Takkion Holdings LLC, a portfolio company of funds managed by affiliates of Apollo Global Management Inc. (NYSE: APO) and premier multimodal logistics and transportation provider for energy transition infrastructure, has acquired Sioux Falls, South Dakota-based RENEW Energy Inc. and its subsidiaries.
Renew is a leading provider of operations and maintenance solutions serving the renewable energy market.
Since its founding in 2009, RENEW has become one of the nation’s top independent specialized operations and maintenance companies. 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, Takkion Holdings said in a news release.
RENEW operates locations throughout the U.S. to support the growing installed base of wind energy assets. Now as part of Takkion, the RENEW brands will remain intact and the company’s experienced management team will continue to lead the operations and maintenance business
The RENEW business will complement Takkion’s leading logistics and transportation services companies: Transportation Partners and Logistics and Global Specialized Services, both led by President and COO Jim Orr.
With the addition of RENEW, the company can provide the market with a comprehensive solution for managing the complex logistics, supply chain, transportation management, operations and maintenance of wind and solar energy infrastructure, the news release said.
“The combined businesses and leadership team enables us to offer an unparalleled experience and expertise to the renewable energy services market and to continue to expand our premier services,” said Orr, who will lead the wind segment, including RENEW.
“We are excited to join forces with Takkion and TP&L (Transportation Partners and Logistics),” 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, said 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 it for market leadership.
“We are excited to welcome RENEW into TP&L and Takkion,” said John Bookout and Scott Browning of Apollo’s Natural Resources Private Equity.
“The RENEW team has built a market leading O&M (operations and maintenance) 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,” Bookout and Browning said.
Vinson & Elkins LLP acted as legal counsel to Takkion in this transaction. Cascadia Capital LLC acted as financial advisor and Frederickson and Byron, P.A., acted as legal counsel to RENEW.