electrical services

AE Industrial Adds to BHI Energy

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Bartlett Holdings (DBA BHI Energy), a portfolio company of AE Industrial Partners, has acquired D&D Power. AE Industrial Partners acquired BHI Energy from Harvest Partners in August 2017.

D&D Power installs, repairs and performs maintenance services on overhead electrical power lines for utilities and industrial companies. The company also performs all types of electric distribution construction work as well as performing new substation construction. D&D Power, led by CEO and owner Darren Donohue, is based in Latham, NY (www.danddpower.com). Mr. Donohue and other members of the senior management team will remain with the company post-closing.

BHI Energy is a specialty utility services company that provides onsite services to support the daily operations, routine maintenance and capital investment requirements of nuclear, fossil and renewable power facilities, as well as government decommissioning projects. The company’s staffing services include both professional & technical staffing and recruitment process outsourcing. BHI’s workforce includes more than 8,000 project management and technical, professional and craft employees operating at more than 150 global project locations. The company, led by CEO Bob Decensi, is headquartered south of Boston in Weymouth, MA (www.bhienergy.com).

“The acquisition of D&D Power will allow BHI Energy to expand our transmission and distribution service offerings, delivering optimal solutions and greater value to our clients,” said Mr. Decensi. “D&D has a superior reputation for dependable electrical contracting and major development projects, and is well-known for a commitment to safety, quality, customers, and employees. We look forward to partnering with Darren and his team to build on their tradition of excellence and to grow our overall suite of service offerings.”

AE Industrial Partners invests in the aerospace & defense, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses.  Typical company targets will have from $50 million to $500 million of revenue. The firm is headquartered in Boca Raton (www.aeroequity.com).

© 2018 Private Equity Professional | June 28, 2018

Huntsman Gay Exits Power Holdings

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Huntsman Gay Global Capital has sold its portfolio company Power Holdings, a provider of maintenance services to the electrical utility industry, to Kelso & Company for $380 million.

Power Holdings is a provider of scheduled and emergency outsourced maintenance services to the electrical utility industry.  The company is comprised of two operating subsidiaries – Alexandria, LA-based T&D Solutions (www.tdsolutions.com) and Hartselle, AL-based Associated Diversified Services (www.wearediversified.com).

Lincoln International acted as the exclusive financial advisor to Power Holdings and Huntsman Gay, working closely with the management team and shareholders throughout the sale process.

“Lincoln’s highly customized marketing effort, ability to access key decision makers and deep understanding of Power Holdings’ compelling value proposition enabled the shareholders to achieve a highly attractive valuation,” said Gary Crittenden, Managing Partner of Huntsman Gay.

Huntsman Gay invests from $25 million to $100 million in equity in middle-market companies with $75 million to $1 billion in revenues and $20 million to $75 million in EBITDA. The firm is industry agnostic but has sector expertise in the following areas: aerospace & defense; chemicals; construction; consumer products; electronics; energy; financial services; health & and wellness; healthcare; IT services; manufacturing; media; multi-level marketing; retail oil and gas; and software.  The firm is headquartered in Palo Alto, CA and has offices in Salt Lake City, UT, Palm Beach, FL and Foxborough, MA (www.hgequity.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-16-13

Oaktree Capital Management Acquires Shermco

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The GFI Energy Group of Oaktree Capital Management has acquired Shermco Industries, a provider of testing, maintenance, repair, engineering, training and commissioning services for low, medium and high voltage electrical equipment, motors and generators.  Oaktree acquired Shermco in partnership with its existing management team which will continue to serve in the same capacity.

“Since Shermco’s founding, our team has worked tirelessly to deliver best in class service and uncompromising safety to our customers. We are excited to be partnering with Oaktree to continue this strong tradition and welcome the additional resources they bring to pursue our strategic growth plans and targeted acquisitions,” said Ron Widup, CEO of Shermco.

Shermco Industries is a provider of testing, maintenance, repair and commissioning services for electrical infrastructure including substations, switchgear, transformers, motors and generators. The company has over 450 full-time employees and serves commercial, industrial, municipal and utility customers throughout North America.  Shermco was founded by Peter Sherman in 1974 and is based in Irving, TX (www.shermco.com).

“We are very proud of the company we have built since its founding in 1974. I am pleased to be passing the reigns to Ron Widup and Oaktree and our entire team is looking forward to the next chapter for Shermco,” said Mr. Sherman.

Oaktree Capital Management makes investments in distressed debt, real estate, high yield and convertible bonds, specialized private equity, emerging market and Japanese securities and mezzanine finance.  The  firm has over 600 employees and $81 billion in assets under management and is headquartered in Los Angeles (www.oaktreecapital.com).

“We have long viewed Shermco to be a leader in the electrical equipment testing, maintenance, repair and commissioning industry and are thrilled to be partnering with Ron and his team. We are particularly excited to bring additional resources and capital to support Shermco’s growth plans and help expand its capacity to serve current and future customers,” said Michael Cardito, Senior Vice President of Oaktree’s GFI Energy Group.

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-19-12

Cotton Creek Capital Acquires Chain Electric Company

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Cotton Creek Capital announced today the recapitalization of Chain Electric Company, a regional provider of power line installation and maintenance services. The investment by Cotton Creek, through its latest private equity fund, Cotton Creek Capital Partners II, L.P., will be made in conjunction with the Chain family who will remain significant shareholders in the company.

Chain Electric is a regional provider of power line installation and maintenance services, primarily servicing the distribution and transmission grids across the Gulf Coast and Midwest. Chain Electric specializes in challenging terrains, including mud, swamp, and marsh work, and possesses one of the largest fleets of amphibious equipment in the industry. The company has over 600 employees and provides complete transmission, distribution, substation, and storm recovery services across 15 states, as well as commercial and industrial electrical services across much of Mississippi. The company was founded in 1955 and is based in Hattiesburg, MS (www.chainelectric.com).

Chain Electric will continue to be led by its President and CEO, Bob Chain, Jr., and Senior Vice President and COO, John Chain, both of whom have been managing the company for more than a decade. As a part of the recapitalization, Bob Chain will become Chairman of the company.

“As one of the oldest service providers in the Southeast, Chain has built a business around the strength of our character, quality of our service, and focus on our customers. The capital and resources that come from our partnership with Cotton Creek will enable us to continue to grow and expand our business while maintaining the family values that have made us an employer of choice. We look forward to continuing the strong legacy my father began in 1955 by always placing the highest priority on our customers and safety,” said Bob Chain.

Cotton Creek Capital invests in lower middle market companies in manufacturing, value-added distribution, industrial services, business services, healthcare services and consumer staples. The firm invests in companies with enterprise values between $15 million and $200 million, partnering with management teams on a variety of transactions, including buyouts, recapitalizations, buy-and-builds, and corporate divestitures. Cotton Creek Capital is affiliated with Brownlie & Braden, a provider of financial advisory services to high net worth families. The firm is based in Dallas, TX (www.cottoncreekcapital.com).

“We look forward to partnering with Bob, John, and he rest of the Chain Electric team in support of continued growth,” said Cotton Creek Managing Director, Antonio DiGesualdo, “Through the continued leadership of Bob and John Chain and the capital flexibility provided by the recapitalization, we anticipate a substantial investment in specialized equipment and skilled workforce to further establish Chain Electric as a leader in the power line services market.”