Huntsman Gay Global Capital has sold Power Holdings to Kelso & Company
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that it advised Huntsman Gay Global Capital (“Huntsman Gay”) on its sale of the operating businesses of Power Holdings (“Power Holdings”) to Kelso & Company (“Kelso”) for $380 million. Power Holdings was a portfolio company of Huntsman Gay and is comprised of two operating subsidiaries – Alexandria, Louisiana-based T&D Solutions, LLC and Hartselle, Alabama-based Associated Diversified Services, Inc.
Power Holdings is a leading provider of critical scheduled and emergency outsourced maintenance services to the electrical utility industry. Power Holdings’ comprehensive service offering spans the electricity supply chain, including power transmission, distribution and substation infrastructure. Power Holdings’ industry-leading productivity, outstanding safety record and high quality, reliable execution have enabled it to establish long-term relationships with the largest public and private electrical utilities throughout the South and Southeastern U.S.
Lincoln acted as the exclusive financial advisor to Power Holdings and Huntsman Gay, working closely with the management team and shareholders throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
Gary Crittenden, Managing Partner of Huntsman Gay, commented, “Lincoln’s highly customized marketing effort, ability to access key decision makers and deep understanding of Power Holdings’ compelling value proposition enabled the shareholders to achieve a highly attractive valuation. Moreover, as a result of Lincoln’s execution expertise and its partnership approach with management, not only was the sale process completed in an expedited timeframe, but Power Holdings also found an exceptional partner to continue the Company’s growth trajectory moving forward. This transaction was an outstanding outcome for our fund, as well as our management team.”
About Huntsman Gay Global Capital
Huntsman Gay Global Capital is a $1.1 billion private equity fund focusing on leveraged buyout, recapitalizations and growth equity transactions in the middle market. The firm typically invests between $25 million and $100 million in equity per transaction and has a long and successful history of investing across a wide range of industries. Huntsman Gay Global Capital was founded in 2008 by Utah industrialist Jon Huntsman Sr. and Robert Gay, formerly of Bain Capital LLC. and has offices in Palo Alto, California, West Palm Beach, Florida, Foxborough, Massachusetts and Salt Lake City, Utah.
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