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InfraSource Inc. Acquired by GFI Energy Ventures LLC and Oaktree Capital Management LLC from Exelon Enterprises Company, LLC
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September 24, 2003 - For Immediate Release Philadelphia, PA - InfraSource Incorporated (InfraSource), parent company of InfraSource Electric & Construction Services (EC&S), InfraSource Underground (US), and InfraSource Telecom Services (TS), announced today that it has been acquired by funds controlled by GFI Energy Ventures LLC (GFI) and Oaktree Capital Management LLC (OCM). With annual revenues in excess of $500 million and more than 3,000 employees working in over 30 states, InfraSource is one of the nation’s largest and most successful providers of energy and telecommunications infrastructure construction services. Terms of the transaction included a sale price of $280 million, consisting of $250 million in cash and $30 million in a subordinated note payable to Exelon in 2011. In conjunction with the sale of InfraSource, Ian Schapiro, Founding Principal, GFI, announced the appointment of David Helwig as CEO of InfraSource Incorporated. “We are pleased to have someone of Dave’s caliber at the helm of InfraSource. Dave has done an outstanding job as COO and President of InfraSource during the past year and a half achieving very strong results in a tough business environment. Dave has a stellar track record of performance and integrity throughout his career and a national reputation for results in the energy industry”, said Schapiro. “This is an exciting opportunity for us,” said David Helwig. “While Exelon has been an excellent owner and supporter of our operations, Exelon had previously announced its intent to focus on its core integrated utility business. This transaction will provide InfraSource with a tremendous opportunity to build a strong future with a new owner that shares similar long-term strategies and goals. We are excited about the opportunity to work in partnership with GFI and OCM. Their strong financial backing, enthusiasm for our businesses, and confidence in our leadership, people and vision for the future will be a major benefit to the company, our employees, and our customers.” Helwig continued, “There are two key elements of this transaction for InfraSource and each of our customers. First, the company will keep the InfraSource name and brand. Second, the Executive Leadership of our operating companies will remain in place: • Henry Jackson
will continue to lead Dashiell/ Dacon Corporation in Houston, TX Our leadership will continue to build InfraSource into a powerhouse of the energy services marketplace.” GFI has been an equity
investor in established, industry-leading companies serving the energy
market since 1995. GFI has originated over thirty investments in successful
companies that provide the systems, software, equipment and services to
participants in the energy market place. The firm is also the co-general
partner with Oaktree Capital Management, LLC of the $454 million OCM/GFI
Power Opportunities Fund, L.P. Oaktree Capital Management
is a Los Angeles-based alternative investment management and buyout firm
that currently manages in excess of $26 billion for institutions and wealthy
individuals. The investment in InfraSource was made by Oaktree's private
equity group that manages approximately $2.5 billion and has a track record
of sponsoring management teams and providing the resources necessary to
create long-term shareholder value in a variety of industries. About InfraSource: |
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