Pilot Wave Holdings has acquired Cormorant Atlantic Utility Services Corp, a provider of transmission and distribution services to the utilities industry. The seller was Cambridge, Ontario-based Cormorant Utility Services, which will continue to hold a stake in CAUSC. No financial terms were disclosed. Pilot Wave is a tech-focused acquisition and growth firm.
HALIFAX, NS, March 18, 2021 /PRNewswire/ — Pilot Wave Holdings (“Pilot Wave”), the world’s leading technology-focused acquisition and growth firm, has acquired CAUSC, a provider of comprehensive transmission and distribution services to the utilities industry.
“We are extremely excited to partner with the exceptional management team at CAUS,” said Afsheen Afshar, Founder and Managing Partner at Pilot Wave Holdings Management. “The CAUS teams deliver their signature service capabilities with best-in-class safety and consistency. Everyone at Pilot Wave is looking forward to helping them augment their superlative services with modern technology that enables accelerated growth by delivering greater scalability. We are very excited about the market opportunity and what the future holds with the CAUS team.”
“We are so proud to have drawn the attention of such a game-changing investor. We already have a great team and great customers. Now with Pilot Wave’s leadership we will be able to implement technology solutions that take us to the next level,” said John MacKinnon, President of CAUSC.
Cormorant Utility Services Limited (Cormorant Utility), the divesting company, provides comprehensive solutions to the power utility sector through five operating companies: PowerTel, EPTCON, OneLine Engineering, PowerTraxx, and until recently, Cormorant Atlantic. John Risley of CFFI Ventures Inc., one of the major investors in Cormorant Utility, said: “Pilot Wave is an innovative technology-centric company which has earned the confidence of both the Cormorant management team and CFFI. Cormorant Utility will remain involved as a shareholder of the new company, and is excited to work with Pilot Wave to bring innovative growth to the business.”
Clariti Strategic Advisors Inc. acted as exclusive strategic and financial advisor to Cormorant Utility in connection with the corporate carve-out and sale of CAUSC to an affiliate of Pilot Wave.
Stikeman Elliott LLP is pleased to have been chief legal counsel to Pilot Wave in this important international transaction.
About Pilot Wave Holdings
Pilot Wave Holdings is the first acquisition firm dedicated to bringing modern technology to small businesses. Comprised of hybrid investment professionals, operators, and technologists, the team partners with exceptional management to grow businesses and help them continue to be competitive in the technological age. For further information, please contact: info@PilotWaveHoldings.com.