Plymouth-based PowerTeam Services LLC, which provides services for natural gas and electric utility companies, will double its revenue to $500 million when an acquisition that will bring the company under a new majority owner closes May 6.
PowerTeam's majority owner is CIVC Partners LP of Chicago, with Plymouth-based True North Equity LLC as the minority owner.
The impending deal was financed with $525 million in debt and involves New York City-based Kelso & Co. buying out CIVC's stake in PowerTeam and some of True North's stake.
Louisiana-based Power Holdings LLC, a utility services company Kelso bought for $380 million in December, will be folded into PowerTeam Services.
Jeff Wigginton, True North's managing partner, will continue as COO of PowerTeam, and his father, Jim, will remain CEO. Jeff, a Crain's 40 under 40 in 2011, said PowerTeam also is in negotiations for future acquisitions.
