CIC Partners has made a minority equity investment in Fort Worth, Texas-based TSU, a diversified utility services company. No financial terms were disclosed.
DALLAS, April 7, 2021 /PRNewswire/ — CIC Partners (“CIC”), a Dallas-based middle-market private equity firm, is pleased to announce a minority equity investment in TSU One Holdings LLC.
Headquartered in Fort Worth, Texas, TSU One is a diversified utility services company serving leading gas and electric utilities and other infrastructure providers in Texas and Oklahoma. TSU One’s highly trained workforce, well-maintained equipment, and stringent safety program have enabled the Company to meet the ever-growing needs of its customers since its founding over 20 years ago. TSU One has and will continue to be led by its outstanding management team with decades of collective experience serving the utilities and infrastructure end markets.
“I am excited to partner with CIC for our next phase of growth as we continue to expand to meet the need for critical utility infrastructure in the region. We are grateful to have found a partner that has the same dedication and focus on safety, customers, and employees,” said Justin Keller, co-owner and CEO.
“We are honored to serve leading utility companies like Atmos, CoServ, and ONE Gas, and we know that our success comes from ensuring that these customers are able to expand, upgrade, and maintain their infrastructure,” added Walter Cheatle, co-owner and COO.
Jarred Mayrosh, CFO, stated “We have known the team at CIC for many years. We are thrilled to partner with them and look forward to benefitting from both their growth capital and industry expertise.”
“TSU One is a great fit for our industrial products and services investment practice where we look to partner with owner-operators of growing Texas-based companies providing essential services to infrastructure end markets throughout the surrounding region,” remarked Scott Donaldson, Sector Partner at CIC.
Fouad Bashour, Managing Partner at CIC, added, “I have been impressed witnessing first-hand TSU One’s growth over the last four years and feel privileged to partner with its highly talented management team to continue strengthening and expanding the business.”
ABOUT CIC PARTNERS
CIC Partners is a middle-market private equity firm that invests in growth-oriented companies primarily in the food, restaurant, industrial, and energy industries. CIC manages the personal capital of its investment team, operating partners and strategic investors and seeks to partner with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage the collective experience of its investment team and its operating partners, who are successful CEOs and entrepreneurs, to support and add value to portfolio companies. www.cicpartners.com.