Gridco, a provider of maintenance, upgrade, and construction services to electric utilities, announced it has received a strategic growth investment from BayHawk Capital, a private equity firm focused on founder-owned essential services and technology businesses.
The investment is designed to support both organic growth and strategic acquisitions, while expanding Gridco’s ability to serve utility clients and create additional opportunities for its workforce. BayHawk partnered with Gridco’s founding management team on the transaction. The founders will remain majority shareholders and continue leading the company. Jeffrey Schmidt, a former MasTec and Quanta executive, will also join Gridco’s board of directors.
Founded in 2023 by Brad Weaver and Patrick Russo, with Trent Weaver joining the founding team in 2024, Gridco provides distribution, transmission, and substation repair and maintenance services to investor-owned, cooperative, and municipal electric utilities throughout the Southeastern United States. The company positions itself as an employee-first organization, investing in skilled crews to deliver services aimed at improving the safety, reliability, and efficiency of critical electrical infrastructure.
BayHawk made the investment through BayHawk Fund I, which recently closed with more than $600 million in capital commitments. Gridco represents the second platform investment completed from the fund.
KEY QUOTES
“This partnership marks a pivotal next step in Gridco’s growth and evolution. This capital investment will allow us to further expand our customer-centric service model and to continue providing compelling growth opportunities for our team of over 350 skilled professionals. We are excited to partner with the BayHawk team and believe the combination of their sector expertise in the electric utility space and shared vision for the potential of our platform will play a key role as we work toward our goal of being a national provider of best-in-class utility services.”
Brad Weaver, CEO, Gridco
“Gridco’s services are mission-critical to the electrical grid and are benefiting from multi-decade tailwinds driven by the aging of our electrical infrastructure, accelerating load growth from electrification trends including AI and data center proliferation, and regulatory reliability mandates. The Gridco team has created an exceptional company defined by a strong culture and deep understanding of its client needs, and we feel fortunate to be their partner in this next phase of the Company’s growth.”
Doug Haber, Managing Partner, BayHawk
“We are honored to partner with Brad and the Gridco management team to support the Company as it scales into a national provider of mission-critical utility services. The Company’s vision of becoming the most trusted provider of infrastructure services to all constituents – employees and customers – aligns perfectly with our values at BayHawk.”
Scott Prozeller, Managing Director, BayHawk
