Renew Energy, a Sioux Falls SD-based operations and maintenance firm for solar and wind, has been acquired by the portfolio funds company, affiliate to Apollo Global Management, Takkion Holdings.
Since 2009, the company has been growing as a specialized operator and maintenance provider for the renewable market. With locations all over the nation, the company has become of the nation’s top provider for technical services.
As a part of Takkion, the Renew brands will not change and the company’s team will still lead its operational and maintenance portfolio; nevertheless, it will complement Takkion’s logistics and transportation services, though the companies Transportation Partners & Logistics (TP&L), and Global Specialized Services (GSS).
Through this joint, the companies would provide the renewable energy market with a comprehensive solution for managing logistics, technical services and transportation management for solar, as well as wind assets.
“The combined businesses and leadership team enables us to offer an unparalleled experience and expertise to the energy services market and to continue to expand our premier services,” said Jim Orr, Takkion’s president and COO.
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Renew would expand logistics solutions for Takkion
For Jim Mikel, president of Renew, the opportunity to join forces with Takkion and it two logistics companies “is a highly strategic decision; it brings together the unique strengths of the great company that we have built, with the deep resources of Takkion and TP&L to deliver best-in-class solutions to our customers across North America.”
Takkion’s CEO, Scott Prince, said in a statement; “Renew’s extensive wind power operations, maintenance services, and its unique remanufacturing capabilities complement Takkion’s capabilities and position us for market leadership.”
The price of the sale, or the amount of the transaction was not disclosed; according to John Bookout and Scott Browning of Apollo’s Natural Resources Private Equity business, the acquisition is aimed to combine platforms and expand capabilities.
“This transaction extends our support of clean energy development and leverages our historical expertise across resource sustainability,” them both said in a joint statement.