Kelso & Co. has purchased PowerTeam Services, a company that provides infrastructure services to the gas and electric utility industry.
Plymouth, Mich.-based PowerTeam was sold by private equity firms Civc Partners LP and True North Equity. The target provides repair, replacement, maintenance and installation services to natural gas and electric transmission infrastructures. Terms of the deal were not disclosed.
Kelso plans to merge PowerTeam with Power Holdings, an infrastructure repair company that it bought in December.
Civc, a Chicago-based private equity firm, manages about $1.2 billion in committed capital. True North, headquartered in Plymouth, Mich., provides equity for deals through Civc.
New York-based Kelso is currently investing from its eighth fund, Kelso Investment Associates VIII LP, which has $5.1 billion in committed capital. The firm’s other investments include Augusta Sportswear Inc., Power Holdings and Truck-Lite Co. LLC.
Harris Williams & Co. was PowerTeam’s financial adviser