BETHESDA, Md., April 13, 2017 /PRNewswire/ -- Hull
Street Energy, LLC ("Hull Street Energy") announced that it has
completed the acquisition of 100% of the ownership interest in
Maxim Power (USA) Inc. from Maxim
Power Corp. (TSX: MXG). The acquisition was made by a
recently-formed Hull Street Energy affiliate, Milepost Power
Holdings ("Milepost"), at a purchase price of approximately
$106 million. The assets acquired by
Milepost consist of Maxim Power (USA)'s five natural gas-fired electric
generation facilities in the United
States.
Hull Street Energy, a private equity firm that invests in power
generation assets and related businesses, established Milepost as
part of its strategy to build and grow a significant presence in
the North American middle market power sector. As a result of this
transaction, Milepost now owns 446 MW of flexible, dual fueled
power generation assets in the Northeast, Mid-Atlantic and
Western United States.
"The formation of Milepost and its acquisition of the Maxim
Power (USA) assets reflect our
strategic focus on the investment opportunity created by the
ongoing transition to more sustainable sources of electric power,"
said Sarah Wright, Managing Partner
of Hull Street Energy. "As the North American power market becomes
increasingly fragmented and decentralized, we are actively pursuing
opportunities to acquire middle market power businesses and to
enhance their value through asset optimization, customer base
expansion and improved management. We believe the industry
expertise, analytical capabilities and operational strength of our
team will enable Hull Street Energy and Milepost to identify middle
market assets and businesses that are positioned to thrive as the
power generation sector continues its evolution."
"Due to its advantageous access to fuel and its location, the
Milepost asset fleet provides critical reliability service to the
power grid in New England. The fleet should be well-positioned as
the New England region moves to integrate more intermittent
renewable resources such as solar, wind and hydro into its supply
mix," noted Mark Orman, a Partner at
Hull Street Energy who is serving as Interim CEO of Milepost Power.
Manatt, Phelps & Phillips and Greenberg Traurig acted as
legal counsel to Hull Street Energy on the transaction, and Eaton
Partners is currently serving as placement agent for the
firm.
About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that acquires,
optimizes and grows power businesses through the application of
industry-leading risk management, efficiency enhancements and
commodity contract structuring. Headquartered in Bethesda, Maryland, the team leverages its
decades of experience and unique knowledge of North American
electricity infrastructure, including fuel inputs, generation
assets, transmission and distribution systems, and electricity
demand-side businesses to build value for our investors and
stakeholders.
Hull Street Energy was established by a team with extensive,
long-standing expertise in the power industry. Its principals have
worked at leading energy-focused institutions such as Goldman
Sachs, and Constellation Energy Group. They bring to the firm's
investments a unique combination of deep technical and commercial
knowledge of the electricity industry, and top-tier financial
investment expertise.
For further information about Hull Street Energy please see
http://www.hullstreetenergy.com.
Media Contact:
Dukas Linden Public Relations
212-704-7385
hullstreet@dlpr.com
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SOURCE Hull Street Energy, LLC