Portfolio Companies

We have originated and financed over seventy transactions in the energy and power industries. These
investments represent over $2 billion in equity capital. Our investment decision process, our core
investment and portfolio management team, and our priorities remain the same since we made our first
investment in 1995.

Included below are current and past portfolio companies where the Power Opportunities strategy had a control position. Current portfolio company descriptions are as of June 30, 2018, unless otherwise noted, while past portfolio companies are as of the time of exit.

Current Portfolio Companies

Array Technologies, Inc.
Array Technologies, Inc. (ATI) is a market-leading manufacturer of solar tracking solutions for ground-mounted electric generation systems. ATI’s innovative solutions allow solar panels to track the sun throughout the course of the day and significantly increase energy production from photovoltaic solar generation assets. Headquartered in Albuquerque, New Mexico, ATI has shipped and installed over five gigawatts across the globe. GFI Energy Group acquired ATI in partnership with management in 2016.

Contract Land Staff
Founded in 1985, Contract Land Staff (CLS) is one of the largest independent providers of right of way and land management consulting services in North America. CLS provides a comprehensive suite of right of way services including project management, acquisition, training, staffing, and related field services to both public and private sector clients in energy, utility and transportation end-markets. The company also offers proprietary GIS enabled technology and software allowing its customers to manage, track and map mission-critical assets and infrastructure. CLS's core competency is focused on providing turn-key, end-to-end right of way services for its customers' land management needs. GFI Energy Group acquired CLS in partnership with management in 2015.

Energy Retrofit Co.
Energy Retrofit Co. (ERC) provides energy efficient lighting solutions for both public and private sector customers nationwide. As a turnkey provider, ERC provides a comprehensive suite of services including the audit, design, specification, implementation, and financing of interior and exterior lighting solutions with significant expertise in efficient lighting products and technologies. GFI Energy Group invested in ERC in partnership with management in 2017.

Indoor Environmental Services
Indoor Environmental Services (IES) is a provider of energy efficiency, solar/distributed generation, and mechanical construction and maintenance services. Headquartered in Sacramento, California, the company performs projects throughout California and neighboring states. IES leverages its strong capabilities in engineering, project management, maintenance, and project finance to deliver comprehensive solutions to clients in both the public and private sectors. GFI Energy Group acquired IES in partnership with management in 2017.

Infrastructure & Energy Alternatives, LLC

Infrastructure & Energy Alternatives, LLC (IEA) was established in 2011 to acquire companies providing engineering and construction services to the conventional and renewable electric generation, water, and environmental remediation markets, with a focus on solar and wind. IEA leverages capabilities in managing engineering, procurement, and construction businesses, helping to merge and integrate acquired businesses, developing leadership and executive talent, and providing financial support for surety and other growth objectives. In March 2018, IEA went public (NASDAQ: IEA) through a merger with M III Acquisitions Corp., a publicly-traded special purpose acquisition company.

Kirlin

Kirlin is one of the nation's leading privately held mechanical construction companies. Founded in 1960, Kirlin operates three core mechanical contracting divisions serving the Mid-Atlantic, Carolinas and Florida markets. Kirlin works on some of the largest and most complex public and private sector facilities, including university campuses, airports, stadiums and government/military facilities. A significant portion of their work is in connection with energy efficiency driven projects, including upgrades and retrofits of central plant equipment and other building mechanical systems, and has allowed Kirlin to develop a strong reputation as the mechanical contractor of choice for a number of national energy service companies. In addition, Kirlin provides mechanical system maintenance and repair services, design and installation of fire protection systems and special design-build project work for the military and other federal government facilities. GFI Energy Group invested in Kirlin in 2014.

MaxGen Energy Services

MaxGen Energy Services is a leading service provider to the solar, wind, electric vehicle charging, and battery storage industries. The company is the leading independent provider of solar operations and maintenance (“O&M”) services in North America. MaxGen serves customers via its nationwide footprint and currently manages and maintains some of the largest operating solar plants in the U.S. MaxGen expanded its suite of services in 2016 with the acquisition of Power Factors, LLC, a complementary software platform offering renewable asset owners a hardware-agnostic Software as a Service (“SaaS”) solution for performance monitoring, asset management and optimization. MaxGen was acquired in partnership with the company’s management team in 2015.

NAPEC

NAPEC is a leading provider of construction and maintenance services to the utility and heavy industrial markets across North America. The company builds and maintains utility electrical and natural gas transmission and distribution systems and related energy infrastructure including substations. It also installs generation and other heavy equipment for utilities, industrial plants and petrochemical facilities. The company’s construction services also include environmental, renewable and civil construction and road matting services. GFI Energy Group invested in NAPEC in 2018.

Remedial Construction Services, L.P.

Remedial Construction Services, L.P. (RECON) is a leading specialized environmental remediation and geotechnical contractor. Founded in 1989 in Houston, Texas, the company has over 450 employees and a track record of more than 4,500 completed projects throughout North America in the energy, power, industrial and government sectors. Its market leadership is supported by its superior project execution and industry leading safety record. We believe RECON is well positioned to take advantage of expanding North American energy infrastructure and retirement of aging power plants and refineries. In addition, the company’s technical solutions offering differentiates it from traditional remediation and geotechnical contractors and positions RECON to help solve numerous pressing challenges in energy applications such as stabilization of high moisture content waste materials (coal fly ash pond, oil sands tailings, oil field drilling muds, etc.), tertiary oil recovery and beneficial re-use of waste materials such as red mud and dredge spoils. RECON was acquired in 2012.

Sachs Electric Co.
Sachs Electric Co. is one of the nation’s leading full-service electrical contractors. Founded in 1925 in St. Louis, Missouri, Sachs has over 1,500 employees and is licensed to perform work in most states. Sachs has delivered complex electrical installations throughout North America in various end markets including power generation, utility, solar, data center, refining, manufacturing and healthcare. Sachs is distinguished by its ability to execute large, complex and/or short lead time projects on a national basis, and to do so safely, consistently and profitably. Sachs is consistently ranked as one of the top 15 largest electrical contractors by the Engineering News Record. GFI Energy Group acquired Sachs in partnership with management in 2017..

Shoals Technologies Group

Shoals is a leading provider of technically advanced products used in solar and power storage applications – combiner boxes, in-line fuses, wire harnesses and other balance of system (“BOS”) components. The company’s roots are in developing similar products to meet the rigorous demands of the automotive industry. As such, Shoals has built an outstanding reputation for delivering high quality, cost-effective solutions at scale. Headquartered in Portland, Tennessee and founded in 1996, the company has deployed over 25 GW of BOS globally. GFI Energy Group acquired Shoals in partnership with management in 2017.

Solomon Corporation

Solomon is a leading provider of refurbishment, repair and salvage services for electrical transformers and related oil-filled equipment. Founded in 1971 in Solomon, Kansas, the company serves investor-owned, municipal and cooperative utilities as well as industrial owners of electrical equipment throughout North America. Equipment serviced and salvaged include polemount and padmount distribution transformers, substation power transformers, voltage regulators, oil-filled reclosers ("OCRs") and switches. Solomon employs approximately 600 people and operates through five facilities in five states. GFI Energy Group completed its transaction with Solomon in November 2013.

Sterling Lumber Company

Sterling Lumber Company is a leading North American provider of ground protection products and turnkey access solutions, including site planning and preparation, access road construction, mat handling and washing, and site restoration. Sterling serves owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines, helping them protect the environment and ensure workers’ safety on their jobsites. Sterling is committed to bringing innovative new products and services to the North American ground protection industry, and recently developed and began shipping its TerraLam engineered matting solution. GFI Energy Group invested in Sterling in November 2016.

Trench Plate Rental Company

Trench Plate Rental Company (TPR) is a leading provider of trench safety and traffic-control solutions to the underground construction and other infrastructure-related industries. Headquartered in Downey, California, TPR provides trench plates, boxes, shoring equipment, traffic-control message boards and barriers to utilities and contractors who are maintaining, upgrading and replacing aging infrastructure. The company serves more than 4,700 customers via a diverse rental fleet, in-house equipment manufacturing capabilities and an experienced and knowledgeable sales team. GFI Energy Group acquired TPR in partnership with management in 2016.

Vac One Services, LLC

Vac One Services was established by the GFI Energy Group in 2014 as a platform to make investments in the hydro-excavation services industry. Hydro-excavation is an increasingly popular form of nondestructive excavation that uses pressurized water and vacuum systems, rather than mechanical systems, to achieve a variety of digging, trenching, and soil removal applications. Through its Texas ReExcavation LC (T-Rex), Cyclone Services and Whitney Industrial Services subsidiaries, Vac One provides hydro-excavation services in Texas, New Mexico, Oklahoma, Louisiana and California.

Past Portfolio Companies

Caminus Corporation

Caminus provided software to the power and gas trading industry. Caminus Corporation was formed through the combination of several companies, including Caminus Energy Limited, ZAI*NET Software Inc., Positron Energy Consulting, DC Systems, Nucleus Corporation, and Altra Software Services, Inc. Caminus software provided the portfolio and risk management capabilities which participants in the volatile competitive energy markets require. Caminus was formed in 1998, went public in January 2000 (NASDAQ: CAMZ), and was acquired by SunGard Data Systems in April 2003.

Cannon Technologies, Inc.

Cannon develops and sells measurement and control products that help utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems. Key solutions provided by Cannon include automated metering infrastructure, demand response and load control and capacitor control systems and software to improve reliability, relieve bottlenecks, increase the automation of operations and maintenance, and improve customer service. Cannon was acquired in 2005 and sold to Cooper Industries in August 2006.

Cherokee International

Cherokee was a leading designer and manufacturer of custom power supplies for original equipment manufacturers, or OEMs, in the telecommunications, networking, high-end workstation, and other electronic equipment industries. Cherokee's products regulate and filter utility power and convert it into a form used in sensitive electronic equipment. Cherokee was acquired in 1999, went public in February 2004 (NASDAQ: CHRK) and was acquired by Lineage Power Corporation in November 2008.

Elgar Electronics Corporation

Elgar Electronics is a leader in the design and manufacture of AC and DC programmable power supplies, Elgar's products are used in designing and testing power-sensitive electronics that must operate in environments where power quality is uncertain. Elgar was acquired through a series of investments commencing in 2000 and was sold in March 2007 to Xantrex Technology Inc.

Elgin National Industries, Inc.

At the time of acquisition in 2007, Elgin was comprised of three divisions: Roberts & Schaefer, one of the leading engineering, procurement and construction (EPC) companies for bulk material handling systems serving the coal mining and power plant industries; the Elgin Equipment Group, which designs and manufactures coal and other raw material processing and handling equipment; and the Elgin Fastener Group which designs and manufactures specialty fastener products. Roberts & Schaefer was sold to KBR, Inc. in December 2010. The Elgin Equipment Group and the Elgin Fastener Group were sold to an investment fund managed by the Audax Group in 2011.

Energy Solutions International, Inc.

Energy Solutions is a leading global supplier of pipeline management software for the oil and gas industry. It develops and provides software solutions for the design, operation, and commercial management for the global midstream and downstream oil & gas market and is a market leader in automated pipeline leak detection software solutions. Founded in 1976 and headquartered in Houston, Texas, Energy Solutions serves more than 500 clients in over 50 countries through its offices in the United States, United Kingdom, United Arab Emirates, India, Singapore, China and Canada. Energy Solutions was acquired in 2010 and sold to Emerson Electric Co. in 2015.

Genscape, Inc.

Genscape provides real time information on the operating status of the North American and European electrical grids to energy traders, system operators, regulators, state and federal governments, and others. It continuously collects information about the status of the most significant power plants and transmission paths in the United States and Continental Europe through networks of sensing devices that remotely measure the power flows of key transmission lines. Genscape was acquired in 2003 and sold in 2006 to an affiliate of DMGT, a London stock exchange listed company whose other assets include the Daily Mail Newspapers.

GoodCents

GoodCents develops and implements energy efficiency and demand response programs for electric utilities. GoodCents develops marketing programs, manages call centers, performs customer enrollment and implements utility mass market demand response and energy efficiency programs utilizing its own field workforce. Over the last 30 years, during which GoodCents has pioneered and refined these services, GoodCents has supported approximately 300 utilities throughout the United States and Canada. GoodCents is headquartered in Atlanta, Georgia and has field offices and current operations in eighteen states and the province of Ontario. GoodCents was acquired in 2007 and sold to AM Conservation Group in 2015.

GT Solar Incorporated

GT Solar is a leading provider of essential technology, equipment and turnkey manufacturing solutions across the photovoltaic and white LED supply chains. Based in Merrimack, New Hampshire, GT’s products include equipment used to produce multi-crystalline solar wafers, cells and modules; equipment to produce polysilicon, a material from which solar cells are made; and equipment to produce sapphires, a key component in the emerging white LED market. GT was acquired in 2005 and went public in July 2008 (NASDAQ: SOLR).

Horizon Solar Power
Horizon is a leading marketer, designer and installer of residential and commercial solar systems. Based in Hemet, CA, Horizon has over 600 employees and has sold and installed over 100 MW of residential and commercial solar power systems in California. Horizon has rapidly grown its market share in the highly attractive California residential solar market given its expertise in customer acquisition, its efficient and high quality installation process, and its focus on delivering a superior customer experience. GFI Energy Group invested in Horizon in 2015 and sold the company to Solar Spectrum in 2017.

InfraSource Incorporated

InfraSource was one of the largest national providers of infrastructure services to the electric, gas and telecommunications industries. The company operated in three distinct business segments: (i) turnkey design, engineering and construction services for high-voltage electric substations and design and construction of aerial electric transmission and distribution networks; (ii) installation of underground natural gas, electric, and telecommunications lines; and (iii) operation of a dark fiber leasing business for the telecommunications industry. InfraSource was acquired in 2003, went public in May 2004 (NYSE: IFS), and was acquired by Quanta Services, Inc. in August 2007.

Integrated Pipeline Services (IPS)

Integrated Pipeline Services was formed through the combination of Snelson Companies and Sheehan Pipe Line Construction Company to become one of the largest union pipeline EPC companies in North America. It is a leader in the engineering and construction of cross-country pipelines, gathering and midstream pipelines, gas distribution systems, compressor, pump, and meter stations, storage facilities, and pipeline integrity and maintenance. IPS was formed in 2008. In 2011, Sheehan was sold to its management, and in 2012, Snelson was sold to Powerline Holdings, Inc.

LineSoft Corporation

LineSoft was a leading provider of software and contract services that utilities need to design, construct, and manage electrical transmission and distribution systems. In addition, LineSoft software helps utilities analyze and manage the engineering, financial, and administrative implications of joint use of utility poles, conduits and rights-of-way by communications and other infrastructure. We invested in LineSoft in 2000 and the company was sold to Itron Corporation in 2002.

LODESTAR Corporation

LODESTAR provided energy software products which address such critical back office requirements for energy market participants as pricing, complex billing, load analysis, and settlement. LODESTAR was the leading provider of such software with over 120 customers, including major investor-owned energy utilities, energy traders and marketers and regional independent system operators. We invested in LODESTAR in 2001 and the company was sold to Oracle Corporation in June 2007.

Longhorn Pipeline

Longhorn owned a 764-mile pipeline designed to transport refined petroleum products from the U.S. Gulf Coast refineries to terminals in Odessa and El Paso, Texas. This pipeline was completed and put in operation in 2004 following our investment. It provides the last link in a pipeline system which connects Texas refineries with the Southwest U.S. retail market. We were a lead investor in the consortium which controlled Longhorn, investing in 2003, until the company was sold to Flying J Inc. in 2006.

NORESCO, LLC

NORESCO is one of the largest and most experienced energy service companies in the United States. The company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors. Over the past two decades, NORESCO has implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad. We acquired NORESCO in 2005 and it was sold to Carrier Corporation (a part of United Technologies) in 2008.

OpTerra Energy Group

OpTerra was established to acquire and integrate regional energy service companies (ESCOs) with the objective of developing a full-service ESCO with a national footprint and a comprehensive set of technical capabilities to provide energy efficiency and clean energy solutions to public and private sector customers. Through the acquisition and integration of several companies, including the energy efficiency and renewable energy business of Chevron Energy Solutions and Bluestone Energy Services, a leading private energy efficiency company serving the private sector, OpTerra became one of the nation’s largest independent energy efficiency and renewables companies with offices and project execution capabilities across the country. OpTerra was acquired by ENGIE in 2016.

Osmose Holdings, Inc.

Osmose was a global provider of utility services, wood preservation and treatment chemicals, and railroad infrastructure services. Osmose was founded in 1934 and headquartered in Buffalo, New York. The company had three distinct but complementary business lines. The largest was the Utilities Services business, which is the market leading provider of services and products designed to improve utility service reliability and to extend the economic service lives of aging wooden utility poles, towers, and other utility field assets. Its services include inspecting, treating, strengthening and restoring utility poles plus vegetation management, storm response services, data services, engineering, and other utility asset management services. The Osmose Wood Preservation business provided wood preservation and treatment chemicals to treated wood providers globally. The Osmose Railroad Services business offered railroad customers a broad range of railroad infrastructure services, including bridge inspection, engineering, maintenance, repair and construction services. Osmose was acquired in May 2012 in partnership with Osmose management. In December 2012, Osmose completed the acquisition of Utility Pole Technologies, LLC, the second largest provider of utility pole inspection, treatment, and reinforcement services in the United States. The Wood Preservation and Railroad Services businesses were sold to Koppers Inc. in August 2014. The Utilities Services business was sold to an investment fund managed by Kohlberg and Company, L.L.C. in August 2015.

Power Measurement, Inc.

Power Measurement was an energy information technology company and a leading provider of enterprise energy management systems for energy suppliers and consumers worldwide. The company's ION® web-enabled software and intelligent metering and control devices measure, evaluate, and help manage power consumption and conditions and enable industrial, commercial and institutional businesses to manage consumption and modify processes to avoid power quality and reliability problems and reduce energy costs. We acquired Power Measurement in 1996 and it was acquired by Schneider Electric in 2005.

RealEnergy, Inc.

RealEnergy installed, owned, and operated on-site generation equipment/systems in Class A commercial office buildings. RealEnergy systems were standard packages in power-only, co-gen and tri-gen configurations to provide power, hot water/heat and/or cooling more efficiently and at less costs than could be provided by the local utility, We invested in RealEnergy in 2001 and it was sold to DG Energy Solutions, an Arclight portfolio company in 2004.

Shermco Industries

Shermco is a leading provider of testing, maintenance, repair, engineering, training and commissioning services for low, medium and high voltage electrical equipment, including substations, switchgear, transformers, motors and generators. Founded in 1974 in Dallas, Texas, the company has over 950 non-union employees and serves industrial, commercial, municipal and utility customers throughout North America. The company’s market leadership in its niche is driven by its scale, outstanding safety record, integral involvement with the industry’s standards setting organizations, long-standing customer relationships and consistent track record of dependable service. Our growth plan for Shermco will include expanding the company’s capacity to serve current and future customers and completing select acquisitions which fit with the company’s strategy. Shermco was acquired in December 2012 in partnership with the company’s management team.

Smart Systems International, Inc.

Smart Systems designed and marketed intelligent energy management systems principally for heating and air conditioning control in commercial and residential buildings, including guest rooms in hotels, public housing projects, condominiums, schools, and office buildings. The technology provided a quick, non-invasive installation (within a half hour, employing wireless technology) and a patented algorithm that manages unique temperature adjustments for each room to reduce energy consumption while preserving desired levels of comfort. We invested in Smart Systems in 2000 and it was sold to Telkonet, Inc. in 2007.

SPL WorldGroup, Inc.

SPL WorldGroup provided enterprise software to utilities and other end-users with large volume billing, asset management, and field work force management activities. Created through a series of four transactions, SPL offered an integrated suite of customer information system, outage management, asset management, and field work force management software. GFI Energy Group acquired SPL in 2004 and it was sold to Oracle Corporation in 2006.

Ten K Solar

Ten K Solar designs, manufactures and markets highly efficient, reliable and low cost photovoltaic solutions centered around its proprietary RAIS module technology. Ten K reengineered the traditional approach to photovoltaic power by developing an integrated system with an innovative module design, module-level power electronics, reflector, redundant inverter architecture, and racking system combine. This integrated, novel design takes cost, weight and unused space out of the system, resulting in a low-cost, energy dense solution ideal for flat-roof and distributed ground mount applications. In addition, its low-voltage, redundant, parallel panel architecture is shade tolerant, highly reliable and safe. Founded in 2008, Ten K Solar is headquartered in Minneapolis, Minnesota. GFI Energy Group invested in Ten K Solar in 2014 and exited its investment in 2017.

Trans-Elect, Inc.

Trans-Elect was North America's first independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems. Key assets included Michigan Electric Transmission Company, Alta Link and Path 15. We acquired Trans-Elect in 2005 and its operating assets were sold through a series of transactions starting in mid-2006 to ITC Holding Corporation (ITC:NYSE), TransAlta Corporation, and AES Corporation.

Turbine Generator Maintenance, Inc.

Turbine Generator Maintenance (TGM) performs turnkey inspections and repairs on steam turbines, combustion turbines, generators and associated equipment for a broad spectrum of customers across the industrial and utility sectors. In addition, the company is one of the first independent service providers to also provide machine shop services for turbine generator systems and parts, thereby providing a compelling value proposition to its clients relative to both OEMs and other independent service companies. GFI Energy Group acquired TGM in 2007 and sold the company to management in 2009.

UtiliQuest, LLC

UtiliQuest identifies and marks electric, gas, telecommunication, cable, water and other utility underground infrastructure so that contractors can avoid them when excavating. Historically done separately by employees of each utility, this function is increasingly contracted out with multiple utilities supported by a single vendor able to achieve obvious scale economies. GFI Energy Group acquired UtiliQuest in 2001 and it was sold to Dycom Industries (NYSE: DY) in 2003.

Xantrex Technology Inc.

Xantrex is a leading supplier of advanced power electronics and controls for the commercial, recreational, and residential markets. The company's technology is applicable to such emerging technologies as fuel cells, flywheels, solar panels, windmills, and modern batteries, for both grid-connected and off-grid applications. GFI Energy Group acquired Xantrex in 1998, it went public in March 2004 (TORONTO: XTX.TO) and was acquired by Schneider Electric in 2008.

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