CIVC Partners (CIVC) has completed the sale of Peak Utility Services Group to ORIX Capital Partners, for undisclosed amount.
The existing management team will maintain an ownership position in the Company going forward.
Peak is a Denver-based provider of maintenance, repair, upgrade and installation services for the telecom, electric and natural gas infrastructure markets in the Pacific Northwest and Intermountain West regions of the United States. Peak provides its comprehensive suite of services through three operating units: SiteWise, Track Utilities and Kelly Cable. Collectively, the company serves its customers through 22 locations with a highly trained workforce of nearly 1,000 employees.
CIVC worked closely with the Peak management team to execute a comprehensive growth plan to expand the business organically and through add-on acquisitions. CIVC assisted Peak in identifying, executing and integrating two strategic add-on investments which further diversified the customer base, broadened the Company’s suite of services, and expanded the geographic footprint. As a result of both organic and acquisition-based growth strategies, headcount increased from just over 200 employees in 2014 to nearly 1,000 at the time of the sale and EBITDA more than tripled in under four years.
The sale of Peak is a continuation of CIVC’s success in the utility services industry. Previous investments include PowerTeam Services and EN Engineering. “The CIVC team was instrumental in our ability to scale the Peak platform to where it is today,” said Lee Wilkerson, Senior Corporate Advisor and former CEO of Peak. “We relied heavily on their deep knowledge of the utility services industry.”
“The Peak management team has done an exceptional job creating a leading utility services platform with a strong track record of success,” said John Compall, a partner at CIVC. “It has been a pleasure working with them and we are excited to follow the continued growth of the platform.”
Harris Williams & Co. served as financial adviser and Kirkland & Ellis LLP served as legal adviser to Peak. Weil, Gotshal & Manges LLP served as legal adviser to ORIX Capital Partners.
Source: Company Press Release