M&A Deal Summary

Summit Partners and Berkshire Partners Acquire BHI Energy

On February 11, 2004, growth capital firm Summit Partners and private equity firm Berkshire Partners acquired business services company BHI Energy

Acquisition Highlights
  • This is Summit Partners’ 16th and Berkshire Partners’ 4th transaction in the Business Services sector.
  • This is Summit Partners’ 141st and Berkshire Partners’ 28th transaction in the United States.
  • This is Summit Partners’ 18th and Berkshire Partners’ 6th transaction in Massachusetts.
Investment Fate
  • BHI Energy was sold to a consortium of financial buyers in 2010.
  • BHI Energy was sold to a consortium of financial buyers in 2017.
  • BHI Energy was sold to a strategic buyer in 2022.

M&A Deal Summary

Date 2004-02-11
Target BHI Energy
Sector Business Services
Buyer(s) Summit Partners
Berkshire Partners
Deal Type Recapitalization
Advisor(s) Newbury Piret & Company (Financial)

Target

BHI Energy

Weymouth, Massachusetts, United States
BHI Energy is a provider of on-site specialty maintenance, radiation protection, and staffing services to the power-generation industry. BHI’s business model is proven to build longstanding relationships with customers through the alignment of operating objectives and the ability to help customers effectively manage and service their assets across power generation, oil & gas, and electricity transmission and distribution sectors. BHI Energy was founded in 1979 and is based in Weymouth, Massachusetts.

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Buyer(S) 2

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 146 of 415
Sector: Business Services M&A 16 of 28
Type: Recapitalization M&A Deals 1 of 13
State: Massachusetts M&A 18 of 44
Country: United States M&A 141 of 335
Year: 2004 M&A 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-10 Axis Systems

Sunnyvale, California, United States

Axis Systems, Inc. provides hardware and software systems for functional verification of electronic systems and complex integrated circuits.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-31 NightHawk Radiology Holdings

Eden Prairie, Minnesota, United States

NightHawk Radiology is a provider of off-hours tele-radiology services for radiology groups, hospitals, and clinics across the U.S.

Buy -
Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 31 of 106
Sector: Business Services M&A 4 of 8
Type: Recapitalization M&A Deals 5 of 23
State: Massachusetts M&A 6 of 18
Country: United States M&A 28 of 94
Year: 2004 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-24 Carter’s

Atlanta, Georgia, United States

Carter’s is a brand of children’s clothing. Trusted by generations of families for making life easier, Carter’s creates a full range of cute, quality baby and children’s clothing, gifts, and accessories that have provided solutions for real life. Carter’s was incorporated in 1865 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-01 Bare Escentuals Beauty

San Francisco, California, United States

Bare Escentuals Beauty, Inc. is a developer and multi-channel marketer of cosmetics, skin care and body care products. Bare Escentuals Beauty was formed in 1999 and is based in San Francisco, California.

Buy $240M