PowerTeam Services, LLC (PTS) of Plymouth, MI has acquired Distribution Construction, LLC (DC), of Greensboro, NC. PowerTeam is a portfolio company of private equity firms True North Equity, LLC (TNE), and CIVC Partners (CIVC). Jeff Wigginton, founder and managing partner of True North Equity and COO of PowerTeam, made the announcement.
PTS is a leading super-regional utility distribution infrastructure services company, offering natural gas and electric utilities a wide array of services and solutions. These services help major utility providers maintain and upgrade their infrastructure and operate more efficiently and reliably.
DC is a leading provider of outsourced maintenance, repair and installation services for blue-chip, natural gas utilities in North Carolina, Nebraska and South Dakota. PTS invested in this family run business alongside management, facilitating an ownership transition and providing capital to pursue an aggressive growth plan. DC will operate as a subsidiary of PTS and Mr. Fred Cripps, the seller and C.E.O. of DC, will continue as C.E.O. of DC, as well as a shareholder of PTS. Both companies look forward to continuing their very successful track records.
DC is the fourth business to join PowerTeam, joining KS Energy Services of Milwaukee, WI, Southeast Connections of Atlanta, GA, and the utility services division of The Brewer Company of Cincinnati, OH. With the addition of DC, PTS now has combined revenue of approximately $250MM with more than 1,400 employees in eighteen locations across nine states from the upper Midwest to the Southeast. PTS continues to look for best-in-class utility services companies to acquire in expanding both its geographic footprint and service offering capabilities.
TNE is a Plymouth, MI based private equity firm with a strong track record in business operations and investing across a wide variety of industries. CIVC is a 43 year old Chicago-based private equity firm with over $1.3 billion under management and a long history of investing in highly successful closely held businesses.
