RECENT RELEASESHarvest Partners Announces Acquistion of Bartlett Holdings, Inc.
NEW YORK, NYDec 1, 2010
Harvest Partners, LP (“Harvest”), a leading New York-based private equity firm, announced today that it has completed the acquisition of Bartlett Holdings, Inc., d.b.a. BHI Energy (“BHI Energy” or the “Company”), from Berkshire Partners LLC and Summit Partners. BHI Energy is a leading specialty energy services company, providing critical services needed to support 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 comprehensive services include radiation protection, professional and technical staff augmentation and specialty maintenance. Financial terms of the transaction were not disclosed.
BHI Energy has served the power generation industry and U.S. Department of Energy for over 30 years and is an established leader across all business segments. The Company has long-term relationships with most of the leading power producers in the U.S., who value BHI Energy’s technical expertise and capacity to fulfill large-scale service requirements. BHI Energy is the only company that has provided radiation protection services at all commercial nuclear facilities in the U.S. and is the country’s largest provider of radiation protection personnel and decontamination and decommissioning services. The Company’s growing professional and technical staff augmentation and specialty maintenance segments provide additional, complementary services to BHI Energy’s nuclear customers, in addition to fossil and renewable power operators.
Robert Decensi, BHI Energy’s Chief Executive Officer, said, “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 organization.”
Michael DeFlorio, Senior Managing Director at Harvest, said, “We are excited to work with CEO 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.”
Christopher Whalen, Principal at Harvest, said, “BHI’s distinguished track record of efficiency, quality and safety has positioned the company as a leading utility services provider and the partner of choice to the resurgent nuclear industry. We were compelled by BHI’s focus on existing baseload plants that are experiencing increasing service requirements due to age and other factors. Our strategic vision will leverage the company’s strong incumbent position across the nuclear fleet to pursue growth and broader expansion opportunities.”
GE Antares Capital and BNP Paribas provided senior debt financing. DLJ Investment Partners and AEA Investors provided mezzanine debt financing. White & Case LLP advised Harvest. Robert W. Baird & Co. and Weil, Gotshal and Manges LLP advised Berkshire Partners LLC and Summit Partners.
Managing Director Jay Hegenbart and Associate Alex Thorn of Harvest Partners also worked on the transaction.