American Securities-backed SOLV Energy acquires ASB Energy Services

SOLV Energy, a provider of infrastructure services to the power industry and a portfolio company of American Securities, has completed its acquisition of ASB Energy Services. SOLV acquired ASB for approximately $45 million, excluding customary closing adjustments, paid as $36 million in cash and $9 million in Class A common stock.

ASB Energy Services, founded in 2007 and headquartered in Amarillo, Texas, specializes in substation foundations, civil construction and battery energy storage system infrastructure. It serves data center, energy storage, renewable energy and industrial customers. SOLV said the deal expands its self-perform high-voltage construction capabilities and its presence in Texas.

ASB will operate as a SOLV Energy company, keeping its leadership team, operating approach and customer relationships. SOLV CEO George Hershman said the deal advances the company's plan to build a diversified energy infrastructure services platform.