Acquisition Represents Significant Expansion of Strategy to Support Renewable Energy Logistics and Services
FORT WORTH, Texas, Jan. 4, 2021 /PRNewswire/ — Takkion Holdings LLC (“Takkion” or the “Company”), a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) and premier multimodal logistics and transportation provider for energy transition infrastructure, today announced that Takkion has acquired Sioux Falls, SD-based Renew Energy, Inc. and its subsidiaries (collectively, “RENEW”). RENEW is a leading provider of operations and maintenance (“O&M”) 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 (“ISP”). 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 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 O&M business.
The RENEW business will complement Takkion’s leading logistics and transportation services companies: Transportation Partners and Logistics (“TP&L”) and Global Specialized Services (“GSS”), 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 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,” 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.”
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.
Fort Worth, Texas-based Takkion is the nation’s premier logistics, transportation, supply chain, and operations and maintenance solutions platform for the dynamic needs of the renewable energy, critical infrastructure, and power generation industries. The Takkion team combines the recognized expertise of Transportation Partners and Logistics (“TP&L”), Global Specialized Services (“GSS”), and Renew Energy (“RENEW”) to deliver comprehensive solutions for our customers. With expertise managing energy resources and optimizing asset performance, Takkion is proud to be a vital partner for America’s energy transformation. For more information, visit www.takkion.com.
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $433 billion as of September 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.
Claire Armstrong, 817-546-8322
Whitney Neve, 817-862-7746
SOURCE Takkion Holdings LLC