Hunt and Amber have acquired their interest in CLP from existing shareholders and the management team
Hunt Companies, together with Hunt’s majority-owned affiliate, Amber Infrastructure, has acquired a majority interest in City Light & Power (“CLP”). CLP is an electrical contractor and owner of utility systems specializing in the provision of services to the U.S. military under utility privatization (“UP”) contracts. The investment marks the continued growth of Hunt and Amber’s investment portfolio in the United States.
Hunt and Amber have acquired their interest in CLP from existing shareholders and the management team. The existing management team will continue to own a minority interest in CLP. Hunt and Amber have funded the investment from their combined cash reserves.
CLP currently owns nine utility systems and operates two municipal public-private partnership (“PPP” or “P3”) contracts for the cities of Long Beach and Lakewood, CA.
“This significant transaction demonstrates our continued investment in the P3 sector globally and the added value the combined Hunt and Amber platform will continue to deliver for investors,” said Chris Hunt, CEO of Hunt. “We look forward to building on this success by developing additional primary pipeline opportunities through the newly formed relationship with CLP in the United States.”
“We are extremely excited to begin this partnership with Hunt/Amber,” said Tom Simmons, Co-President of CLP. “They are very much aligned with how we at CLP operate as a family/team effort on all fronts to take care of our customers.” Bill Simmons, Co-President of CLP, added: “We couldn’t think of a better partner than Hunt/Amber to continue to execute on our current and future business plans.”
Source: Company Press Release