October 5, 2021
Cascadia Capital, an investment bank serving middle market clients globally, today announced that it acted as the exclusive financial advisor to San Angelo, Texas-based Airway Services, LLC (“Airway Services”) in its acquisition by Takkion TP&L Holdings LLC (“Takkion”), a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. Airway Services is a leading provider of operations and maintenance (“O&M”) solutions serving the renewable energy market.
This is the second prominent wind O&M business that Cascadia has advised on the sale of in the last twelve months.
Since 2009, Airway Services has become one of the nation’s top independent service providers (“ISP”) for both leading wind OEMs and asset owners throughout the U.S. Over the last 12 years, the Airway Services team has provided on-demand technical staffing, project management, maintenance, and operation solutions for utility-scale renewable energy (predominantly wind) projects. The Company has continued to grow rapidly by maintaining its focus on integrity, safety, quality, and custom service, and has recently expanded into the high growth battery energy storage sector.
The Airway Services business will complement Takkion’s leading multimodal transportation and O&M services companies: Transportation Partners and Logistics and Global Specialized Services, Renew Energy Maintenance. With the addition of Airway Services, Takkion will substantially double their operations and maintenance presence in North America to significantly enhance the ability to provide a comprehensive solution for managing the complex logistics, supply chain, transportation management, operations, and maintenance of wind and solar energy infrastructure.
“We are ecstatic to join forces with the Takkion team,” said Chase Hord, CEO of Airway Services, while adding “Cascadia proved an integral part of this transaction, and we are thrilled with the results they have helped us achieve. Jamie and his team were extremely knowledgeable of the industry and were highly adept at advising through a complex transaction.”
”Cascadia was honored to have represented Airway Services and it’s investors on this transaction, and I couldn’t be happier for Chase and his team,” added Jamie Boyd, Cascadia Managing Director and Head of the firm’s Energy & Applied Technology practice. “Chase is a terrific leader and will no doubt be instrumental in the continued success of the Takkion renewables O&M business going forward. This acquisition cements Takkion’s leading position in the renewable energy O&M space and we are excited to watch them continue to succeed and expand.”
The acquisition represents another successful transaction for Cascadia in the Renewable O&M sector having recently advised on the acquisition of Renew Energy Maintenance by Takkion. It also represents another high-profile transaction for the Cascadia’s leading Energy and Applied Technology group, which for over 15 years has advised innovative and leading companies in the energy transition, sustainability and related sectors.
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