Blackstone to Acquire Sabre Industries, Inc., a Leading Energy and Telecom Infrastructure Provider
14 April 2021 - 12:00AM
Business Wire
Today, Blackstone (NYSE: BX) announced that private equity funds
affiliated with Blackstone have agreed to acquire Sabre Industries,
Inc. (“Sabre”) from The Jordan Company. The acquisition of Sabre
continues Blackstone Energy Partners’ focus on investing in
companies that support the transition to cleaner, more affordable
energy.
Based in Alvarado, TX, Sabre is a leading designer and
manufacturer of highly-engineered, mission-critical overhead steel
poles, towers, battery storage solutions, and related services for
electrical utility and telecom end markets. The products and
services that Sabre can deliver to its customers are critical to
modernizing and strengthening the U.S. electrical transmission and
distribution grid, safely and efficiently interconnecting
rapidly-growing renewable generation capacity and battery storage
facilities, and expanding 4G and 5G wireless telecom infrastructure
for enhanced network reliability and connectivity. Following the
acquisition, Sabre will retain its name and continue to operate
independently as a Blackstone portfolio company. The leadership
team and employees will remain in their current roles and are
planning to invest alongside Blackstone in the
transaction.
John-Paul (JP) Munfa, Senior Managing Director at Blackstone,
said: “We are excited about investing in Sabre, as the company is
well-positioned to benefit from increasing investment by electrical
utilities and telecom industry participants in their network
infrastructure, it has longstanding customer relationships, and it
has a truly outstanding management team which has delivered a track
record of industry-leading safety, customer satisfaction, and
profitable growth. Our investment in Sabre builds upon
Blackstone’s experience of prior investments in utility-related
businesses, such as GridLiance and Custom Truck One Source.”
David Foley, Global Head of Blackstone Energy Partners, said:
“Sabre is the most recent in a series of investments by Blackstone
Energy Partners in critical energy infrastructure and essential
services needed to help deliver cleaner, more reliable and
affordable energy, and an example of Blackstone’s ongoing
commitment to invest in the entrepreneurs and businesses who will
help lead America’s energy transition.”
Jim Ruddy, CEO of Sabre, said: “Our leadership team is very
excited to be partnering with Blackstone, a leading investor in
energy and infrastructure related end markets. We believe
Blackstone will be an excellent strategic partner and will help the
company accelerate its growth, while continuing to provide
high-quality products and services that will assist in modernizing
the U.S. electrical grid and in enhancing wireless telecom
networks. We would also like to thank The Jordan Company, which has
been a great partner and supported the company with financial and
operational resources as it grew into an industry leader.”
In conjunction with Blackstone’s acquisition of Sabre, Dr.
Ulrich Spiesshofer, the former President and Chief Executive
Officer of ABB Ltd. and a Blackstone Senior Advisor, who brings
decades of executive experience as a global leader in energy,
industry, and infrastructure end markets, has agreed to be
appointed Chairperson of Sabre’s Board following the closing. Dr.
Spiesshofer said: “Sabre’s unique business model and outstanding
customer service positions it ideally as a long-term partner for
utility and telecommunications customers. Together with my
colleagues at Blackstone, I look forward to partnering with Sabre’s
employees and its excellent leadership team led by CEO Jim Ruddy as
we embark jointly upon Sabre’s next phase of profitable
growth.”
The transaction is subject to customary closing conditions and
is expected to close in the second quarter of 2021. Blackstone was
represented in the transaction by Vinson & Elkins LLP, whose
team was led by Matt Strock and Keith Fullenweider, and a team led
by Matt Musa at Citi. Sabre was represented by Kirkland & Ellis
LLP, whose team was led by Andrew Arons and Lucas Richards, and
Goldman Sachs & Co. LLC. About Blackstone Energy
Partners Blackstone Energy Partners is Blackstone’s
energy-focused private equity business and a leading energy
investor with a successful long-term record. The Blackstone Energy
Partners team has invested over $18 billion of equity globally
across a broad range of sectors within the energy industry. Our
investment philosophy is based on backing exceptional management
teams with flexible capital to provide solutions that help energy
companies grow and improve performance, thereby delivering cleaner,
more reliable and affordable energy to meet the needs of the global
community. In the process, we build stronger, larger scale
enterprises, create jobs and generate lasting value for our
investors, employees and all stakeholders. About Sabre
Industries, Inc. Sabre is a market-leading manufacturer of
highly-engineered, mission-critical products to the utility and
telecom markets. Sabre’s core offerings include utility
transmission structures, wireless and small cell towers as well as
engineering, design, testing & inspection and other services.
For more information, please visit www.sabreindustries.com.
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Kate Holderness Kate.holderness@blackstone.com 917 318 6818
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