Dennis Klumb, Jr. President-CEO announced today that their current private equity partner, CIVC, has sold its share in PowerTeam Services to Kelso & Company. Mr. Klumb stated further that Kelso & Company is a larger private equity firm able to provide more capital and will merge PowerTeam Services with Power Holdings an existing Kelso portfolio company. Power Holdings performs overhead electric distribution, transmission and substation maintenance work and employs over 1,592 employees.
The combined company which includes KS Energy Services, Diversified Services, Distribution Construction, Southeast Connections and T&D Solutions will operate under the PowerTeam Services name with each operating company continuing to maintain its own name and operating autonomy. The combined company will service a contiguous 25-state region. Combined the companies will employ close to 3,000 people with revenue in excess of $500mm.
Dennis Klumb Jr., also stated that “all of the executive leadership team at each of the operating companies are remaining and will continue to have a significant investment and role in PowerTeam Services.”