An investor group led by Greenbelt Capital Management has acquired Saber Power Services from Oaktree Capital Management funds.
The consortium, including funds managed by Schroders Capital, StepStone Group and Wafra, have invested an unspecified amount to acquire the US electrical services firm that serves customers throughout Texas and the Southeast.
Greenbelt Capital secured debt and equity financing to support the acquisition from Blackstone Credit.
As part of the deal, key members of Saber’s management team will continue to own a significant stake in the company.
Founded in 2010, Saber offers design, construction, testing and maintenance solutions for substations and medium-to-high-voltage infrastructure across the renewables, battery storage, utility, industrial and energy infrastructure markets.
The new owners are investing to help Saber continue to support the energy transition by facilitating the build-out of renewables and battery resources.
Brian Bratton, CEO of Saber Power Services, said: “We are excited for Saber’s next chapter and believe this investment from Greenbelt demonstrates the market-leading position of our business and our customers’ trust in the quality of our work. We look forward to partnering with Greenbelt to unlock more efficient and resilient electrical infrastructure across the country.”
Chris Murphy, partner at Greenbelt Capital, said: “Grid enablement and modernisation is a key sector focus at Greenbelt. We believe Saber’s end-to-end service platform is critical to facilitate the growing penetration of distributed energy resources across the grid, as well as meet the increasing demands of mass-scale industrial electrification.”
Sam Graham, principal at Greenbelt Capital, said: “The energy landscape is rapidly evolving as electrification trends continue to impact commercial and industrial end markets. Both physical assets and power markets will need to adapt to support load shifting, bi-directional power flows, and meaningfully increased power demand, all of which require increased grid complexity and strengthens demand for Saber’s specialised engineering, design, construction and maintenance services.”
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