Hastings Equity Partners ("Hastings"), a preferred capital partner to founders of lower middle market businesses, is pleased to announce their Fund IV portfolio company, Celerity Consulting Group, LLC ("Celerity"), has acquired Clear Path Utility Solutions ("Clear Path").
BOSTON, April 26, 2023 /PRNewswire-PRWeb/ -- Hastings Equity Partners ("Hastings"), a preferred capital partner to founders of lower middle market businesses, is pleased to announce their Fund IV portfolio company, Celerity Consulting Group, LLC ("Celerity"), has acquired Clear Path Utility Solutions ("Clear Path"). This is the first add-on investment Celerity has completed since Hastings acquired the company in May 2021.
Founded by Steve Tankersley and headquartered in Auburn, CA, Clear Path is a leading provider of expert consulting services to gas and electric utilities – specifically related to vegetation management and grid hardening projects. Clear Path services include consulting and project management, major event and disaster management, and work verification.
Clear Path is highly complimentary to the Celerity platform that Hastings is building. The partnership between Clear Path and Celerity provides new service offerings and end-market expansion through the addition of vegetation management consulting. Utility customers can expect the new platform to provide 'one-stop-shop' solutions within the industry.
"Clear Path has built a team-oriented culture focused on solving utility customer challenges," stated Chris Yowell, Celerity's President of Utilities. "We are confident that Celerity's customers will benefit from Clear Path's service offering."
Grant Reckhow, Principal at Hastings, said of the investment, "Clear Path's focus on helping utilities with their vegetation management challenges is a perfect fit for our Celerity platform, and helps expand Celerity's suite of services. We look forward to helping with the continued growth of Clear Path."
"We are thrilled to join the Celerity family, this partnership will allow us to offer our services to new clients and to continue our geographic expansion," said Steve Tankersley, Founder and CEO of Clear Path. "Celerity has an outstanding team and reputation with utilities, and we look forward to driving value for our clients."
The current senior leadership team will remain with Clear Path and are committed to the company's continued growth and success under the Celerity platform.
Locke Lord provided legal counsel, KSM provided financial advisory services, Forvis provided tax services, and Equity Risk Solutions provided insurance services to Hastings on the acquisition.
About Clear Path Utility Solutions
Clear Path Utility Solutions was founded in 2015 by Stephen Tankersley, a recognized subject matter expert on Utility Vegetation Management (UVM). Clear Path provides expert consulting and professional services to the gas and electric utility sector specializing in asset and vegetation management. Clear Path has a broad range of capabilities, able to take on unique and specialized projects, recruit qualified resources, perform quality work with a commitment to safety and a history of bringing projects in on time and within budget. Some of the services Clear Path specializes in are utility vegetation management (UVM) program design & auditing, management of emergencies such as wildfires, hurricanes, & ice storms, providing onsite contract management if UVM programs, developing new integrated vegetation management programs (IVM) for utilities & municipalities, Registered Professional Forester services, environmental compliance inspections, and much more. For more information, visit http://www.clearpathutilityconsulting.com/
About Celerity Consulting Group
Celerity is a leading provider of information management consulting services for gas and electric utilities, state governments, law firms, and corporations. Headquartered in San Francisco CA, Celerity specializes in helping its customers retrieve, organize, and analyze large, complex data and records for litigation, compliance, and risk management purposes. For more information, visit http://www.consultcelerity.com
About Hastings Equity Partners
Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For almost two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hands-on approach to enhance operations, provide strategic support, and accelerate growth. For more information, visit http://www.hastingsequity.com
Media Contact
Eliza McGrath, Hastings Equity Partners, 1 781-314-9599, [email protected]
SOURCE Hastings Equity Partners
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