News: Press Releases
Bartlett Nuclear, Inc. Announces Investment by Berkshire Partners and Summit Partners
(Boston, MA, February 11, 2004) ¬ Berkshire Partners LLC and Summit Partners, both Boston-based private equity firms, today announced their investment in Bartlett Nuclear, Inc. Terms of the transaction were not disclosed. Merrill Lynch Capital and the Royal Bank of Scotland will be providing new debt financing capability to the Company.
Headquartered in Plymouth, Massachusetts, Bartlett Nuclear is the leading provider of radiological protection services to the U.S. nuclear industry. Founded in 1979, the Company°s customers include the commercial nuclear power industry, general contractors for U.S. Department of Energy decommissioning projects, as well as university research, training and production facilities. Bartlett provides staffing services to nearly all of the country°s operating nuclear reactors. The Company°s revenues in 2003 exceeded $200M.
The Company°s founder, Bruce Bartlett, will retain a significant ownership position in the Company and will remain actively involved with the business, serving as Chairman of its Board of Directors.
"We are delighted to welcome Berkshire Partners and Summit Partners as investors in Bartlett Nuclear," stated Mr. Bartlett. "Their investment will help our Company continue to deliver the highest levels of service as well as focus on new market opportunities. We believe Berkshire and Summit as board members will provide the helpful expertise and resources necessary to ensure our continued strong growth." The operating management team will be headed by Bill Nevelos, President, and assisted by Jerry Hiatt, President of Utility Services, and Nick DiMascio, President of Support Services, who have been with Bartlett between five and nineteen years.
"Bruce Bartlett has built a recognized industry leader in an extremely demanding industry," stated Kevin Callaghan, Managing Director at Berkshire Partners. "We believe that Bartlett°s superior market position is driven by the Company°s customer focus and is enhanced by its access to, and historical relationships with, the largest pool of radiological and decontamination technicians in the U.S. We look forward to supporting the Company in its next phase of growth." Mr. Callaghan and Michael Ascione, Principal at Berkshire Partners, will serve on Bartlett°s Board of Directors.
Gabriel Gomez, Vice President at Summit Partners, and Marty Mannion, Managing Partner at Summit Partners, will serve on Bartlett°s Board of Directors. "Bartlett Nuclear exemplifies the type of top-quality company that Summit seeks as a partner, " said Mr. Gomez. "Bruce Bartlett has built a world-class organization supported by a great management team. We look forward to working with management and helping to further expand the services and sectors the Company currently supports."
The individuals from Berkshire Partners and Summit Partners serving on Bartlett°s Board have nearly 40 years of cumulative experience in the private equity industry. Each firm has significant experience in building successful service companies. Additionally, Mr. Gomez, who is a graduate of the United States Naval Academy and Harvard Business School and served as a Navy SEAL, brings particular insight to help Bartlett market its expertise and technology to the Department of Defense and Homeland Security.
Newbury Piret & Company, Inc., a Boston-based investment banking firm, represented Bartlett Nuclear in the transaction. Hugh Taylor, Managing Director of Newbury Piret, said "Bruce Bartlett, the founder of the company, has done a superb job of building Bartlett Nuclear into the pre-eminent supplier of radiological protection services to the nuclear industry. The addition of two of the most prominent private equity firms in the United States as investors provides Bartlett Nuclear with the capital and added management strength to continue the company°s rapid growth, and to focus on new market opportunities."
About Bartlett Nuclear, Inc.
Bartlett Nuclear, Inc. and a sister company, Bartlett Services, Inc. are major suppliers of contracted services to utilities and contractors to the Department of Energy and the Department of Defense. Since 1979, Bartlett has developed into the largest supplier of radiation protection support personnel and decontamination services to the U.S. commercial nuclear power industry. In addition, Bartlett supplies industrial hygiene and industrial safety personnel, maintenance, general labor, janitorial personnel and many other disciplines to various sites. Additional information may be found at www.bartlettinc.com.
About Berkshire Partners LLC
Berkshire Partners has invested in mid-sized private companies for the past nineteen years through six investment funds with aggregate capital commitments of approximately $3.5 billion. The firm°s investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including transportation, communications, various manufacturing sectors, business services, and retailing and related services. The firm°s transactions have taken various forms including leveraged buyouts, recapitalizations, privatizations, industry consolidations, and growth equity investments. Over the past decade, Berkshire has been an investor in over 75 operating companies with more than $11.0 billion of acquisition value and combined revenues in excess of $14.0 billion. Additional information may be found at www.berkshirepartners.com.
About Summit Partners
Summit Partners is a leading global private equity and venture capital firm. The firm has a capital base in excess of $5 billion, with offices in Boston, Palo Alto, and London. Formed in 1984, Summit Partners has provided growth equity to more than 250 companies, which have completed more than 100 public offerings and 80 strategic mergers or acquisitions. Summit seeks outstanding management teams that have self-financed their companies to profitability and market leadership in industries including technology, healthcare, business and financial services, and industrial and consumer products. Entrepreneurs and management teams use Summit°s equity and subordinated debt capital to meet a variety of business objectives including recapitalizations, growth capital, acquisition financing, leveraged buyouts, and divestitures. For more information, please visit www.summitpartners.com.
About Newbury, Piret & Company, Inc.
Founded in 1981, Newbury, Piret & Company, is a leading Boston based investment banking firm providing Corporate Finance services including, Mergers & Acquisitions, Equity and Debt, Strategic Advisory, and Valuation services. The firm focuses on expanding public and private middle market companies in the business services, technology, healthcare services and manufacturing industry sectors. www.newburypiret.com.
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