Power Opportunities

The Power Opportunities investment strategy seeks to invest in market-leading companies that provide essential products and services to owners of critical infrastructure, including electric power, natural gas, water, wastewater and other energy and utility-related businesses based in North America and Europe.

We believe fundamental changes are underway in these sectors, driven by the evolution of customer requirements, supply dynamics, transition to renewable generation, electrification, decarbonization, public policy, and technology, among other factors. We strive to identify the themes and trends driving demand for enabling products and services in these sectors, and then partner with growing, successful businesses that are well-positioned to benefit.

Our investment team is comprised of seasoned professionals with deep sector expertise who work closely with portfolio company management to drive value creation. We leverage our industry knowledge, extensive executive network, reputation and transaction experience to actively add value to our portfolio companies. Examples include identifying and pursing growth opportunities, recruiting talent, strengthening operations, improving profitability, among others. We seek to invest in proven performers and market leaders, rather than start-up ventures or turnarounds.

Since our inception in 1995, we have originated and financed over 100 transactions in our target markets, the majority of which were completed on a proprietary basis. These investments represent over $5 billion in aggregate equity capital. Click here for a listing of current and past portfolio companies.

Leadership Team

Michael Cardito

Managing Director and Portfolio Manager

Francesco Giuliani

Managing Director and Assistant Portfolio Manager

Jimmy Lee

Managing Director and Assistant Portfolio Manager

Name	Title
Guillaume Bayol	Managing Director
Ulysses Fowler	Managing Director
Michael Scardigli	Managing Director
Frank Cannova	Senior Vice President
Hakob Grigoryan	Senior Vice President
Andrew Moir	Senior Vice President
Lun Nie	Senior Vice President
Robert Wu	Senior Vice President
Thomas Banks	Vice President
Adriano Casale	Vice President
Lucas Gibson	Vice President
Nick Papadakis	Vice President
Dylan Petre	Vice President
Randi Becker	Senior Vice President, Power Opportunities Product Specialist
Derek Glanvill*	Senior Advisor
Andrew Osler*	Senior Advisor
Claudi Santiago*	Senior Advisor
Ian Schapiro*	Senior Advisor

*non-Oaktree employee

CURRENT PORTFOLIO COMPANIES
PAST PORTFOLIO COMPANIES

CURRENT PORTFOLIO COMPANIES

Included below are current portfolio companies where the Power Opportunities strategy has a control position or significant influence. Current portfolio company descriptions are as of December 31, 2023, unless otherwise noted.

Aecon Utilities
Aecon Utilities Group is a leading provider of utility infrastructure solutions in Canada, operating in four end markets: electrical transmission and distribution, renewables and in-home services, telecommunications, and pipeline distribution. The Power Opportunities strategy invested in Aecon Utilities, which is a subsidiary of Aecon Group Inc. (TSX:ARE), in 2023 to accelerate the company’s growth across North America.

Aggreko
Aggreko is the world’s leading distributed generation company specializing in the rental of power generators and other equipment, such as air compressors, mobile air conditioning units and other temperature control equipment. The Glasgow, Scotland-based company provides its solutions globally via sales and services centers in over 80 countries and an industry-leading fleet base.

Aqseptence Group
Aqseptence Group is a global equipment and solutions provider focused on water treatment and liquid/solid separation technologies. The Germany-based company offers its services to blue-chip customers across a wide variety of sectors, including water/wastewater treatment, power, energy, and mining. The company’s flow control products and solutions – including screens, filter presses, vacuum systems, and other technologies for separating liquids and solids – are used by its customers to support critical operations and ESG initiatives. Aqseptence was acquired in partnership with management in 2023.

CEBAT Srl
CEBAT is a leading provider of underground high-voltage cable installation services to utilities and transmission companies in Italy and neighboring regions. Founded in the late 1950s and headquartered in Rome, Italy, the company offers a broad suite of capabilities including high, medium and low voltage, water, renewables and civil construction and maintenance services to utility customers. CEBAT was acquired in partnership with management in 2019.

COL Group
COL Group is a leading provider of critical components and solutions for medium and high voltage electrical infrastructure. Founded in the 1920s and headquartered in Turin, Italy, COL Group has been working with key global utilities and industrial players and has developed a highly innovative technology portfolio in medium voltage switchgear, substation automation, battery control systems and several other smart grid applications. COL was acquired in partnership with management in 2021.

Enercon Services, Inc
ENERCON is a provider of engineering and environmental services to customers in the power generation, power delivery, and related markets, including nuclear, renewable and conventional power generation, transmission and distribution, distributed generation, battery storage, data center, and electric vehicle infrastructure. ENERCON offers a broad range of professional services to private and public sector clients throughout the U.S. and internationally, including engineering design, regulatory, environmental protection, compliance, and inspection services. ENERCON was acquired in partnership with management in 2023.

Energy Systems Group
Energy Systems Group (ESG) is a leading sustainable energy solutions provider focused on energy efficiency, sustainability, resiliency, and infrastructure improvement solutions. ESG also offers a full range of sustainable infrastructure solutions including waste-to-energy, distributed generation, and renewable energy. ESG was acquired in partnership with management in 2023.

ITG Communications
ITG Communications provides installation, fulfillment, maintenance and construction services to broadband providers and electric cooperatives. Fiber services include aerial and underground fiber placement, network extensions and upgrades, maintenance, and emergency response work. Fulfillment services include the installation, upgrade, maintenance, and troubleshooting of internet and cable services for residential and commercial subscribers. Headquartered in Tennessee, the company operates in over 75 markets. ITG was acquired in partnership with management in 2021.

Montrose Environmental Group, Inc.
Montrose Environmental Group (NYSE: MEG) is a leading provider of environmental testing and remediation services to a diverse set of end markets, including power, water/wastewater and energy. Founded in 2012 and headquartered in Irvine, CA, Montrose focuses on environmental solutions and an integrated approach to design, engineering, and operations. The company’s portfolio of services can address customers’ environmental needs, including remediation and/or reuse solutions, lab services, stack testing and regulatory compliance. The Power Opportunities strategy invested in Montrose in 2020 and the company subsequently went public.

OEG
OEG is a leading specialist offshore services provider focused on equipment rentals and associated services for blue chip customers across offshore energy, renewables, and industrial end markets. Headquartered in Aberdeen, UK, the company operates globally across all major offshore hubs and has one of the largest rental fleets in the market including cargo carrying units, cryogenic and chemical tanks. It also provides temporary power units, welfare units, wind maintenance vessels, and associated technical services in its fast-growing offshore wind division. OEG was acquired in partnership with management in 2023.

Richards Manufacturing Co.
Richards Manufacturing Co. is a premier manufacturer of overhead and underground electrical and gas distribution products. Headquartered in Irvington, New Jersey, the company serves blue-chip utilities and electrical distributors in the United States and internationally. Richards is recognized as an industry leader with an innovative portfolio of stock and customized products, a consistent track record of dependable service, and longstanding customer relationships. Richards was acquired in partnership with management in 2021.

Signal Energy
Signal Energy is a leading provider of engineering, procurement and construction services for distributed generation and utility-scale solar, energy storage, and related high-voltage projects. Founded in 2005 and based in Chattanooga, Tennessee, Signal serves utilities and renewable energy developers primarily in the U.S. Signal was acquired in partnership with management in 2020.

System One
System One is a leading provider of specialized, highly technical services and solutions to critical infrastructure, technology, life sciences, and government clients. With over 9,000 employees and consultants, the company offers a comprehensive suite of mission-critical human capital services requiring technical skills and large-scale operational expertise. System One was acquired in partnership with management in 2021.

TPI Composites
TPI Composites (NASDAQ: TPIC) is the only independent manufacturer of composite wind blades with a global manufacturing footprint. TPI delivers high-quality, cost-effective solutions through long-term relationships with leading original equipment manufacturers. TPI has developed significant expertise in advanced composite technology, precision molding, tooling, and process technology. The Power Opportunities strategy invested in TPI in 2021 to provide capital to accelerate the company’s growth.

TSG
TSG provides staffing services for highly skilled, white collar engineering resources that support energy transition and decarbonization projects. With over 2,300 engineers deployed in the field, the company serves engineering and construction firms and owners and operators of infrastructure across the Netherlands, Belgium and Germany. TSG’s brands include STAR, Sentjin, Or-Quest, ECC Solutions and Fellow. TSG was acquired in partnership with management in 2022.

Universal Plant Services
Universal Plant Services (UPS) is a leading provider of specialty services to the energy industry. Founded in 1986 and headquartered in Deer Park, Texas, UPS serves customers across North America, offering a comprehensive suite of maintenance, repair and installation services for mission critical electrical and mechanical equipment. The Power Opportunities strategy invested in UPS in 2020 to provide capital to accelerate the company’s growth.
PAST PORTFOLIO COMPANIES

Included below are past portfolio companies where the Power Opportunities strategy had a control position or significant influence. Past portfolio company descriptions are as of the time of exit, unless otherwise noted.
ArchKey Solutions
ArchKey Solutions is one of the largest electrical contracting firms in North America. Through its operating subsidiaries, Sachs Electric, Parsons Electric, Sprig Electric and Mona Electric, ArchKey provides comprehensive electrical and technology contracting solutions to diversified end markets including power generation, utility, solar, data center, refining, manufacturing, healthcare, sports & entertainment and other markets across the nation. ArchKey is able to execute the largest and most complex electrical projects nationally, and to do so safely, consistently and profitably. Sachs Electric was acquired in 2017 in partnership with management. Parsons Electric joined Sachs Electric in 2018, forming ArchKey Solutions. Sprig Electric and Mona Electric joined ArchKey in 2019 and 2020, respectively. ArchKey was sold to an affiliate of One Rock Capital Partners in 2021.
Array Technologies, Inc.
Array Technologies, Inc. (NASDAQ: ARRY) is a market-leading manufacturer of solar tracking solutions for ground-mounted electric generation systems. Array’s innovative solutions allow solar panels to track the sun throughout the course of the day and significantly increase energy production from photovoltaic solar generation assets. Headquartered in Albuquerque, New Mexico, Array has shipped and installed over 22 gigawatts across the globe. Array was acquired in partnership with management in 2016 and went public in 2020.
Caminus Corporation
Caminus provides software to the power and gas trading industry. Caminus Corporation was formed through the combination of several companies, including Caminus Energy Limited, ZAI*NET Software Inc., Positron Energy Consulting, DC Systems, Nucleus Corporation, and Altra Software Services, Inc. Caminus software provides the portfolio and risk management capabilities which participants in the volatile competitive energy markets require. Caminus was formed in 1998, went public in 2000 (NASDAQ: CAMZ), and was acquired by SunGard Data Systems in 2003.
Cannon Technologies, Inc.
Cannon develops and sells measurement and control products that help utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems. Key solutions provided by Cannon include automated metering infrastructure, demand response and load control and capacitor control systems and software to improve reliability, relieve bottlenecks, increase the automation of operations and maintenance, and improve customer service. Cannon was acquired in 2005 and sold to Cooper Industries in 2006.
Cherokee International
Cherokee is a leading designer and manufacturer of custom power supplies for original equipment manufacturers (OEMs) in the telecommunications, networking, high-end workstation, and other electronic equipment industries. Cherokee’s products regulate and filter utility power and convert it into a form used in sensitive electronic equipment. Cherokee was acquired in 1999, went public in 2004 (NASDAQ: CHRK) and was acquired by Lineage Power Corporation in 2008.
Contract Land Staff
Contract Land Staff (CLS) is one of the largest independent providers of right of way and land management consulting services in North America. CLS provides a comprehensive suite of right of way services including project management, acquisition, training, staffing, and related field services to both public and private sector clients in energy, utility and transportation end-markets. The company also offers proprietary GIS enabled technology and software allowing its customers to manage, track and map mission-critical assets and infrastructure. CLS’s core competency is focused on providing turn-key, end-to-end right of way services for its customers’ land management needs. CLS was acquired in partnership with management in 2015 and sold to an affiliate of AEA Investors in 2020.
Elgar Electronics Corporation
Elgar Electronics is a leader in the design and manufacture of AC and DC programmable power supplies. Elgar’s products are used in designing and testing power-sensitive electronics that must operate in environments where power quality is uncertain. Elgar was acquired through a series of investments commencing in 2000 and was sold in 2007 to Xantrex Technology Inc.
Elgin National Industries, Inc.
At the time of acquisition in 2007, Elgin was comprised of three divisions: Roberts & Schaefer, one of the leading engineering, procurement and construction (EPC) companies for bulk material handling systems serving the coal mining and power plant industries; the Elgin Equipment Group, which designs and manufactures coal and other raw material processing and handling equipment; and the Elgin Fastener Group which designs and manufactures specialty fastener products. Roberts & Schaefer was sold to KBR, Inc. in 2010. The Elgin Equipment Group and the Elgin Fastener Group were sold to an affiliate of the Audax Group in 2011.
Energy Solutions International, Inc.
Energy Solutions is a leading global supplier of pipeline management software for the oil and gas industry. It develops and provides software solutions for the design, operation, and commercial management for the global midstream and downstream oil & gas market and is a market leader in automated pipeline leak detection software solutions. Founded in 1976, Energy Solutions serves clients in over 50 countries. Energy Solutions was acquired in 2010 and sold to Emerson Electric Co. in 2015.
Fidelity Building Services Group
Fidelity Building Services Group was established in 2018 as a platform to make investments in the heating, ventilation, and air conditioning (HVAC) and energy management services industries. FBSG’s national platform provides a comprehensive suite of solutions to building owners and operators to ensure system reliability, maximize performance, reduce operating costs, and optimize energy efficiency. During our partnership, FBSG completed ten acquisitions, including Fidelity Engineering, Star Service, Metro Mechanical, and Lyons Company, among others. The company was sold to an affiliate of Onex Corporation in 2021.
Genscape, Inc.
Genscape provides real time information on the operating status of the North American and European electrical grids to energy traders, system operators, regulators, state and federal governments, and others. It continuously collects information about the status of the most significant power plants and transmission paths in the United States and Continental Europe through networks of sensing devices that remotely measure the power flows of key transmission lines. Genscape was acquired in 2003 and sold in 2006 to an affiliate of DMGT, a London stock exchange listed company.
GoodCents
GoodCents develops and implements energy efficiency and demand response programs for electric utilities. GoodCents develops marketing programs, manages call centers, performs customer enrollment and implements utility mass market demand response and energy efficiency programs utilizing its own field workforce. GoodCents has pioneered and refined these services, supporting hundreds of utilities throughout the United States and Canada. GoodCents was acquired in 2007 and sold to AM Conservation Group in 2015.
GT Solar Incorporated
GT Solar is a leading provider of essential technology, equipment and turnkey manufacturing solutions across the photovoltaic and white LED supply chains. GT’s products include equipment used to produce multi-crystalline solar wafers, cells and modules; equipment to produce polysilicon, a material from which solar cells are made; and equipment to produce sapphires, a key component in the emerging white LED market. GT was acquired in 2005 and went public in 2008 (NASDAQ: SOLR).
Horizon Solar Power
Horizon is a leading marketer, designer and installer of residential and commercial solar systems. Horizon has sold and installed over 100 megawatts of residential and commercial solar power systems in California. Horizon has expertise in customer acquisition, an efficient and high quality installation process, and a focus on delivering a superior customer experience. Horizon was acquired in 2015 and sold to Solar Spectrum in 2017.
Infrastructure & Energy Alternatives, LLC
Infrastructure & Energy Alternatives, LLC (NASDAQ: IEA) was established in 2011 to acquire companies providing engineering and construction services to the conventional and renewable electric generation, water, and environmental remediation markets, with a focus on solar and wind. IEA leverages capabilities in managing engineering, procurement, and construction businesses, helping to merge and integrate acquired businesses, developing leadership and executive talent, and providing financial support for surety and other growth objectives. In 2018, IEA went public through a merger with M III Acquisitions Corp., a publicly-traded special purpose acquisition company.
InfraSource Incorporated
InfraSource is one of the largest national providers of infrastructure services to the electric, gas and telecommunications industries. The company operates in three distinct business segments: (a) turnkey design, engineering and construction services for high-voltage electric substations and design and construction of aerial electric transmission and distribution networks; (b) installation of underground natural gas, electric, and telecommunications lines; and (c) operation of a dark fiber leasing business for the telecommunications industry. InfraSource was acquired in 2003, went public in 2004 (NYSE: IFS), and was acquired by Quanta Services, Inc. in 2007.
Integrated Pipeline Services
Integrated Pipeline Services (IPS) was formed through the combination of Snelson Companies and Sheehan Pipe Line Construction Company to become one of the largest union pipeline engineering, procurement and construction (EPC) companies in North America. It is a leader in the engineering and construction of cross-country pipelines, gathering and midstream pipelines, gas distribution systems, compressor, pump, and meter stations, storage facilities, and pipeline integrity and maintenance. IPS was formed in 2008. In 2011, Sheehan was sold to its management, and in 2012, Snelson was sold to Powerline Holdings, Inc.
Kirlin
Kirlin is a leading provider of mechanical construction services. Founded in 1960, Kirlin operates three core mechanical contracting divisions serving the Mid-Atlantic, Carolinas and Florida markets, and also provides mechanical system maintenance and repair services, design and installation of fire protection systems and special design-build project work for the US federal government. Kirlin was acquired in partnership with management in 2014 and sold in 2019.
LineSoft Corporation
LineSoft is a leading provider of software and contract services that utilities need to design, construct, and manage electrical transmission and distribution systems. In addition, LineSoft software helps utilities analyze and manage the engineering, financial, and administrative implications of joint use of utility poles, conduits and rights-of-way by communications and other infrastructure. LineSoft was acquired in 2000 and sold to Itron Corporation in 2002.
LODESTAR Corporation
LODESTAR provides energy software products which address critical back office requirements for energy market participants such as pricing, complex billing, load analysis, and settlement. LODESTAR is the leading provider of such software with over 120 customers, including major investor-owned energy utilities, energy traders and marketers and regional independent system operators. LODESTAR was acquired in 2001 and sold to Oracle Corporation in 2007.
Longhorn Pipeline
Longhorn owned a 764-mile pipeline designed to transport refined petroleum products from the U.S. Gulf Coast refineries to terminals in Odessa and El Paso, Texas. This pipeline was completed and put in operation in 2004 following our investment. It provides the last link in a pipeline system which connects Texas refineries with the Southwest U.S. retail market. A consortium invested in Longhorn in 2003 and sold it to Flying J Inc. in 2006.
MWH Constructors
MWH Constructors (MWH) is a turnkey engineering, procurement and construction firm focused predominantly on water reclamation and wastewater treatment plant projects in the United States. The company specializes in designing and building large, complex, and innovative projects utilizing alternative construction delivery methods. MWH leverages its multi-disciplined engineering and construction teams to deliver a wide range of projects including new facilities, capital construction services, and infrastructure improvement and expansion. MWH was acquired in partnership with management in 2018. The company’s UK division was sold to RSK Group in 2021 and its U.S. division was sold to Obayashi USA in 2023.
NORESCO, LLC
NORESCO is one of the largest and most experienced energy service companies in the United States. The company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors. Over two decades, NORESCO implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad. NORESCO was acquired in 2005 and sold to Carrier Corporation (a part of United Technologies) in 2008.
OpTerra Energy Group
OpTerra was established to acquire and integrate regional energy service companies (ESCOs) with the objective of developing a full-service ESCO with a national footprint and a comprehensive set of technical capabilities to provide energy efficiency and clean energy solutions to public and private sector customers. Through the acquisition and integration of several companies, including the energy efficiency and renewable energy business of Chevron Energy Solutions and Bluestone Energy Services, a leading private energy efficiency company serving the private sector, OpTerra became one of the nation’s largest independent energy efficiency and renewables companies with offices and project execution capabilities across the country. OpTerra was acquired by ENGIE in 2016.
Osmose Holdings, Inc.
Osmose is a global provider of utility services, wood preservation and treatment chemicals, and railroad infrastructure services. Osmose was founded in 1934 and had three distinct but complementary business lines. The Utilities Services business is the market leading provider of services and products designed to improve utility service reliability and to extend the economic service lives of aging wooden utility poles, towers, and other utility field assets. Its services include inspecting, treating, strengthening and restoring utility poles plus vegetation management, storm response services, data services, engineering, and other utility asset management services. The Osmose Wood Preservation business provides wood preservation and treatment chemicals to treated wood providers globally. The Osmose Railroad Services business offers railroad customers a broad range of railroad infrastructure services, including bridge inspection, engineering, maintenance, repair and construction services. Osmose was acquired in 2012 in partnership with management. The Wood Preservation and Railroad Services businesses were sold to Koppers Inc. in 2014. The Utilities Services business was sold to an affiliate of Kohlberg and Company, L.L.C. in 2015.
Power Measurement, Inc.
Power Measurement is an energy information technology company and a leading provider of enterprise energy management systems for energy suppliers and consumers worldwide. The company’s ION® web-enabled software and intelligent metering and control devices measure, evaluate, and help manage power consumption and conditions and enable industrial, commercial and institutional businesses to manage consumption and modify processes to avoid power quality and reliability problems and reduce energy costs. Power Measurement was acquired in 1996 and sold to Schneider Electric in 2005.
RealEnergy, Inc.
RealEnergy installs, owns, and operates on-site generation equipment and systems in Class A commercial office buildings. RealEnergy systems are standard packages in power-only, co-generation and tri-generation configurations that provide power, hot water, heat and/or cooling more efficiently and at less costs than can be provided by the local utility. RealEnergy was acquired in 2001 and sold to DG Energy Solutions, an Arclight portfolio company in 2004.
Remedial Construction Services, L.P.
Remedial Construction Services, L.P. (RECON) is a leading specialized environmental remediation and geotechnical contractor. Founded in 1989 in Houston, Texas, the company has over 450 employees and a track record of more than 6,000 completed projects throughout North America in the energy, power, industrial and government sectors. Its market leadership is supported by its superior project execution and industry leading safety record. We believe RECON is well positioned to take advantage of expanding North American energy infrastructure and retirement of aging power plants and refineries. In addition, the company’s technical solutions offering differentiates it from traditional remediation and geotechnical contractors and positions RECON to help solve numerous pressing challenges in energy applications such as stabilization of high moisture content waste materials (coal fly ash pond, oil sands tailings, oil field drilling muds, etc.), tertiary oil recovery and beneficial re-use of waste materials such as red mud and dredge spoils. RECON was acquired in partnership with management in 2012 and sold to Keller Group in 2021.
Renewable Energy Infrastructure Group
Renewable Energy Infrastructure Group (REIG) was established in 2015 to service renewable energy infrastructure through a portfolio of companies including MaxGen Energy Services, World Wind & Solar and Power Factors. Collectively the companies provide three lines of service: (a) operations and maintenance services for commercial, industrial and utility-scale renewable power facilities in the U.S.; (b) design, installation and maintenance services for electric vehicle charging infrastructure; and (c) software-as-a-service used to manage and optimize solar, wind and energy storage assets. In 2020, the company’s MaxGen Energy Services and World Wind & Solar divisions were sold to Pearce Services and the company’s electric vehicle charging division was sold to an affiliate of White Deer Energy. In 2021, Power Factors was sold to an affiliate of Vista Equity Partners.
Riggs Distler
Riggs Distler is one of the largest utility and heavy industrial contractors in the Northeast and Mid-Atlantic regions of the United States. The company has established itself as a leading provider of turnkey network and infrastructure maintenance, repair and upgrade solutions, with a focus on critical electric and gas services. Riggs Distler was acquired in partnership with management in 2018 via the privatization of its parent company NAPEC and sold to Centuri Group in 2021.
Saber Power Services
Saber Power Services is a leading NETA-accredited provider of substation testing, maintenance, construction, and engineering services to renewable, utility, industrial and midstream customers in the Texas and greater U.S. Gulf Coast markets. Headquartered in Houston, Texas, Saber is recognized for providing its customers with safe, high quality and reliable solutions to their electrical infrastructure expansion, upgrade, testing and maintenance needs. Saber was acquired in partnership with management in 2019 and sold to an affiliate of Greenbelt Capital Partners in 2023.
Shermco Industries
Shermco is a leading provider of testing, maintenance, repair, engineering, training and commissioning services for low, medium and high voltage electrical equipment, including substations, switchgear, transformers, motors and generators. Founded in 1974 in Dallas, Texas, the company serves industrial, commercial, municipal and utility customers throughout North America. The company’s market leadership in its niche is driven by its scale, outstanding safety record, integral involvement with the industry’s standards setting organizations, long-standing customer relationships and consistent track record of dependable service. Shermco was acquired in 2012 in partnership with the company’s management team and sold to an affiliate of Gryphon Investors in 2018.
Shoals Technologies Group
Shoals (NASDAQ: SHLS) is a leading provider of technically advanced products used in solar and power storage applications – combiner boxes, in-line fuses, wire harnesses and other electrical balance of system (EBOS) components. Shoals has built an outstanding reputation for delivering high quality, cost-effective solutions at scale. Headquartered in Portland, Tennessee and founded in 1996, the company was founded to provide innovative EBOS solutions that reduce installation costs and improve reliability and safety. Shoals was acquired in partnership with management in 2017 and went public in 2021.
SitelogIQ
SitelogIQ is a provider of comprehensive energy efficiency, solar/distributed generation, and installation and maintenance services for lighting, mechanical, controls and other facility infrastructure. SitelogIQ leverages its strong capabilities in engineering, project management, maintenance, and project finance to deliver comprehensive solutions to clients in both the public and private sectors throughout the country. SitelogIQ was established through the integration of multiple acquisitions in partnership with management in 2017 and 2018 and sold to an affiliate of AEA Investors in 2020.
Smart Systems International, Inc.
Smart Systems designs and markets intelligent energy management systems principally for heating and air conditioning control in commercial and residential buildings, including guest rooms in hotels, public housing projects, condominiums, schools, and office buildings. The technology provided a quick, non-invasive installation and a patented algorithm that manages unique temperature adjustments for each room to reduce energy consumption while preserving desired levels of comfort. Smart Systems was acquired in 2000 and sold to Telkonet, Inc. in 2007.
Solomon Corporation
Solomon is a leading provider of refurbishment, repair and salvage services for electrical transformers and related oil-filled equipment. Founded in 1971 in Solomon, Kansas, the company serves investor-owned, municipal and cooperative utilities as well as industrial owners of electrical equipment throughout North America. Equipment serviced and salvaged includes polemount and padmount distribution transformers, substation power transformers, voltage regulators, oil-filled reclosers and switches. Solomon was acquired in 2013 and sold to an affiliate of Trilantic Capital Partners in 2019.
SPL WorldGroup, Inc.
SPL WorldGroup provides enterprise software to utilities and other end-users with large volume billing, asset management, and field work force management activities. Created through a series of four transactions, SPL offers an integrated suite of customer information system, outage management, asset management, and field work force management software. SPL was acquired in 2004 and sold to Oracle Corporation in 2006.
Sterling
Sterling is a leading provider of wood mats and site-access solutions to owners and constructors of power and energy infrastructure, including electric transmission and distribution, renewables, and oil and gas pipelines. The company’s solutions help increase project efficiency, protect the environment and ensure workers’ safety on jobsites. Sterling was acquired in partnership with management in 2016 and sold to an affiliate of Blue Wolf Capital Partners in 2023.
Ten K Solar
Ten K Solar designs, manufactures and markets highly efficient, reliable and low cost photovoltaic solutions centered around its proprietary RAIS module technology. Ten K reengineered the traditional approach to photovoltaic power by developing an integrated system with an innovative module design, module-level power electronics, reflector, redundant inverter architecture, and racking system combine. This integrated, novel design removes cost, weight and unused space, resulting in a low-cost, energy dense solution ideal for flat-roof and distributed ground mount applications. In addition, its low-voltage, redundant, parallel panel architecture is shade tolerant, highly reliable and safe. Ten K Solar was acquired in 2014 and exited in 2017.
Trans-Elect, Inc.
Trans-Elect is North America’s first independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems. Key assets include Michigan Electric Transmission Company, Alta Link and Path 15. Trans-Elect was acquired in 2005 and its operating assets were sold through a series of transactions starting in 2006 to ITC Holding Corporation (ITC:NYSE), TransAlta Corporation, and AES Corporation.
Trench Plate Rental Company
Trench Plate Rental Company (TPR) is a leading provider of trench safety and traffic-control solutions to the underground construction and other infrastructure-related industries. Headquartered in Downey, California, TPR provides trench plates, boxes, shoring equipment, traffic-control message boards and barriers to utilities and contractors who are maintaining, upgrading and replacing aging infrastructure. The company serves its customers via a diverse rental fleet, in-house equipment manufacturing capabilities and an experienced and knowledgeable sales team. TPR was acquired in partnership with management in 2016 and sold to an affiliate of Tailwind Capital in 2020, who subsequently combined the company with National Trench Safety.
Turbine Generator Maintenance, Inc.
Turbine Generator Maintenance (TGM) performs turnkey inspections and repairs on steam turbines, combustion turbines, generators and associated equipment for a broad spectrum of customers across the industrial and utility sectors. In addition, the company is one of the first independent service providers to also provide machine shop services for turbine generator systems and parts, thereby providing a compelling value proposition to its clients relative to both OEMs and other independent service companies. TGM was acquired in 2007 and sold to management in 2009.
UtiliQuest, LLC
UtiliQuest identifies and marks electric, gas, telecommunication, cable, water and other utility underground infrastructure so that contractors can avoid them when excavating. Historically done separately by employees of each utility, this function is increasingly contracted out with multiple utilities supported by a single vendor able to achieve obvious scale economies. UtiliQuest was acquired in 2001 and was sold to Dycom Industries (NYSE: DY) in 2003.
Vac-One Services, LLC
Vac-One Services was established in 2014 as a platform to make investments in the hydro-excavation services industry. Hydro-excavation is a popular form of nondestructive excavation that uses pressurized water and vacuum systems, rather than mechanical systems, to achieve a variety of digging, trenching, and soil removal applications. Through its Texas ReExcavation LC (T-Rex), Cyclone Services and Kantex subsidiaries, Vac-One provides hydro-excavation services throughout the southern portion of the U.S. Vac-One was sold to an affiliate of Gallant Capital Partners in 2022.
Xantrex Technology Inc.
Xantrex is a leading supplier of advanced power electronics and controls for the commercial, recreational, and residential markets. The company’s technology is applicable to such emerging technologies as fuel cells, flywheels, solar panels, windmills, and modern batteries, for both grid-connected and off-grid applications. GFI Energy Group acquired Xantrex in 1998, it went public in 2004 (TORONTO: XTX.TO) and was acquired by Schneider Electric in 2008.