Arcline has sold Voltyx Energy Solutions, a provider of electric infrastructure services, to family-owned Asplundh.
Voltyx specializes in technical electric infrastructure services, including design and engineering, testing and commissioning, and repair and maintenance to more than 1,500 utility, renewable energy, data center, commercial and industrial customers.
Arcline acquired Electric Power Systems International (EPS) and North American Substation Services (NASS) from Industrial Growth Partners in April 2021 (Arcline Acquires Electric Grid Platform from IGP). In December 2021, the company rebranded as Voltyx following the acquisition of California-based HART High Voltage in October 2021 and Wisconsin-based Krause Power Engineering in August 2021. Other operating companies of Voltyx include Quebec City-based NOMOS Systems, Tennessee-based Transformer Lifecycle Services, and Connecticut-based EPS Technology.
Today, Voltyx is led by CEO Mark Day and has more than 1,200 employees and 35 North America locations with a headquarters near St. Louis in Maryland Heights, Missouri.
“Thanks to our dedicated team, loyal customers, and partnership with Arcline, Voltyx has continued to be at the forefront of economy wide electrification trends,” said Mr. Day. “We look forward to the next chapter of growth with the Asplundh team.”
“We’re excited to welcome Voltyx to the Asplundh family of companies,” said Matt Asplundh, the CEO of Asplundh. “Voltyx’s expertise in the substation and transformer services market will help us expand the already excellent, safe, and cost-effective services we provide to our current customers as One Asplundh. We look forward to working together with Voltyx’s employees and customers toward continued growth and success.”
Asplundh is a provider of vegetation management and utility infrastructure services including tree pruning and removals, right-of-way clearing and maintenance, emergency storm work, and logistical support. Other services of the company include power line design, construction, meter reading, electrical testing and commissioning, utility pole maintenance, traffic signalization, and roadway lighting. Customers of Asplundh include electric utility companies, municipalities, pipelines, and railroads.
The family-owned and operated company was founded in 1928 by brothers Griffith, Lester and Carl Asplundh to trim trees around power and telephone lines. According to the company, it was the first company to specialize in utility line clearance and vegetation management services and today is the largest line clearance company in the United States. Asplundh has more than 36,000 employees located throughout the United States, Canada, Australia, and New Zealand, and is headquartered near Philadelphia in Willow Grove, Pennsylvania. Annual revenues of the company exceed $4.7 billion.
Arcline makes control investments in companies with recurring revenue business models in the defense and aerospace; infrastructure services; industrial and medical technology; life sciences and specialty materials sectors. Arcline’s targets will typically have from $10 million to $100 million of EBITDA and enterprise values up to $1 billion. The firm closed its third fund in March 2023 with total capital commitments of $4.5 billion. Arcline’s earlier fund closed in January 2021 with $2.75 billion of capital commitments.
Harris Williams and Stifel Nicolaus & Company were the financial advisors to Arcline on this transaction, and BofA Securities advised Asplundh.
© 2024 Private Equity Professional | May 31, 2024
