The capital investment needs of the nation’s electric transmission system are expected to accelerate meaningfully over the next 10-15 years to both stabilize a historically undercapitalized grid and accommodate new renewable generation resources, the company said.
Scott Helm, a partner of Energy Capital Partners, said: “We believe Power Line Services has a window over the next several years to position itself to capitalize on the significant new electric transmission construction activity we expect to occur in the southwestern US and other areas. We expect Power Line to grow via an acquisition driven roll-up strategy and successfully winning a fair-share of new construction activity.”
Last year, Power Line completed its investment with the acquisition of Sun Electric Services, a privately held business primarily engaged in the construction of electric transmission infrastructure in the South Central and Southwestern US.
A second strategic acquisition was completed in December when Power Line purchased Total Electrical Service & Supply (TESSCO) of Midland, Texas. TESSCO is a provider of electrical construction and maintenance services to the electric utility and oil and natural gas markets. This month, Power Line also completed its acquisition of Air2 of Timonium, Maryland, a provider of helicopter-assisted construction, maintenance and inspection services to the electric utility industry.
Bryan Hoffman, president and CEO of Power Line, said: “The combining of Sun Electric, TESSCO and Air2 is a great first step in our mission to build a premier transmission construction and services business. We are excited about expanding the relationships with our existing clients and about providing critical electric transmission infrastructure service to this underserved segment of the US power industry.
“These initial transactions highlight the powerful combination of Power Line’s sector experience with Energy Capital Partners’ strong capital position and energy infrastructure expertise.”
