Boyne Capital and Breakwater North have formed Integral Energy Services to combine the pair’s investments in clean energy and infrastructure services.
Integral Energy Services (IES) is comprised of Sonic Systems, International Wind, and Amperion that together employ more than 1,000 technicians serving four clean energy verticals: nuclear, wind, solar, and battery storage. Customers of IES include OEMs, utilities, and clean energy asset owners in the US and internationally. The company is headquartered in Wilmington, North Carolina.
Boyne Capital acquired Sonic Systems, a provider of support services to the nuclear power industry, in September 2021. Sonic’s nuclear-certified technicians provide a range of services to nuclear OEMs and operators of United States-based commercial nuclear reactors including non-destructive evaluation, quality assurance and quality control (QA/QC), refueling and reactor maintenance, engineering, and project management. Sonic, led by CEO Bruce Schlueter with 700 employees, was founded in 1977 and has facilities in Wilmington, North Carolina, and Houston, Texas.
International Wind provides repair, maintenance, and inspection services for on and off-shore utility-scale wind turbine blades. International Wind is headquartered in Huntington Beach, California with an additional facility in Houston, Texas.
Amperion is a provider of installation, testing, troubleshooting, and commissioning services to renewable energy projects with a specialization in grid-scale battery integration.
“We believe that IES is well-positioned to support the clean energy transition, serving a diverse set of assets across the nuclear, wind, battery storage, and solar sectors,” said Derek McDowell, the managing partner and CEO of Boyne Capital. “With up to $3 trillion of clean energy investment expected over the next decade driven by the Inflation Reduction Act, there is a clear need to bolster the current clean energy services supply chain to ensure that new and existing assets are properly constructed, maintained and optimized.”
“We are proud to announce the formation of IES and look forward to supporting the company’s accelerating growth trajectory as the clean energy transition tailwinds continue to strengthen,” added Breakwater North’s Managing Partners, Ryan Mills and David Faherty, in a released statement.
Boyne Capital makes investments in lower middle-market market companies that have revenues of less than $100 million, and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, agriculture, consumer products, niche manufacturing, and business and financial services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.
Breakwater North is an investment and advisory firm founded in 2020 by Messrs. Faherty and Mills. Both founders have energy finance and nuclear operating experience having served as nuclear engineers aboard the USS Memphis (a Los Angeles-class nuclear-powered submarine) and the USS Harry S. Truman (a nuclear-powered aircraft carrier). The firm is headquartered in Annapolis, Maryland.
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