Firefly Capital Management and its affiliates have acquired Gravity Power & Rental, a provider of mobile power generation and equipment rental infrastructure.
Gravity operates more than 2,000 mobile power generation units along with equipment including pumps, heaters, light towers, and fluid management systems. Its more than 275 employees serve thousands of customer sites across 13 states.
The company provides power-as-a-service solutions for microgrids and onsite operations serving energy, industrial, and digital infrastructure customers.
Firefly’s investment thesis centers on growing demand for reliable onsite energy infrastructure as electricity requirements increase across critical industries.
Gravity will continue operating under its existing name and brand with President and CEO Rob Rice and the current management team remaining in place.
Firefly plans to invest behind Gravity’s workforce and operating platform while supporting continued expansion of its power generation and rental fleet.
Davis Graham & Stubbs served as legal counsel to Firefly. Piper Sandler served as financial advisor to the sellers, while Vinson & Elkins served as their legal counsel.
KEY QUOTES:
“We spent the last several months looking for the right owner to continue the momentum in our mobile power and rental business, and Firefly is that partner. Firefly is a long-term owner focused on energy and critical infrastructure. They believe in our people and in our mission: customer focused, reliable, efficient and safe power and rental infrastructure solutions.”
Rob Rice, President and CEO of Gravity
“The Gravity team has built an industry reputation, fleet, safety record and customer relationships that took years in the field to earn. Our goal with Gravity is to invest in its people for the long term. Demand for reliable onsite power is expanding rapidly, and Gravity has the fleet, the people and the customer track record to continue to be a market leader.”
Jon Doochin, Partner at Firefly Capital Management
“Gravity has earned its reputation one deployment at a time. This team delivers for its customers every day, and we are proud to back them.”
Jakob Blomqvist, Partner at Firefly Capital Management
