Hastings Equity Builds Leading Utility Consulting Platform with Investment in Clear Path Utility Solutions
BOSTON, MA, April 26, 2023 – 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.