NEW YORK–(BUSINESS WIRE)–Dec 21, 2020–
Pike Corporation (â€œPikeâ€ or the â€œCompanyâ€), one of the largest providers of infrastructure solutions to utilities in the United States, today announced that affiliates of Lindsay Goldberg, a leading private investment firm focused on partnering with families, founders and management teams, has acquired a majority interest in Pike.
J. Eric Pike and other investors will remain significant shareholders in the Company and Mr. Pike will continue in his role as Chairman and Chief Executive Officer alongside the existing management team.
â€œI am extremely pleased to welcome Lindsay Goldberg back to the Company as our lead investor to support our next phase of growth,â€ said Mr. Pike. â€œAs Pike looks at the opportunities ahead, the addition of Lindsay Goldberg to our shareholder group provides access to substantial resources to further accelerate our significant growth and strategic initiatives.â€
Lindsay Goldberg first invested in the business as Pike Electric Corporation in 2002 and remained a shareholder through its 2005 IPO until 2013, during which time Lindsay Goldberg supported Pikeâ€™s internal growth efforts and strategic acquisitions. Since that time, Pike Corporation has successfully grown to become a 10,000-employee large company with a much more diversified portfolio of electric, engineering, telecommunications, renewables and gas services.
â€œThe nearly 20-year relationship between the Pike family and Lindsay Goldberg is firmly rooted in our shared values and collaborative approach to building businesses, and we are pleased to once more be working closely with Eric and his team,â€ said Russell Triedman, Managing Partner at Lindsay Goldberg. â€œGiven Pikeâ€™s deep, long-standing customer relationships, we look forward to building on the Companyâ€™s tremendous success over the past few years, and continuing to expand its diversified reach and scale,â€ added Krishna Agrawal, Partner at Lindsay Goldberg.
In connection with the transaction and to position the Company for future growth, the Company will be supported with equity provided by funds managed by Lindsay Goldberg as well as a new incremental term loan B.
Morgan Stanley served as Pikeâ€™s exclusive financial advisor on this transaction.
About Pike Corporation
Founded in 1945, Pike Corporation is a leading integrated provider of construction, repair and engineering services for distribution and transmission power lines and substations, fiber, telecommunications and gas, along with a growing portfolio of turnkey and renewable generation and storage projects. We work with hundreds of investor-owned, cooperative and municipal utilities, developers and independent power producer clients across the country. We continuously expand our offerings to supply our customers with the ideas, technology, experience, manpower and equipment to perform any job.
About Lindsay Goldberg
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised more than $17 billion of equity capital and has invested in over 50 platform companies and over 250 follow-on opportunities. Lindsay Goldberg takes a relationship driven approach, centered upon a collaborative investment model, and is supported by its global network of affiliate partners. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.
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CONTACT: Media Contacts
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Gasthalter & Co.
+1 (212) 257-4170Mei Shibata
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER ENERGY UTILITIES OTHER CONSTRUCTION & PROPERTY ENERGY FINANCE CONSTRUCTION & PROPERTY
SOURCE: Pike Corporation
Copyright Business Wire 2020.
PUB: 12/21/2020 01:10 PM/DISC: 12/21/2020 01:10 PM
Copyright Business Wire 2020.