ATLANTA & CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct 10, 2024--
Kian Capital-backed SPATCO Energy Solutions (“SPATCO”), a forward-thinking infrastructure services provider of innovative turnkey solutions for petroleum, environmental and EV market segments, completed the acquisition of Hobby Electric (“Hobby”) and UST Services Corporation (“UST”). The acquisitions are the second and third completed following the closing of the single-asset continuation fund in July 2024.
Hobby is a leading provider of electrical maintenance, repair and installation services, with significant experience in EV infrastructure and commercial / industrial electrical. Since 2005, the company has served a wide variety of retail, commercial and industrial customers with a focus on Arkansas and surrounding states.
UST is a comprehensive petroleum and environmental services company headquartered in Maryland delivering services throughout the Mid-Atlantic region. The company provides environmental compliance, precision testing, engineering and consulting, remediation, as well as tank installation and removal for retail, commercial and marina fueling operators.
The acquisitions will deepen the company’s geographic presence and round out service offerings in existing markets. Specifically, Hobby will expand SPATCO’s Midwest market offering of EV service, maintenance and installation services, adding over 35 electricians to the platform’s workforce and enabling the insourcing of electrical work. UST will broaden SPATCO’s service portfolio in the Mid-Atlantic, bolstering the company's monthly environmental inspection, underground storage tank, retrofit and fuel system maintenance and installation capabilities.
“We’re thrilled to bring two industry powerhouses to the platform as we continue to ride this wave of momentum,” said SPATCO CEO John Force. “With UST, we’re adding more regional firepower to our leadership teams in key geographies, while Hobby brings commercial electrical and EV infrastructure capabilities with automotive OEMs and various other customer-facing facilities. These tuck-ins support the platform’s strategy as we continue to expand into a full-suite solutions provider to our customers while growing market share for our key OEM partners.”
“There was a strong fit with SPATCO in terms of our collective EV installation and maintenance solutions, as well as great cultural alignment which made SPATCO the ideal partner for us,” said Hobby Electric President Rick Hobby. “We are proud to join this team and continue to evolve our service offerings with deeper support from SPATCO.”
“Across the board, the team is excited to be part of a growing, market-leading platform,” continued UST Services Installation Division Director Mark Devey. “We’re looking forward to carrying on my family’s legacy alongside the SPATCO team,” added UST Compliance Testing and Inspections Director Jeff Kingsbury, son of founder Ron Kingsbury.
Looking forward, the platform will continue to expand its workforce and capabilities, grow its testing and environmental compliance service offerings and drive organic growth and new customer acquisition across the company’s footprint.
“SPATCO has experienced incredible growth as of late, and the team at Kian stands by to support as the platform continues to pursue strategic M&A in this highly fragmented market,” said Kian Partner Jordan Lee. “We will continue to focus on increasing density in existing markets while strategically expanding into new and adjacent geographies and pursuing add-ons to further serve SPATCO’s customer base.”
SPATCO is actively seeking partnerships with founders in the energy infrastructure and services space. Business owners interested in learning more should contact David Duke, Partner, Business Development at Kian, at [email protected].
About Hobby Electric
Hobby Electric is a leading provider of electrical maintenance, repair and installation services, with significant experience in EV infrastructure and commercial / industrial electrical. The company handles all fuel pump wiring and provides other associated building electrical services, such as lighting and power. Hobby Electric has a wealth of experience working with numerous gas station and truck stop companies, as well as commercial builders, providing expert services within project timelines. To learn more, visit www.hobbyelectric-inc.com.
About UST Services Corporation
Founded in 2000 and headquartered in Owings, MD, UST Services Corporation is a comprehensive petroleum and environmental services company located in the Mid-Atlantic. The company provides environmental compliance, precision testing, engineering and consulting, remediation, as well as tank installation and removal for retail, commercial and marina fueling operators.
About SPATCO Energy Solutions
Headquartered in Charlotte, North Carolina, with 36 offices and 1,100 team members, SPATCO is a leading sales, service and maintenance, installation, and compliance provider to fueling infrastructure providers across the United States. The company is one of Dover Fueling Solutions’ largest distributors of Wayne products and offers complete environmental compliance, assessment and remediation services. With almost 90 years of experience, SPATCO employs a differentiated service-oriented model on behalf of a diverse and longstanding customer base that includes retail, industrial, commercial fleet and electric vehicle charging and fueling companies. To learn more, visit www.spatco.com.
About Kian Capital Partners
At Kian, we forge partnerships to ignite growth and build enduring value. Our goal is to provide flexible financial resources and additional operational horsepower to scale lower-middle-market businesses, realize aspirations and deliver long-term investment returns through genuine partnership. Proud to be recognized on Inc.’s Founder-Friendly Investors list for three consecutive years, Kian is a private investment firm with $1 billion of capital under management and a focus on four core industry sectors: consumer, services, value-added distribution and specialty manufacturing. Our team of seasoned investors has over 100 years of collective experience providing transformational capital solutions and board-level strategic and operational guidance to founder/owner operated businesses. To learn more, visit www.kiancapital.com.
Disclaimer
This article does not constitute an offer to sell or the solicitation of an offer to purchase any investments or securities, including any securities of Kian Capital (“Kian”), or any funds or accounts managed or advised by Kian in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
Any such offer or solicitation may be made only by means of the delivery of a confidential private offering memorandum (the “Memorandum”), which will contain material information not included herein regarding, among other things, information with respect to risks and potential conflicts of interest, and other offering and governance documents of any given fund or account (collectively with the Memorandum, the “Fund Documents”).
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CONTACT: Business Inquiries
David Duke
Partner, Business Development
T 470.823.3008
Media Inquiries
Allie Gamble
MiddleM Creative (on behalf of Kian Capital)
T 704.280.1432
KEYWORD: NORTH CAROLINA GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE ENGINEERING OIL/GAS PROFESSIONAL SERVICES MANUFACTURING ALTERNATIVE ENERGY ENERGY MACHINE TOOLS, METALWORKING & METALLURGY ASSET MANAGEMENT
SOURCE: Kian Capital Partners
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PUB: 10/10/2024 06:00 AM/DISC: 10/10/2024 05:59 AM
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