Energy Capital Partners LLC has acquired Nesco from private equity firm Platinum Equity for an undisclosed amount.
Nesco, headquartered in Fort Wayne, Ind., provides fleet equipment rental, sales and services for the North American electrical transmission and distribution market. Platinum Equity bought a controlling stake in Nesco in October 2011, and made two add-on acquisitions, including the utility equipment fleet of Penske's utility rental division in August 2012, and Utility Equipment Leasing Corp. in December 2012.
The deal was originally announced in December.
Short Hills, N.J.-based private equity firm Energy Capital focuses on investing in North American energy infrastructure business. The firm paid almost $340 million for to take Energy Solutions Inc. private in 2013.
Platinum Equity, headquartered in Los Angeles, is a PE firm that specializes in investments in companies that provide services to customers in the business, information technology, telecommunications, logistics, metals, manufacturing and distribution markets. The firm closed a deal for the rental equipment business of Volvo Group in February.
Drew Spitzer, Matt White, Chris Burnham and Ian Thomas from Harris Williams & Co. provided financial advice to Nesco. Morgan Stanley also provided financial advice to Nesco, while Latham & Watkins provided legal advice.