Harvest Partners, a New York-based private equity firm, has completed the acquisition of Bartlett Holdings, d.b.a. BHI Energy, from Berkshire Partners and Summit Partners.
BHI Energy is an energy services company which supports the daily operations, routine maintenance and capital investment requirements of nuclear, fossil and renewable power facilities, as well as government decommissioning projects.
BHI Energy’s services include radiation protection, professional and technical staff augmentation and specialty maintenance.
Financial terms of the transaction were not disclosed.
Robert Decensi, BHI Energy’s chief executive officer, says: “The acquisition by Harvest is a transaction that will allow BHI Energy further expansion and growth within the power generation and government markets. We eagerly welcome this opportunity to work under a company that upholds a reputation and record of success like that of Harvest Partners. We are also grateful for the support of Berkshire Partners and Summit Partners over the past six years. They have provided valuable guidance in our growth and development, and in our company’s transition from a sole proprietorship to an institutionally managed organisation.”
Michael DeFlorio, senior managing director at Harvest, says: “We are excited to work with chief executive officer Bob Decensi and the rest of the BHI Energy team. The company operates a unique platform capable of supporting power-generation facilities with a breadth of critical, integrated services, and we anticipate further outsourcing of these services over time. Our investment underscores Harvest’s long-term commitment to the energy services sector and success in partnering with strong management teams.”
GE Antares Capital and BNP Paribas provided senior debt financing. DLJ Investment Partners and AEA Investors provided mezzanine debt financing.
White & Case advised Harvest. Robert W. Baird and Weil, Gotshal and Manges advised Berkshire Partners and Summit Partners.
