Hastings Equity Partners, a capital partner to founders of lower middle-market businesses, has purchased GridSource Inc., a utility contractor that focuses on infrastructure services for the telecom and gas industries, with Hastings’ Fund V.
Headquartered in Baton Rouge, La., GridSource is a utility contractor that focuses on infrastructure services for the telecom and gas industries. The company offers a suite of services including outside plant fiber construction, aerial and underground capabilities, inside plant network construction, gas distribution services, underground electrical services and contract design and engineering. Founder Dusty Johnson will retain significant ownership and will continue to be involved in the day-to-day management of the business.
“We look forward to our long-term partnership and providing their team with the resources needed to grow the business,” comments Joe Conlon, managing director at Hastings.
Locke Lord provided legal counsel, KSM provided financial advisory services, Forvis provided tax services, and Equity Risk Solutions provided insurance services to Hastings on the transaction.