Utilities Acquisitions in Florida

GridTek Utility Services, a U.S.-based provider of repair, maintenance, installation and upgrade services for electric transmission and distribution infrastructure, has been sold by private equity firm First Reserve. Financial terms and the buyer were not disclosed; advisors on the transaction included Harris Williams (financial) and Simpson Thacher & Bartlett LLP (legal).

An affiliate of private equity firm First Reserve has agreed to acquire all outstanding shares of The Goldfield Corporation for $7.00 per share in cash via a tender offer, implying an enterprise value of approximately $194 million. Goldfield, a U.S.-based provider of electrical transmission and distribution maintenance services, will be taken private in a transaction unanimously approved by Goldfield's board and expected to close by January 2021.

Funds managed by Morgan Stanley Infrastructure Partners (MSIP) have acquired Seven Seas Water, a provider of Water-as-a-Service (WaaS) desalination, water treatment and wastewater reuse solutions. The deal — a carve-out from AquaVenture Holdings (which was acquired by Culligan) — was supported by a senior credit facility arranged by Comvest Credit Partners to refinance existing debt and support the acquisition.

Y-COM Holdings, a portfolio company of Cotton Creek Capital, has acquired Atlantic Utility Constructors, Inc., a Florida-based provider of powerline installation and maintenance services. The acquisition expands Y-COM's capacity and capabilities in the Florida utility and power market; Atlantic will continue to be led by its existing management team.