Pearce Services (Pearce), a provider of telecommunications infrastructure maintenance, repair, and engineering, has partnered with New York-based New Mountain Capital, a leading growth-oriented investment firm with over USD20 billion in assets under management. Pearce has also announced the simultaneous acquisition of MaxGen Energy Services (MaxGen) and World Wind & Solar (WWS), an independent provider of repair and maintenance services for utility-scale renewable wind and solar assets as well as electric vehicle charging station infrastructure. Terms of the transactions have not been disclosed.
The combination creates the leading technology-enabled platform providing outsourced field and engineering services for distributed electromechanical infrastructure assets. The combined business will be known as Pearce Services and has over 1,200 skilled technicians and engineers with a nationwide footprint. MaxGen and WWS will also continue to operate their respective brands at this time.
“We have been proactively investing in the infrastructure services sector for a number of years and identified Pearce, MaxGen, and WWS as industry-leading businesses with best-in-class capabilities and strong growth opportunities,” says Joe Walker, Director at New Mountain Capital. “We believe the combination positions Pearce to pursue major long-term growth opportunities including deployment of 5G, battery infrastructure, decarbonisation, modernisation of the electric power grid, and electrification of transportation. We plan to help Pearce grow rapidly both organically and through acquisition.”
“New Mountain is the ideal partner for Pearce as we enter our next stage of growth,” says Bret Forster, Chief Executive Officer of Pearce. “This is an exciting time in Pearce’s history, and we are confident that New Mountain’s proven track record of business building and supporting management teams will help us accelerate the business organically and become the employer and acquirer of choice in the industry. We look forward to our partnership and the benefits it will yield for our customers, employees, and industry partners.”
“We are excited to partner with the MaxGen and WWS teams and to continue building the Pearce platform together,” says Ben Krick, President of Pearce. “This acquisition brings tremendous strategic value to the combined platform, including scale for technology and analytics investments, service density to continue driving industry leading response times, and complementary cultures focused on safety and quality.”
“We are excited to join the Pearce team and partner with New Mountain Capital,” says Mark McLanahan, CEO of MaxGen and WWS. “We have very similar cultures and with our combined resources, together we can build even greater capabilities to serve the needs of our customers and provide opportunities for our employees. We are eager to execute on our joint strategic vision.”
Lincoln International LLC acted as financial advisor to Pearce. Guggenheim Securities, LLC acted as financial advisor to MaxGen and WWS. MaxGen’s electric vehicle infrastructure design-build business was not included in the transaction.
