Houston-based Quanta Services, Inc. announced that it is to acquire Blattner Holding Company, a utility-scale renewable energy developers infrastructure solutions provider.
Blattner provides front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects.
"Through its geographically and technologically diverse capabilities, Blattner has completed or been awarded more than 300 wind projects, more than 90 solar projects and 17 energy storage projects," the company said in a news release.
The company said that over the last several years Blattner has achieved double-digit organic revenue and profit growth by leveraging its operational expertise and collaborative customer relationships. Blattner generated full-year 2020 revenues and adjusted EBITDA (a non-GAAP measure) of approximately $2.4 billion and $291 million, respectively. As described in further detail below, the consideration to be paid at closing for the transaction is approximately $2.7 billion.
"We are excited to announce our intention to acquire Blattner and we look forward to welcoming their employees to the Quanta family of companies, " said Duke Austin, Quanta's president and CEO. "Both Blattner and Quanta are rooted in entrepreneurial, family-operated businesses that are focused on safety and care deeply about their employees."
Austin said that he believes what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry. "Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex," he added.
"Our industry is on the cusp of significant evolution and this is an opportunity to add the additional scale and resources needed for our organization to continue leading and delivering certainty to our renewable energy customers," said Scott Blattner, president of Blattner Holding Company. "Blattner was looking for a strategic partner with the resources and capabilities that will provide us the opportunity to strengthen our market position, take advantage of next-generation opportunities emerging in the renewable energy market and continue to contribute to the long-term success of our employees and customers. To that end, we believe Quanta is the ideal partner for Blattner."
Blattner's existing management team will remain in place, with Scott Blattner continuing in his leadership role as President. With a skilled, dedicated and high-quality workforce, Blattner will serve as a platform operating unit of Quanta.
Lazard is serving as financial advisor and Latham & Watkins, LLP is serving as legal advisor to Quanta for this transaction. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Blattner.