MidOcean Partners, a leading New York-based alternative asset manager focused on middle-market private equity, structured capital, and alternative credit investments, has announced the acquisition of SI Solutions (“SI” or the “Company”). SI is a premier provider of engineering, testing, inspection, compliance, and maintenance services, as well as digital solutions and expert consulting for power and critical infrastructure sectors. Financial terms of the transaction were not disclosed.
SI Solutions, which boasts over 450 employees, is renowned for its technical expertise and services that ensure the reliability and resilience of U.S. power markets, regulatory compliance for critical assets, and the growth of both public and private infrastructure domestically and internationally. The company will continue to be led by CEO Mark Marano, who has extensive experience from his previous role as COO of Westinghouse Electrical Company. Marano and the SI management team, along with employee shareholders and previous investor Jumana Capital, have reinvested in the business as part of the deal.
Elias Dokas, Managing Director at MidOcean, commented, “SI Solutions is an industry leader with a remarkable history of serving the power and critical infrastructure sectors. The company has shown impressive growth, and we see significant opportunities for further expansion through both organic growth and strategic acquisitions. We look forward to collaborating with SI’s leadership to enhance client relationships and strengthen the company’s market presence.”
Brian Finnie, Principal at MidOcean, added, “We are excited to partner with SI Solutions. Combining SI’s deep expertise and established client base with MidOcean’s experience in utility and infrastructure services positions the company for continued success and growth.”
Mark Marano stated, “This partnership with MidOcean represents a pivotal moment in SI Solutions’ evolution. We are eager to advance our mission of driving innovation in critical infrastructure, leveraging our talented team to provide exceptional value to our clients. MidOcean’s added capabilities and experience will help us achieve our mutual goals.”
This acquisition marks MidOcean’s fourth investment in the engineering and critical infrastructure sector. The firm has previously invested in, and successfully exited, System One and The Planet Group, and recently announced a preferred equity investment in GridHawk Holdings, a leading provider of damage prevention services for critical utility infrastructure across the U.S.
MidOcean was advised by Gibson, Dunn & Crutcher LLP in the transaction, while Stifel served as the exclusive financial advisor to SI Solutions. Locke Lord LLP acted as legal advisor to SI Solutions and Jumana Capital.
