Press release, February 11, 2005
Bartlett Nuclear, Inc. Announces Investment by Berkshire Partners and Summit Partners
Boston, MA, February 11, 2004 -- Berkshire Partners LLC and Summit Partners, both Boston-based private equity firms, today announced their investment in Bartlett Nuclear, Inc. Terms of the transaction were not disclosed. Merrill Lynch Capital and the Royal Bank of Scotland will be providing new debt financing capability to the Company.
Headquartered in Plymouth, Massachusetts, Bartlett Nuclear is the leading provider of radiological protection services to the U.S. nuclear industry. Founded in 1979, the Company's customers include the commercial nuclear power industry, general contractors for U.S. Department of Energy decommissioning projects, as well as university research, training and production facilities. Bartlett provides staffing services to nearly all of the country's operating nuclear reactors.
The Company's founder, Bruce Bartlett, will retain a significant ownership position in the Company and will remain actively involved with the business, serving as Chairman of its Board of Directors.
"We are delighted to welcome Berkshire Partners and Summit Partners as investors in Bartlett Nuclear," stated Mr. Bartlett. "Their investment will help our Company continue to deliver the highest levels of service as well as focus on new market opportunities. We believe Berkshire and Summit as board members will provide the helpful expertise and resources necessary to ensure our continued strong growth." The operating management team will be headed by Bill Nevelos, President, and assisted by Jerry Hiatt, President of Utility Services, and Nick DiMascio, President of Support Services, who have been with Bartlett between five and nineteen years.
"Bruce Bartlett has built a recognized industry leader in an extremely demanding industry," stated Kevin Callaghan, Managing Director at Berkshire Partners. "We believe that Bartlett's superior market position is driven by the Company's customer focus and is enhanced by its access to, and historical relationships with, the largest pool of radiological and decontamination technicians in the U.S. We look forward to supporting the Company in its next phase of growth." Mr. Callaghan and Michael Ascione, Principal at Berkshire Partners, will serve on Bartlett's Board of Directors.
Marty Mannion, Managing Partner at Summit Partners and Gabriel Gomez, Vice President at Summit Partners will serve on Bartlett's Board of Directors. "Bartlett Nuclear exemplifies the type of top-quality company that Summit seeks as a partner, " said Mr. Gomez. "Bruce Bartlett has built a world-class organization supported by a great management team. We look forward to working with management and helping to further expand the services and sectors the Company currently supports."
The individuals from Berkshire Partners and Summit Partners serving on Bartlett's Board have nearly 40 years of cumulative experience in the private equity industry. Each firm has significant experience in building successful service companies. Additionally, Mr. Gomez, who is a graduate of the United States Naval Academy and Harvard Business School and served as a Navy SEAL, brings particular insight to help Bartlett market its expertise and technology to the Department of Defense and Homeland Security.
Newbury Piret & Company, Inc., a Boston-based investment banking firm, represented Bartlett Nuclear in the transaction.
About Bartlett Nuclear, Inc.
Bartlett Nuclear, Inc. and a sister company, Bartlett Services, Inc. are major suppliers of contracted services to utilities and contractors to the Department of Energy and the Department of Defense. Since 1979, Bartlett has developed into the largest supplier of radiation protection support personnel and decontamination services to the U.S. commercial nuclear power industry. In addition, Bartlett supplies industrial hygiene and industrial safety personnel, maintenance, general labor, janitorial personnel and many other disciplines to various sites. Additional information may be found at www.bartlettinc.com.