NEW YORK, Sept. 20, 2021 /PRNewswire/ -- American Securities LLC, a leading U.S. private equity firm, announced today that it has entered into a definitive agreement to acquire the Renewable Energy division of Swinerton Builders, commonly known as Swinerton Renewable Energy (SRE), and wholly-owned subsidiary SOLV, Inc. from Swinerton Incorporated. Financial terms of the transaction were not disclosed.
Ranked the number one solar contractor in the U.S. in 2021 by Solar Power World, SRE has built over seven gigawatts of PV solar capacity in 26 states. SRE leverages proprietary technology to provide turnkey services for utility-scale solar power plants, substations, energy storage, and more. Building on the century-old heritage of construction excellence at Swinerton, SRE was formed in 2008 as a division of Swinerton Builders, providing solar Engineering, Procurement and Construction (EPC) services for Swinerton's existing commercial clients before pivoting to the utility market. SOLV, Inc. was established in 2012 to provide Operations and Maintenance (O&M) capabilities both in-house and to third-party plants. This transaction will combine Swinerton's existing EPC and O&M service groups together under one company name, SOLV Energy, LLC ("SOLV Energy"). The present management team and employees of SRE and SOLV, Inc. will transition to SOLV Energy, and will continue to deliver best-in-class services going forward.
"Our team is excited to transition SRE and SOLV Inc. to become a single, independent company focused on U.S. Solar and Storage Infrastructure," said George Hershman, head of SRE and SOLV Inc. "We believe that with American Securities' support and partnership we will continue to provide our customers with unequalled service and support. Our management team is committed to continuing to advance the growth of our renewables services and continue to lead the energy transition in the United States."
"We are excited to partner with George and the SOLV Energy team as they continue to execute on their winning strategy to be the leading solar EPC and O&M provider in the United States," said Kevin Penn, a Managing Director of American Securities. "Investing in market leading companies servicing our country's energy transition to renewables is a priority for American Securities, and our investment in SOLV Energy furthers our firm's leadership in the solar energy industry. George and the talented SOLV Energy team have a strong track record of excellence in project execution, customer service, and proprietary technology in the industry and we look forward to helping them maintain this industry leadership."
"We are thrilled to be working with the SOLV Energy team as they transition to becoming an independent company," said Michael Sand, a Managing Director of American Securities. "SOLV Energy has a long history of outstanding customer service and we look forward to supporting the Company as it helps accelerate the United States' transition to solar energy."
Lazard is serving as exclusive financial advisor to Swinerton Incorporated and Farella Braun + Martel LLP is serving as legal counsel to Swinerton Incorporated for this transaction. Weil, Gotshal & Manges LLP is acting as legal counsel to American Securities.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $25 billion under management.
About Swinerton Incorporated
Founded in 1888, Swinerton Incorporated is a $5 billion organization that offers commercial construction and management services, including mass timber, facility solutions, concrete, drywall, doors/frames/hardware, and other trade expertise across the U. S. through its companies and affiliated partners, most notably Swinerton Builders, Timberlab, Inc., and SAK Builders, Inc. Swinerton is 100% employee-owned and a trusted partner in every market it serves–proudly leading with integrity, passion, and excellence.
SOURCE American Securities LLC