PLYMOUTH, Mich., July 1, 2012 – True North Equity, a private equity firm based in Plymouth, Mich., along with Chicago, Ill.-based CIVC Partners (CIVC), has acquired The Brewer Company’s Utility Services Division (BUD), based in Cincinnati, Ohio. BUD is a leading provider of outsourced maintenance, repair and installation services for blue-chip, natural gas utilities in Ohio and Kentucky. BUD is the third business to join PowerTeam Services, LLC (PowerTeam), a multi-regional utility services company. Jeff Wigginton, founder and managing partner of True North Equity and PowerTeam, made the announcement.
PowerTeam offers natural gas and electric utilities a wide array of services and solutions, helping utility providers to operate more efficiently and reliably. CIVC and True North Equity plan to invest significant additional equity capital over the next several years in this platform, continuing to grow the company’s service offerings and geographic footprint.
The first company in the platform, KS Energy Services, LLC, of New Berlin, Wis., was acquired in June 2010, and the second, Southeast Connections, LLC, of Conyers, GA was acquired in July of 2011. Both have since experienced impressive growth. Going forward, BUD will be re-branded as KS Energy, and operated as a division of such.
With the addition of BUD, PowerTeam now has combined revenue of more than $150M, more than 1,100 employees, and covers a span of 14 states from the upper Midwest to the Southeast.
True North Equity has a proven history of investing in highly successful, privately held businesses. The firm has established a strong track record in business operations and investing across a wide variety of industries. Widely respected in the private equity arena, CIVC has more than 40 years of experience and more than $1.3 billion currently under management. Together, the firms invested in BUD because they view the company and its management team as a great asset to PowerTeam.