Transactions meaningfully increase GridTek's electric transmission and distribution services footprint across the Northeastern, Mid-Atlantic, Southeastern and Southwestern U.S., positioning the Company to capitalize on future growth opportunities in partnership with First Reserve
Melbourne, FL and Stamford, CT and Houston, TX /PRNewswire/ - GridTek Utility Services ("GridTek" or the "Company"), a leading provider of electrical transmission and distribution maintenance, repair and upgrade services for utility and industrial customers, and a First Reserve portfolio company, today announced it has successfully signed and closed on the simultaneous acquisitions of American Power, LLC ("American Power") and Valiant Energy Services, LLC ("Valiant") (collectively, the "Transactions"). The Transactions are expected to nearly double the size of the GridTek platform, fueling the Company's expansion of electric distribution maintenance service offerings in the Northeastern and Southwestern U.S.
Pro forma for the Transactions, GridTek is expected to generate over $350 million in annual revenues, and serve a broad and diverse customer base of nearly 100 different investor-owned utilities, electric cooperatives and municipalities across the U.S. The Company maintains its focus of being a peer-leading and safety-oriented provider of a broad suite of electric utility infrastructure maintenance, repair, installation and upgrade services.
GridTek's President and Chief Executive Officer, Richard Schwartz, commented, "We are tremendously excited to announce the addition of these two industry-leading companies to the GridTek platform, joining Southeast Power Corporation, C&C Power Line and Precision Foundations. The addition of American Power and Valiant provides our utility and industrial customers with increased access to services, expertise and scale as they modernize their power grid infrastructure and transition to renewable energy. We continue to be fully dedicated to safe operations, with a keen focus on exceeding the expectations of our customers and employees."
Jeff Quake, Managing Director at First Reserve, commented, "These acquisitions highlight First Reserve's continued commitment to building leading platforms which play a crucial role in maintaining and enhancing mission-critical infrastructure amidst an increasingly diversified domestic power generation mix. We continue to believe that GridTek is extraordinarily well positioned to participate in supportive long-term trends driven by increased focus on ESG, sustainability and asset integrity."
About GridTek Utility Services
GridTek Utility Services (fka The Goldfield Corporation) 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 private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 38 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm's portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Learn more at: www.firstreserve.com.