Hastings Equity Partners Acquires Baton Rouge Utility Contractor GridSource
BOSTON, MA (December 22, 2022) – Hastings Equity Partners (“Hastings”), a preferred capital partner to founders of lower middle-market businesses, is pleased to announce its second Fund V platform investment in GridSource, Inc. (“GridSource”).
Founded by Dusty Johnson, and headquartered in Baton Rouge, Louisiana, GridSource is a leading utility contractor that specializes in infrastructure solutions for the telecom and gas industries. The company offers a broad suite of services, including outside plant fiber construction, aerial and underground capabilities, inside plant network construction, gas distribution services, underground electrical services, and contract design and engineering.
Joe Conlon, Managing Director at Hasting Equity said of the investment, “Hastings has deep experience working in the industrial field-services market. The rapid growth in fiber deployment stemming from a more connected world creates significant growth opportunities for project and construction management services provided by GridSource. The telecom industry and the federal government have come together to ensure that every home in America is provided with the opportunity to enjoy the benefits of this greater connectivity.”
Conlon continued, “The US broadband industry is consistently spending nearly $80 billion annually on infrastructure capital expenditures. In addition, there is nearly $100 billion in upcoming federal funding for broadband infrastructure. GridSource is well-positioned to execute on this opportunity. Dusty has built an exceptional team at GridSource with a reputation for operational excellence and safety. We look forward to our long-term partnership and providing their team with the resources needed to grow the business.”
“We are thrilled to have chosen Hastings to partner with us. All along we felt that they wanted to invest in our entire team and the culture we have built over 43 years,” said Dusty Johnson, founder of GridSource.
Founder, Dusty Johnson retains significant ownership and will continue to be actively involved in day-to-day management of the business. Customers can expect the same commitment to excellence from GridSource and a continued dedication to providing the best service in the industry.
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 transaction.