Jun 11, 2024
GRIDTEK UTILITY SERVICES ANNOUNCES SALE FROM FIRST RESERVE
MELBOURNE, FL – June 11, 2024 – GridTek Utility Services (“GridTek” or the “Company”), a leading provider of repair, maintenance, installation and upgrade services for electric transmission and distribution infrastructure, today announced that First Reserve has completed the sale of the Company. The financial terms of the transaction were not disclosed.
GridTek is a premier provider of a comprehensive suite of services supporting the modernization and enhancement of the nation’s critical electric infrastructure, serving an extensive customer base of investor-owned utilities, electric cooperatives and municipalities. The Company has geographically diverse operations across the Southeast, mid-Atlantic, Northeast, Southwest and Pacific Northwest regions of the U.S.
Since partnering with First Reserve in 2020, GridTek has significantly grown its operating footprint and service offerings and implemented best-in-class operating practices to prioritize safety and efficiency. Over the course of this period, the Company successfully completed four complementary acquisitions, expanding its geographic footprint and broadening the scope of its electric distribution service offering, while bolstering its position as a pre-eminent pure-play electric infrastructure services business.
Rich Schwartz, Chief Executive Officer of GridTek, stated, “First Reserve has been an exceptional partner for GridTek over the last four years, bringing significant historical expertise across the utility services ecosystem which enabled us to grow our business into the leading electric services pure-play company in the sector. We continue to see immense growth opportunities, and we look forward to continuing to deliver safe and reliable services for our customers in this exciting next chapter.”
Jeff Quake, Managing Partner at First Reserve, stated, “When we partnered with GridTek, we saw the growing need to modernize existing grid infrastructure to meet rising demand from continued electrification trends and the need to accommodate the addition of significant renewable generation sources. We are very pleased to have worked alongside Rich and the entire management team to execute on a shared vision and a successful strategic growth plan.”
Harris Williams served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel for GridTek.
About GridTek Utility Services
GridTek Utility Services is a leading provider of electrical transmission and distribution maintenance services engaged in the maintenance of electrical infrastructure for the utility industry and industrial customers. For more information about the Company, please visit the Company’s website at: https://gridtekus.com/.
About First Reserve
First Reserve is a leading global private equity firm investing across diversified energy, utility, and industrial end-markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of global relationships. The firm has raised over $34 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.
Contacts
For GridTek Utility Services:
GridTek Investor Relations
info@gridtekus.com
For First Reserve:
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
FirstReserve-JF@joelefrank.com