Bartlett Holdings Inc., which is owned by New York-based private equity firm Harvest Partners, has acquired AMES Group Holdings. AMES was previously owned by Greenwich, Conn.-based Capital Partners. Capital Partners will continue to hold a stake in the company. Terms of the acquisition were not released. AMES provides valve inspection and testing, preventative maintenance and repair services to the U.S. commercial nuclear power industry. Bartlett, which was bought by Harvest in 2010, provides services for nuclear, fossil and renewable power facilities.
Harvest Partners, LP (“Harvest”), a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies, announced today that Bartlett Holdings, Inc., d/b/a BHI Energy, (“BHI”), one of its portfolio companies, has acquired AMES Group Holdings LLC (“AMES”) from funds managed by Greenwich, CT-based Capital Partners, Inc. (“Capital Partners”), Greg Cecchi, the founder of AMES, and AMES’ senior management. Capital Partners, Mr. Cecchi and certain members of AMES’ senior management will continue to own a stake in the combined business. AMES will operate as a division of BHI, and AMES’ senior management will join the BHI leadership team led by BHI President and CEO Bob Decensi.
AMES, founded in 1999, is a leading specialty maintenance company which provides critical valve inspection and testing, preventative maintenance and repair solutions to the U.S. commercial nuclear power industry. AMES typically provides these outsourced services on a full turnkey basis, leveraging the company’s broad project management capabilities. Plant maintenance functions are increasingly being outsourced due to a growing scarcity of qualified labor as many in the workforce are reaching retirement age. In addition, operators are increasingly focused on vendor consolidation and efficiencies related to outsourcing.
Acquired by Harvest in November 2010, BHI is a leading specialty utility services company, providing critical, onsite 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’s comprehensive services include Radiation Protection Services, Professional and Technical Staff Augmentation Services, and Specialty Maintenance Services. BHI has served the power generation industry for over 30 years and is an established leader across all business segments.
Michael DeFlorio, Senior Managing Director at Harvest said, “We are excited to bring AMES into the BHI organization, and look forward to working with Greg Cecchi, Jack Engleman, and the rest of their team. We believe the businesses are highly complementary and will broaden BHI’s service offering in the market place.”
Bob Decensi, President and CEO of BHI, added, “We are thrilled by the acquisition of AMES, which will further our strategy of providing an array of specialized services to our customers. With the combination, BHI will be able to leverage the relationships and expertise of both market leaders.”
GE Capital Corp. and BNP Paribas are providing the financing to BHI.
About Bartlett Holdings, Inc.
Founded in 1979 as Bartlett Nuclear, Inc., BHI (www.bhienergy.com) provides technical and professional project and staffing solutions to the nuclear, wind, hydroelectric, fossil, industrial and government energy markets. BHI has a workforce of more than 5,500 employees and operates at over 150 project locations.
About AMES Group, Inc.
AMES (www.yourpriority.com), founded in 1999, is a leading specialty maintenance company which provides critical valve preventative maintenance and repair solutions to the U.S. commercial nuclear power industry. AMES provides qualified nuclear power plant personnel, including site managers, superintendants, mechanics, electricians, technicians, engineers, and consultants to meet the specialized maintenance and engineering needs of nuclear power plant operators.
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 Industrial Services, Manufacturing and Distribution, Mid-Stream Energy, Business Services and Consumer Products and 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 $1.9 billion across six institutional funds.