Greenbelt Capital Partners announced it has entered into a definitive agreement to acquire Peak Utility Services Group, a provider of critical utility infrastructure services, from ORIX Capital Partners, the private equity arm of ORIX Corporation USA. Financial terms of the transaction were not disclosed.
Peak Utility Services Group works with major utilities across the United States, delivering maintenance, repair, and upgrade services that support electric, gas, and telecommunications infrastructure. The company’s services include modernizing aging electric distribution systems, strengthening gas pipeline integrity, and deploying communications infrastructure that enables a more digitalized grid.
The acquisition comes as utilities across the country increase spending on infrastructure modernization to address aging grid systems and rising electricity demand. Utilities are committing record levels of capital to long-term investments that improve reliability, resiliency, and decarbonization efforts.
Peak operates across 15 states and employs approximately 2,800 full-time employees. The company provides services that help utilities maintain and expand critical energy infrastructure while supporting emissions reduction and regulatory compliance.
Greenbelt Capital Partners focuses on investments in the transition to a more resilient, electrified energy system. The firm manages more than $3 billion in assets and has committed over $6 billion in equity capital across multiple portfolio companies. Its senior team has completed more than $80 billion in mergers, acquisitions, and financings across over 280 transactions.
The transaction remains subject to customary regulatory approvals and closing conditions.
Sound Point Capital Management served as lead arranger and administrative agent for the debt financing supporting the acquisition. Kirkland & Ellis acted as legal advisor to Greenbelt, while Harris Williams served as financial advisor. Reed Smith acted as legal advisor to ORIX Capital Partners, and Stifel served as financial advisor to ORIX Capital Partners.
Peak Utility Services Group is based in Broomfield, Colorado.
KEY QUOTES:
“Partnering with Greenbelt marks a pivotal milestone for Peak as we enter our next phase of growth. Greenbelt’s deep expertise in the energy and infrastructure sectors perfectly complements our mission to provide safe, reliable, and innovative solutions to our utility partners. With their support, we are well-positioned to accelerate our expansion and continue our track record of being the preferred partner for utility customers across the U.S.”
Michael Lennon, CEO Of Peak Utility Services Group
“We believe Peak is a premier platform led by a veteran management team that has consistently demonstrated the ability to scale through both operational excellence and strategic M&A. As the U.S. continues to prioritize grid resiliency, system hardening, and decarbonization, Peak’s services are more critical than ever. We look forward to supporting Michael and the management team as they take advantage of this growing demand and continue their work modernizing the nation’s electricity and gas networks.”
Chris Murphy, Partner At Greenbelt Capital Partners
“We are proud to have partnered with Michael and the entire Peak team during a period of strong growth and operational progress for the company. Peak plays an important role supporting utilities as they maintain and upgrade critical electric and gas infrastructure, and we are confident the Company is well positioned for continued success.”
Matt Scullion, Managing Director At ORIX Corporation USA
