CHICAGO, IL --(Marketwired - April 27, 2016) - CIVC Partners (CIVC) is pleased to announce the successful acquisition of Sitewise Corporation (Sitewise), which will be combined with Track Utilities (Track), an existing CIVC portfolio company. As part of the transaction, the Sitewise management team will continue to be significant shareholders and will be part of the combined senior management team going forward.
Track provides aerial telecom, underground telecom, overhead electric, underground electric, joint utility trenching, and directional drilling services to customers primarily in Idaho, Montana, Wyoming, Washington, and Oregon. Track is headquartered in Meridian, ID, with regional offices in Twin Falls, ID, Pocatello, ID, Idaho Falls, ID, Libby, MT, Seattle, WA, and Spokane, WA. For additional information about Track, visit www.trackutilitiesllc.com.
Sitewise provides compliance related operations and maintenance, re-construction and new construction services on natural gas infrastructure in Colorado. The Company is headquartered in Denver, CO, with additional offices in Frederick, CO, Henderson, CO, Fort Collins, CO, and Aurora, CO. For additional information about Sitewise, visit www.sitewisecorp.com.
The combination of Track and Sitewise creates a multi-disciplined utility services provider servicing the natural gas, electric power, and telecom end-markets. Together with Track, the combined platform has revenue of nearly $100M, approximately 600 employees, and operations across seven states running throughout the Pacific Northwest and Intermountain West. Sitewise adds a wide array of natural gas services and solutions to Track's existing telecom and electric power capabilities, and provides end-market, customer, and geographic diversification.
"This is a terrific opportunity for us," said Lee Wilkerson, President of Sitewise. "The new partnership with Track and CIVC gives us additional capital and resources, enabling Sitewise to expand our service offerings, better serve our customers, and support our growth." Lee, as well as Jeff Sedillos (VP of Operations) and Myron Stadler (VP of Finance), will continue in their current roles at Sitewise, overseeing all aspects of the day-to-day operations. In addition, Lee and Jeff have joined the Board of Directors of the combined platform.
"Sitewise is a perfect complement to our business and significantly expands our capabilities, enabling us to better meet the long-term infrastructure requirements that are driving demand in the telecom, electric, and natural gas end-markets," said Jim Baumgardner, CEO and Chairman of Track. "Sitewise has a proven track record of success with an experienced management team. Like Track, they operate with strong core values around ethics, safety, quality, and customer service. We are excited to collaborate with Sitewise's management team to better serve our customer's current and future needs."
Track continues to look for best-in-class utility services companies in the telecom, electric power, and natural gas industries that would expand its geographic footprint and service capabilities. If you have an opportunity that might be an add-on acquisition candidate for Track, please contact John Compall (312-873-7315, jcompall@civc.com) or J.D. Wright (312-873-7384, jwright@civc.com).
About CIVC Partners, LP
CIVC Partners is a Chicago-based private equity firm established in 1970 that provides growth and buyout capital to middle-market companies and executives with a focus on the business services and financial services sectors. The current management team, which has worked together since 1989, has invested $1.5 billion in 58 platform investments and currently invests from CIVC Partners Fund IV and Fund V. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.