PLYMOUTH, Mich., September 29, 2011 – True North Equity, a private equity firm based in Plymouth, Mich., along with Chicago, Ill.-based CIVC Partners (CIVC), has acquired a controlling interest in Conyers, Ga.-headquartered Southeast Connections, LLC (SEC), the leading provider of outsourced maintenance, repair and installation services for blue-chip, natural gas utilities in the Southeast. SEC is the second business to join PowerTeam Services, LLC (PowerTeam), a multi-regional, utility services company. Jeff Wigginton, managing partner of True North Equity and COO of 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 (KSE), of New Berlin, Wis., was acquired in June 2010 and has since experienced impressive growth.
SEC has created a niche in the Southeast as the go-to provider for replacing, maintaining and creating utility infrastructure. With the addition of SEC, PowerTeam now has combined revenue of more than $100M, more than 800 employees, and covers a span of 12 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 SEC because they view the company and its management team as a great asset to PowerTeam.
SEC’s management team, President and Co-Founder Billy Campbell and Co-Founder Josh Evans, will remain in their current roles at SEC and oversee daily operations. Mr. Campbell is also now part of PowerTeam’s Board of Directors.
“We are thrilled to add SEC to the team,” stated Wigginton. “There is a great fit between SEC and KSE, and together as PowerTeam, we have established an even stronger company with respected, knowledgeable and successful owner-operators. As part of PowerTeam, SEC is well positioned to continue to grow, while maintaining the superior level of service to which its customers are accustomed.”
“Joining PowerTeam was a terrific opportunity for us,” said Campbell. “This new partnership gives us substantial added capital, resources and expertise, allowing us to expand our service offerings to better serve our customers and support our growth.”
“SEC is a perfect complement to our platform and significantly expands the scale and scope of our abilities to meet the long-term infrastructure demands of the natural and liquid gas industries,” said Dennis Klumb, Jr., president & CEO of KS Energy Services. “SEC has a proven track record of success with an experienced management team. Like KSE, they began as a family owned and operated company with strong core values around ethics, safety, quality and customer service. We look forward to working with SEC to better serve our current and future customer’s needs.”
About True North Equity
True North Equity is a private equity firm located in Plymouth, MI. True North Equity’s current focus is acquiring U.S.-based companies that perform outsourced services in support of natural gas and electric utilities that form the company’s multi-regional, utility services support company PowerTeam Services, LLC. True North Equity partners with strong management teams focused on the continued growth of the business. For more information on True North Equity, please visit www.truenorthequity.com.