Harvest Partners Completes Bartlett Acquisition

New York-based private equity firm Harvest Partners has acquired Bartlett Holdings, which operates as BHI Energy. Financial terms of the deal were not disclosed. Harvest Partners acquired the company from Boston-based firms Berkshire Partners and Summit Partners. Plymouth, Mass.-based BHI Energy provides energy services including radiation protection and specialty maintenance. Harvest has $1.7 billion under management across five funds.

PRESS RELEASE
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.

About BHI Energy

Bartlett Holdings, Inc., d.b.a. BHI Energy (www.bhienergy.com), is a leading provider of project management and staffing solutions to the wind, hydroelectric, nuclear and fossil sectors of the power generation industry and federal government facilities. BHI Energy employs a peak workforce of more than 5,500 at 150 locations worldwide. BHI Energy’s experience includes providing solutions to every operating commercial nuclear power plant, every commercial nuclear decommissioning project, every major Department of Energy (DOE) closure project and 8 out of 9 nuclear power re-start programs. Founded in 1979 and headquartered in Plymouth, Massachusetts, BHI Energy maintains regional offices nationwide.

About Harvest Partners, LP

Founded in 1981, Harvest Partners, LP (www.harvpart.com) is a leading New York-based private equity investment firm, pursuing management buyouts and growth financings. Harvest focuses on acquiring profitable companies in the energy, industrials, services, and consumer product and specialty retail sectors. This strategy leverages Harvest’s nearly 30 years of experience in financing organic and acquisition-oriented growth companies. Harvest has total capital invested and committed under management of $1.7 billion across five institutional funds, including its current $815 million fund.

Harvest has considerable experience in the energy services industry and most recently completed investments in Seminole Energy Services, LLC, a Tulsa-based diversified gas services company with operations spanning midstream and producers services and wholesale and retail marketing, and Regency Energy Partners LP (NASDAQ: RGNC), a Dallas-based master limited partnership providing gas transportation, compression, gathering and processing services. Prior Harvest investments include Aquilex Corporation, a leading provider of energy services to the nuclear power, fossil power, oil refining, petrochemical and waste-to-energy industries.

CT
For Harvest Partners, LP: | Michael B. DeFlorio, 212-599-6300 | Sr. Managing | Director | mdeflorio@harvpart.com | or | Christopher D. Whalen, | 212-599-6300 | Principal | cwhalen@harvpart.com | or | Caroline Luz, | 203-656-2829 | Owen Blicksilver PR | caroline@blicksilverpr.com | or | For BHI | Energy: | Robert J. Decensi, 508-591-1244 | Chief Executive | Officer | bob.decensi@bhienergy.com | or | Mary Barletta, 508-591-1156 | Chief | Financial Officer | mary.barletta@bhienergy.com | SOURCE: Harvest Partners, LP