CIVC has announced that the company has sold a majority stake of GPRS Holdings to the Kohlberg & Company. The company has further added that the company’s management team will continue to lead GPRS Holdings and will remain the significant owner of the Business. Furthermore, the company will also retain the ownership in GPRS Holdings like before.
The GPRS Holdings has got extensive nationwide network of 250+ of highly trained managers that exists in every major US Market. The company is the pioneer in the use of ground penetrating radar technology for the remodeling and repair work on existing infrastructure.
During the process, KeyBanc Capital and Houlihan Lokey served as the financial advisors of the company.
Partner of CIVC, J.D Wright said, “Matt and his management team have done a phenomenal job of growing GPRS to become the provider-of-choice in the utility locating and structural scanning market. We look forward to continuing to work with Matt, the entire GPRS management team, and Kohlberg in this next phase of growth.”
Chief Executive Officer of CIVC, Matt Aston said, “CIVC was a supportive partner to management as we have expanded the business into new markets and widened the gap between our competition.”
“The GPRS team is highly enthusiastic to partner with Kohlberg for our next phase of growth as we look to expand our footprint and enhance our ability to meet our customers’ needs,” Matt Aston further added in the statement.
Partner of Kohlberg, Benjamin Mao said, “We are delighted to partner with Matt and team. GPRS has established itself as the leading private utility locating platform.”
“We believe the Company is well positioned to accelerate their growth trajectory and execute on its long-term strategic plan,” Benjamin Mao concluded.