January 5, 2021
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Renew Energy, Inc. and its subsidiaries (collectively, “RENEW”), a leading provider of operations and maintenance (“O&M”) solutions serving the renewable energy market, in its acquisition by Takkion Holdings LLC (“Takkion”), a premier multimodal logistics and transportation provider for energy transition infrastructure and a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”).
Since its founding in 2009, RENEW has become one of the nation’s top independent specialized operations and maintenance companies (“ISP”) in renewable energy. Known for providing the highest quality technical services support to the wind power industry, RENEW has grown rapidly, developing an international customer base of premier OEMs, developers, and asset owners over the past decade. RENEW operates locations throughout the U.S. to support the growing installed base of of on-shore wind energy assets. Now as part of Takkion, the RENEW brands will remain intact and the company’s experienced management team will remain with the business.
The addition of the RENEW business to the Takkion family of leading logistics and transportation services companies, Transportation Partners and Logistics (“TP&L”) and Global Specialized Services, provides the market with a comprehensive solution for managing the complex logistics, supply chain, transportation management, operations and maintenance of wind and solar energy infrastructure.
“We are excited to join forces with Takkion and TP&L,” said Jim Mikel, President of RENEW. “The combination is a highly strategic decision that 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.”
Scott Prince, Chief Executive Officer of Takkion, added, “RENEW’s extensive wind power operations and maintenance services, its deep engineering and R&D talent, and its unique remanufacturing capabilities complement Takkion’s capabilities and position us for market leadership. As the premier provider in logistics, supply chain, transportation management, and O&M solutions for renewable energy and energy transformation infrastructure, the innovation and value the combined Company can now bring to customers is unmatched, with increased services, enhanced safety, and the best team in the industry.”
John Bookout and Scott Browning of Apollo’s Natural Resources Private Equity business added, “We are excited to welcome RENEW into TP&L and Takkion. The RENEW team has built a market leading O&M platform serving diverse customers in the renewable energy industry. We at Apollo look forward to supporting the next phase of growth for the combined platform, with expanded capabilities to better serve customers as the energy transition accelerates. This transaction extends our support of renewable energy development and leverages our historical expertise across resource sustainability.”
“From the outset of the interactions between the parties involved in this transaction, it was readily apparent that Takkion had a cogent and compelling thesis in the renewables space and that RENEW was a terrific compliment to their vision,” notes Jamie Boyd, Managing Director of Cascadia Capital. “I congratulate the RENEW team, including its investors and board members, on building a superb business and culture, and I look forward to watching the business continue to grow within the broader Takkion umbrella.”
The acquisition represents another successful transaction for Cascadia in the Energy and Applied Technology sector.
For more information about this transaction, please contact the Cascadia Capital deal team:
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