services for electric power, natural gas, and telecommunications infrastructure. The company performs electric distribution construction and maintenance, gas pipeline integrity work, and fiber and telecommunications installation, supporting projects such as replacing aging poles and wires, reinforcing pipeline safety systems, and expanding communications networks used to monitor and manage the grid.Peak serves regulated utilities undertaking multi-year capital programs to modernize infrastructure and expand grid capacity. Headquartered near Denver in Broomfield, Colorado, the company operates across 15 states and employs approximately 2,800 workers.

“Partnering with Greenbelt marks a pivotal milestone for Peak as we enter our next phase of growth,” said Michael Lennon, CEO of Peak. “Greenbelt’s deep expertise in the energy and infrastructure sectors perfectly complements our mission to provide safe, reliable, and innovative solutions to our utility partners. With their support, we are well-positioned to accelerate our expansion and continue our track record of being the preferred partner for utility customers across the U.S.”

“We believe Peak is a premier platform led by a veteran management team that has consistently demonstrated the ability to scale through both operational excellence and strategic M&A,” said Chris Murphy, a partner at Greenbelt. “As the U.S. continues to prioritize grid resiliency, system hardening, and decarbonization, Peak’s services are more critical than ever. We look forward to supporting Michael and the management team as they take advantage of this growing demand and continue their work modernizing the nation’s electricity and gas networks.”

“We are proud to have partnered with Michael and the entire Peak team during a period of strong growth and operational progress for the company,” said Matt Scullion, a managing director at ORIX USA. “Peak plays an important role supporting utilities as they maintain and upgrade critical electric and gas infrastructure, and we are confident the Company is well positioned for continued success.”

Greenbelt Capital Partners invests $100 million to $250 million of equity in control or co-control ownership positions in companies that are active in electric power and grid infrastructure, renewable energy and energy transition, energy and utility services, and industrial and infrastructure services tied to energy systems.

Greenbelt Capital is the former energy arm of Trilantic North America, and prior to that Lehman Brothers Merchant Banking. The senior team at Greenbelt has worked together for an average of 12 years and committed over $6 billion of equity capital across multiple portfolio companies and completed over $80 billion of M&A and financings across more than 280 transactions. The firm is headquartered in Austin and New York City.

ORIX Capital Partners invests from $75 million to $200 million of equity per transaction in North America-based middle-market companies that are active in the business services, infrastructure services, and industrials sectors. New York-based ORIX Capital Partners is a business unit of ORIX Corporation USA, a Dallas-based financial services firm. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned financial services company with operations in 38 countries and regions worldwide.

Mr. Murphy led the transaction for Greenbelt Capital, and Mr. Scullion led the transaction for ORIX.

Sound Point Capital Management was the lead arranger and administrative agent for the debt financing supporting the transaction.

Harris Williams was the financial advisor to Greenbelt, and Stifel was the financial advisor to ORIX Capital Partners.