Oct 28, 2023

Universal Plant Services (UPS) is a leading provider of specialty services to the energy industry. Founded in 1986 and headquartered in Deer Park, Texas, UPS serves customers across North America, offering a comprehensive suite of maintenance, repair and installation services for mission critical electrical and mechanical equipment. PAST PORTFOLIO COMPANIES ArchKey Solutions ArchKey Solutions is one of the largest electrical contracting firms in North America. Through its operating subsidiaries, Sachs Electric, Parsons Electric, Sprig Electric and Mona Electric, ArchKey provides comprehensive electrical and technology contracting solutions to diversified end markets including power generation, utility, solar, data center, refining, manufacturing, healthcare, sports & entertainment and other markets across the nation. ArchKey is able to execute the largest and most complex electrical projects nationally, and to do so safely, consistently and profitably. Sachs Electric was acquired in 2017 in partnership with management. Parsons Electric joined Sachs Electric in 2018, forming ArchKey Solutions. Sprig Electric and Mona Electric joined ArchKey in 2019 and 2020, respectively. ArchKey was sold to an affiliate of One Rock Capital Partners in 2021. Array Technologies, Inc. Array Technologies, Inc. (NASDAQ: ARRY) is a market-leading manufacturer of solar tracking solutions for ground-mounted electric generation systems. Array’s innovative solutions allow solar panels to track the sun throughout the course of the day and significantly increase energy production from photovoltaic solar generation assets. Headquartered in Albuquerque, New Mexico, Array has shipped and installed over 22 gigawatts across the globe. Array was acquired in partnership with management in 2016 and went public in 2020. Caminus Corporation Caminus provides software to the power and gas trading industry. Caminus Corporation was formed through the combination of several companies, including Caminus Energy Limited, ZAI*NET Software Inc., Positron Energy Consulting, DC Systems, Nucleus Corporation, and Altra Software Services, Inc. Caminus software provides the portfolio and risk management capabilities which participants in the volatile competitive energy markets require. Caminus was formed in 1998, went public in 2000 (NASDAQ: CAMZ), and was acquired by SunGard Data Systems in 2003. Cannon Technologies, Inc. Cannon develops and sells measurement and control products that help utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems. Key solutions provided by Cannon include automated metering infrastructure, demand response and load control and capacitor control systems and software to improve reliability, relieve bottlenecks, increase the automation of operations and maintenance, and improve customer service. Cannon was acquired in 2005 and sold to Cooper Industries in 2006. Cherokee International Cherokee is a leading designer and manufacturer of custom power supplies for original equipment manufacturers (OEMs) in the telecommunications, networking, high-end workstation, and other electronic equipment industries. Cherokee’s products regulate and filter utility power and convert it into a form used in sensitive electronic equipment. Cherokee was acquired in 1999, went public in 2004 (NASDAQ: CHRK) and was acquired by Lineage Power Corporation in 2008. Contract Land Staff Contract Land Staff (CLS) is one of the largest independent providers of right of way and land management consulting services in North America. CLS provides a comprehensive suite of right of way services including project management, acquisition, training, staffing, and related field services to both public and private sector clients in energy, utility and transportation end-markets. The company also offers proprietary GIS enabled technology and software allowing its customers to manage, track and map mission-critical assets and infrastructure. CLS’s core competency is focused on providing turn-key, end-to-end right of way services for its customers’ land management needs. CLS was acquired in partnership with management in 2015 and sold to an affiliate of AEA Investors in 2020. Elgar Electronics Corporation Elgar Electronics is a leader in the design and manufacture of AC and DC programmable power supplies. Elgar’s products are used in designing and testing power-sensitive electronics that must operate in environments where power quality is uncertain. Elgar was acquired through a series of investments commencing in 2000 and was sold in 2007 to Xantrex Technology Inc. Elgin National Industries, Inc. At the time of acquisition in 2007, Elgin was comprised of three divisions: Roberts & Schaefer, one of the leading engineering, procurement and construction (EPC) companies for bulk material handling systems serving the coal mining and power plant industries; the Elgin Equipment Group, which designs and manufactures coal and other raw material processing and handling equipment; and the Elgin Fastener Group which designs and manufactures specialty fastener products. Roberts & Schaefer was sold to KBR, Inc. in 2010. The Elgin Equipment Group and the Elgin Fastener Group were sold to an affiliate of the Audax Group in 2011. Energy Solutions International, Inc. Energy Solutions is a leading global supplier of pipeline management software for the oil and gas industry. It develops and provides software solutions for the design, operation, and commercial management for the global midstream and downstream oil & gas market and is a market leader in automated pipeline leak detection software solutions. Founded in 1976, Energy Solutions serves clients in over 50 countries. Energy Solutions was acquired in 2010 and sold to Emerson Electric Co. in 2015. Fidelity Building Services Group Fidelity Building Services Group was established in 2018 as a platform to make investments in the heating, ventilation, and air conditioning (HVAC) and energy management services industries. FBSG’s national platform provides a comprehensive suite of solutions to building owners and operators to ensure system reliability, maximize performance, reduce operating costs, and optimize energy efficiency. During our partnership, FBSG completed ten acquisitions, including Fidelity Engineering, Star Service, Metro Mechanical, and Lyons Company, among others. The company was sold to an affiliate of Onex Corporation in 2021. Genscape, Inc. Genscape provides real time information on the operating status of the North American and European electrical grids to energy traders, system operators, regulators, state and federal governments, and others. It continuously collects information about the status of the most significant power plants and transmission paths in the United States and Continental Europe through networks of sensing devices that remotely measure the power flows of key transmission lines. Genscape was acquired in 2003 and sold in 2006 to an affiliate of DMGT, a London stock exchange listed company. GoodCents GoodCents develops and implements energy efficiency and demand response programs for electric utilities. GoodCents develops marketing programs, manages call centers, performs customer enrollment and implements utility mass market demand response and energy efficiency programs utilizing its own field workforce. GoodCents has pioneered and refined these services, supporting hundreds of utilities throughout the United States and Canada. GoodCents was acquired in 2007 and sold to AM Conservation Group in 2015. GT Solar Incorporated GT Solar is a leading provider of essential technology, equipment and turnkey manufacturing solutions across the photovoltaic and white LED supply chains. GT’s products include equipment used to produce multi-crystalline solar wafers, cells and modules; equipment to produce polysilicon, a material from which solar cells are made; and equipment to produce sapphires, a key component in the emerging white LED market. GT was acquired in 2005 and went public in 2008 (NASDAQ: SOLR). Horizon Solar Power Horizon is a leading marketer, designer and installer of residential and commercial solar systems. Horizon has sold and installed over 100 megawatts of residential and commercial solar power systems in California. Horizon has expertise in customer acquisition, an efficient and high quality installation process, and a focus on delivering a superior customer experience. Horizon was acquired in 2015 and sold to Solar Spectrum in 2017. Infrastructure & Energy Alternatives, LLC Infrastructure & Energy Alternatives, LLC (NASDAQ: IEA) was established in 2011 to acquire companies providing engineering and construction services to the conventional and renewable electric generation, water, and environmental remediation markets, with a focus on solar and wind. IEA leverages capabilities in managing engineering, procurement, and construction businesses, helping to merge and integrate acquired businesses, developing leadership and executive talent, and providing financial support for surety and other growth objectives. In 2018, IEA went public through a merger with M III Acquisitions Corp., a publicly-traded special purpose acquisition company. InfraSource Incorporated InfraSource is one of the largest national providers of infrastructure services to the electric, gas and telecommunications industries. The company operates in three distinct business segments: (a) turnkey design, engineering and construction services for high-voltage electric substations and design and construction of aerial electric transmission and distribution networks; (b) installation of underground natural gas, electric, and telecommunications lines; and (c) operation of a dark fiber leasing business for the telecommunications industry. InfraSource was acquired in 2003, went public in 2004 (NYSE: IFS), and was acquired by Quanta Services, Inc. in 2007. Integrated Pipeline Services Integrated Pipeline Services (IPS) was formed through the combination of Snelson Companies and Sheehan Pipe Line Construction Company to become one of the largest union pipeline engineering, procurement and construction (EPC) companies in North America. It is a leader in the engineering and construction of cross-country pipelines, gathering and midstream pipelines, gas distribution systems, compressor, pump, and meter stations, storage facilities, and pipeline integrity and maintenance. IPS was formed in 2008. In 2011, Sheehan was sold to its management, and in 2012, Snelson was sold to Powerline Holdings, Inc. Kirlin Kirlin is a leading provider of mechanical construction services. Founded in 1960, Kirlin operates three core mechanical contracting divisions serving the Mid-Atlantic, Carolinas and Florida markets, and also provides mechanical system maintenance and repair services, design and installation of fire protection systems and special design-build project work for the US federal government. Kirlin was acquired in partnership with management in 2014 and sold in 2019. LineSoft Corporation LineSoft is a leading provider of software and contract services that utilities need to design, construct, and manage electrical transmission and distribution systems. In addition, LineSoft software helps utilities analyze and manage the engineering, financial, and administrative implications of joint use of utility poles, conduits and rights-of-way by communications and other infrastructure. LineSoft was acquired in 2000 and sold to Itron Corporation in 2002. LODESTAR Corporation LODESTAR provides energy software products which address critical back office requirements for energy market participants such as pricing, complex billing, load analysis, and settlement. LODESTAR is the leading provider of such software with over 120 customers, including major investor-owned energy utilities, energy traders and marketers and regional independent system operators. LODESTAR was acquired in 2001 and sold to Oracle Corporation in 2007. Longhorn Pipeline Longhorn owned a 764-mile pipeline designed to transport refined petroleum products from the U.S. Gulf Coast refineries to terminals in Odessa and El Paso, Texas. This pipeline was completed and put in operation in 2004 following our investment. It provides the last link in a pipeline system which connects Texas refineries with the Southwest U.S. retail market. A consortium invested in Longhorn in 2003 and sold it to Flying J Inc. in 2006. NORESCO, LLC NORESCO is one of the largest and most experienced energy service companies in the United States. The company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors. Over two decades, NORESCO implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad. NORESCO was acquired in 2005 and sold to Carrier Corporation (a part of United Technologies) in 2008. OpTerra Energy Group OpTerra was established to acquire and integrate regional energy service companies (ESCOs) with the objective of developing a full-service ESCO with a national footprint and a comprehensive set of technical capabilities to provide energy efficiency and clean energy solutions to public and private sector customers. Through the acquisition and integration of several companies, including the energy efficiency and renewable energy business of Chevron Energy Solutions and Bluestone Energy Services, a leading private energy efficiency company serving the private sector, OpTerra became one of the nation’s largest independent energy efficiency and renewables companies with offices and project execution capabilities across the country. OpTerra was acquired by ENGIE in 2016. Osmose Holdings, Inc. Osmose is a global provider of utility services, wood preservation and treatment chemicals, and railroad infrastructure services. Osmose was founded in 1934 and had three distinct but complementary business lines. The Utilities Services business is the market leading provider of services and products designed to improve utility service reliability and to extend the economic service lives of aging wooden utility poles, towers, and other utility field assets. Its services include inspecting, treating, strengthening and restoring utility poles plus vegetation management, storm response services, data services, engineering, and other utility asset management services. The Osmose Wood Preservation business provides wood preservation and treatment chemicals to treated wood providers globally. The Osmose Railroad Services business offers railroad customers a broad range of railroad infrastructure services, including bridge inspection, engineering, maintenance, repair and construction services. Osmose was acquired in 2012 in partnership with management. The Wood Preservation and Railroad Services businesses were sold to Koppers Inc. in 2014. The Utilities Services business was sold to an affiliate of Kohlberg and Company, L.L.C. in 2015. Power Measurement, Inc. Power Measurement is an energy information technology company and a leading provider of enterprise energy management systems for energy suppliers and consumers worldwide. The company’s ION® web-enabled software and intelligent metering and control devices measure, evaluate, and help manage power consumption and conditions and enable industrial, commercial and institutional businesses to manage consumption and modify processes to avoid power quality and reliability problems and reduce energy costs. Power Measurement was acquired in 1996 and sold to Schneider Electric in 2005. RealEnergy, Inc. RealEnergy installs, owns, and operates on-site generation equipment and systems in Class A commercial office buildings. RealEnergy systems are standard packages in power-only, co-generation and tri-generation configurations that provide power, hot water, heat and/or cooling more efficiently and at less costs than can be provided by the local utility. RealEnergy was acquired in 2001 and sold to DG Energy Solutions, an Arclight portfolio company in 2004. Remedial Construction Services, L.P. Remedial Construction Services, L.P. (RECON) is a leading specialized environmental remediation and geotechnical contractor. Founded in 1989 in Houston, Texas, the company has over 450 employees and a track record of more than 6,000 completed projects throughout North America in the energy, power, industrial and government sectors. Its market leadership is supported by its superior project execution and industry leading safety record. We believe RECON is well positioned to take advantage of expanding North American energy infrastructure and retirement of aging power plants and refineries. In addition, the company’s technical solutions offering differentiates it from traditional remediation and geotechnical contractors and positions RECON to help solve numerous pressing challenges in energy applications such as stabilization of high moisture content waste materials (coal fly ash pond, oil sands tailings, oil field drilling muds, etc. ), tertiary oil recovery and beneficial re-use of waste materials such as red mud and dredge spoils. RECON was acquired in partnership with management in 2012 and sold to Keller Group in 2021. Renewable Energy Infrastructure Group Renewable Energy Infrastructure Group (REIG) was established in 2015 to service renewable energy infrastructure through a portfolio of companies including MaxGen Energy Services, World Wind & Solar and Power Factors. Collectively the companies provide three lines of service: (a) operations and maintenance services for commercial, industrial and utility-scale renewable power facilities in the U.S.; (b) design, installation and maintenance services for electric vehicle charging infrastructure; and (c) software-as-a-service used to manage and optimize solar, wind and energy storage assets. In 2020, the company’s MaxGen Energy Services and World Wind & Solar divisions were sold to Pearce Services and the company’s electric vehicle charging division was sold to an affiliate of White Deer Energy. In 2021, Power Factors was sold to an affiliate of Vista Equity Partners. Riggs Distler Riggs Distler is one of the largest utility and heavy industrial contractors in the Northeast and Mid-Atlantic regions of the United States. The company has established itself as a leading provider of turnkey network and infrastructure maintenance, repair and upgrade solutions, with a focus on critical electric and gas services. Riggs Distler was acquired in partnership with management in 2018 via the privatization of its parent company NAPEC and sold to Centuri Group in 2021. Shermco Industries Shermco is a leading provider of testing, maintenance, repair, engineering, training and commissioning services for low, medium and high voltage electrical equipment, including substations, switchgear, transformers, motors and generators. Founded in 1974 in Dallas, Texas, the company serves industrial, commercial, municipal and utility customers throughout North America. The company’s market leadership in its niche is driven by its scale, outstanding safety record, integral involvement with the industry’s standards setting organizations, long-standing customer relationships and consistent track record of dependable service. Shermco was acquired in 2012 in partnership with the company’s management team and sold to an affiliate of Gryphon Investors in 2018. Shoals Technologies Group Shoals (NASDAQ: SHLS) is a leading provider of technically advanced products used in solar and power storage applications – combiner boxes, in-line fuses, wire harnesses and other electrical balance of system (EBOS) components. Shoals has built an outstanding reputation for delivering high quality, cost-effective solutions at scale. Headquartered in Portland, Tennessee and founded in 1996, the company was founded to provide innovative EBOS solutions that reduce installation costs and improve reliability and safety. Shoals was acquired in partnership with management in 2017 and went public in 2021. SitelogIQ SitelogIQ is a provider of comprehensive energy efficiency, solar/distributed generation, and installation and maintenance services for lighting, mechanical, controls and other facility infrastructure. SitelogIQ leverages its strong capabilities in engineering, project management, maintenance, and project finance to deliver comprehensive solutions to clients in both the public and private sectors throughout the country. SitelogIQ was established through the integration of multiple acquisitions in partnership with management in 2017 and 2018 and sold to an affiliate of AEA Investors in 2020. Smart Systems International, Inc. Smart Systems designs and markets intelligent energy management systems principally for heating and air conditioning control in commercial and residential buildings, including guest rooms in hotels, public housing projects, condominiums, schools, and office buildings. The technology provided a quick, non-invasive installation and a patented algorithm that manages unique temperature adjustments for each room to reduce energy consumption while preserving desired levels of comfort. Smart Systems was acquired in 2000 and sold to Telkonet, Inc. in 2007. Solomon Corporation Solomon is a leading provider of refurbishment, repair and salvage services for electrical transformers and related oil-filled equipment. Founded in 1971 in Solomon, Kansas, the company serves investor-owned, municipal and cooperative utilities as well as industrial owners of electrical equipment throughout North America. Equipment serviced and salvaged includes polemount and padmount distribution transformers, substation power transformers, voltage regulators, oil-filled reclosers and switches. Solomon was acquired in 2013 and sold to an affiliate of Trilantic Capital Partners in 2019. SPL WorldGroup, Inc. SPL WorldGroup provides enterprise software to utilities and other end-users with large volume billing, asset management, and field work force management activities. Created through a series of four transactions, SPL offers an integrated suite of customer information system, outage management, asset management, and field work force management software. SPL was acquired in 2004 and sold to Oracle Corporation in 2006. Sterling Sterling is a leading provider of wood mats and site-access solutions to owners and constructors of power and energy infrastructure, including electric transmission and distribution, renewables, and oil and gas pipelines. The company’s solutions help increase project efficiency, protect the environment and ensure workers’ safety on jobsites. Sterling was acquired in partnership with management in 2016 and sold to an affiliate of Blue Wolf Capital Partners in 2023. Ten K Solar Ten K Solar designs, manufactures and markets highly efficient, reliable and low cost photovoltaic solutions centered around its proprietary RAIS module technology. Ten K reengineered the traditional approach to photovoltaic power by developing an integrated system with an innovative module design, module-level power electronics, reflector, redundant inverter architecture, and racking system combine. This integrated, novel design removes cost, weight and unused space, resulting in a low-cost, energy dense solution ideal for flat-roof and distributed ground mount applications. In addition, its low-voltage, redundant, parallel panel architecture is shade tolerant, highly reliable and safe. Ten K Solar was acquired in 2014 and exited in 2017. Trans-Elect, Inc. Trans-Elect is North America’s first independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems. Key assets include Michigan Electric Transmission Company, Alta Link and Path 15. Trans-Elect was acquired in 2005 and its operating assets were sold through a series of transactions starting in 2006 to ITC Holding Corporation (ITC:NYSE), TransAlta Corporation, and AES Corporation. Trench Plate Rental Company Trench Plate Rental Company (TPR) is a leading provider of trench safety and traffic-control solutions to the underground construction and other infrastructure-related industries. Headquartered in Downey, California, TPR provides trench plates, boxes, shoring equipment, traffic-control message boards and barriers to utilities and contractors who are maintaining, upgrading and replacing aging infrastructure. The company serves more than 4,700 customers via a diverse rental fleet, in-house equipment manufacturing capabilities and an experienced and knowledgeable sales team. TPR was acquired in partnership with management in 2016 and sold to an affiliate of Tailwind Capital in 2020. Turbine Generator Maintenance, Inc. Turbine Generator Maintenance (TGM) performs turnkey inspections and repairs on steam turbines, combustion turbines, generators and associated equipment for a broad spectrum of customers across the industrial and utility sectors. In addition, the company is one of the first independent service providers to also provide machine shop services for turbine generator systems and parts, thereby providing a compelling value proposition to its clients relative to both OEMs and other independent service companies. TGM was acquired in 2007 and sold to management in 2009. UtiliQuest, LLC UtiliQuest identifies and marks electric, gas, telecommunication, cable, water and other utility underground infrastructure so that contractors can avoid them when excavating. Historically done separately by employees of each utility, this function is increasingly contracted out with multiple utilities supported by a single vendor able to achieve obvious scale economies. UtiliQuest was acquired in 2001 and was sold to Dycom Industries (NYSE: DY) in 2003. Vac-One Services, LLC Vac-One Services was established in 2014 as a platform to make investments in the hydro-excavation services industry. Hydro-excavation is a popular form of nondestructive excavation that uses pressurized water and vacuum systems, rather than mechanical systems, to achieve a variety of digging, trenching, and soil removal applications. Through its Texas ReExcavation LC (T-Rex), Cyclone Services and Kantex subsidiaries, Vac-One provides hydro-excavation services throughout the southern portion of the U.S. Vac-One was sold to an affiliate of Gallant Capital Partners in 2022. Xantrex Technology Inc. Xantrex is a leading supplier of advanced power electronics and controls for the commercial, recreational, and residential markets. The company’s technology is applicable to such emerging technologies as fuel cells, flywheels, solar panels, windmills, and modern batteries, for both grid-connected and off-grid applications. GFI Energy Group acquired Xantrex in 1998, it went public in 2004 (TORONTO: XTX.TO) and was acquired by Schneider Electric in 2008.