CLINTON, Ind., Aug. 26, 2011 /PRNewswire/ — – Infrastructure and Energy Alternatives, LLC (“IEA”) announced today that it has acquired IEA, Inc., one of the nation’s largest renewable energy contractors. Terms of the investment were not disclosed. IEA will remain based in Clinton, Indiana with Buddy White joining the board of IEA and continuing as the President of IEA. In addition, the White family will acquire a material ownership interest in IEA. The GFI Energy Group along with IEA management will provide the equity capital for this and future acquisitions.
“We are very excited that IEA has joined with IEA as we strive to build a premier energy and water infrastructure services company,” said Paul Daily, IEA CEO. “White’s excellent management team and long history of high quality construction, safety and responsive customer service makes it an excellent platform to capitalize on growth in the wind, solar and other renewable energy markets. Buddy’s leadership has been instrumental to the success of White and we are delighted that he will be continuing to lead this company and that he will be joining the board of IEA. Our relationship with GFI Energy will help us accelerate White’s growth and diversification.”
“This is a great opportunity for us to grow to the next level,” said Buddy White, President of IEA. “IEA and the GFI Energy relationship bring us substantial added capital, resources, and expertise to help our company expand our service offerings and further
develop our client support systems. With the continuing demand for renewable energy we see an exciting, growth-oriented future for our company. We believe our commitment to safety, quality and customer service coupled with the added resources of IEA and GFI Energy
will strengthen White’s ability to expand and diversify the services we offer to our valued customers.”
About IEA, Inc.
IEA, Inc. is an established heavy civil construction contractor providing a range of traditional, design-build, and engineering, procurement and construction (EPC) services across North America. White provides these services in a variety of markets including fossil
and renewable energy power, petrochemical and other heavy industrial markets, as well as local, state and federal infrastructure. IEA is ISO 9001 certified and manages many difficult projects utilizing industry innovative methods while upholding the highest
standards of safety and quality. Established in 1947 White’s corporate headquarters remains in Clinton, Indiana and the headquarters of its Canadian Subsidiary, HB. White Canada Corporation is located in Oshawa, Ontario Canada.
About Infrastructure & Energy Alternatives, LLC
Infrastructure & Energy Alternatives, LLC is a newly formed venture chartered with building a diverse portfolio of energy and water infrastructure service companies. IEA was formed and is led by Paul M. Daily, a 30 year veteran of energy construction services having
previously served as the CEO of InfraSource LLC, an energy services unit of Quanta Services, after leadership stints at Willbros USA and Earth Tech, Inc. Capital for IEA is provided by funds controlled by the GFI Energy Group and by IEA management.
About the GFI Energy Group
GFI Energy Group is a specialized investment team within Oaktree Capital Management. GFI Energy invests in profitable, growing companies with innovative products and services used in the power and energy industries. Through its fifteen year history, GFI Energy has invested in more than seventy transactions with aggregate value of over $1.8 billion. Oaktree is a leading global investment management firm focused on alternative markets, with $80 billion in assets under management as of June 30, 2011. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm has over 600 employees and offices in 13 cities worldwide. For information, visit www.oaktreecapital.com