Nearly $500 Million Invested to Scale Turnkey Petroleum, Compliance, Integrated Solutions and eMobility Infrastructure and Maintenance Services Nationwide
January 4, 2023 — Troy, MI (BUSINESS WIRE): OWL Services, a premier sales, installation, program management, and service partner to petroleum, industrial, commercial fleet and electrical vehicle charging companies, today announced its year in review highlighted by a significant growth investment the company received from several leading financial and strategic partners.
The proceeds from the investment were used to accelerate the deployment of the company’s turnkey petroleum construction, maintenance, and compliance services and to scale its industry-leading integrated technology solutions and eMobility business.
As a leader in EV charging station project management, installation and maintenance, OWL Services is currently executing on an ever-growing pipeline of eMobility infrastructure and maintenance projects.
The company works with all major electric vehicle OEM’s and is installing electric charging infrastructure across a blue-chip customer base on a national level. Over the next five years, the company is on track to install more than 10,000 Level 3 chargers expanding on its legacy service business to meet the 97% uptime required for new NEVI funding requirements. OWL Services is well situated to capitalize on the $5 billion designated to building a nationwide network of EV charges under the NEVI program.
“The caliber and interest of our investors illustrates our significant progress and capabilities toward expanding our turkey petroleum and EV charging infrastructure and maintenance services across the country,” says Greg Ergenbright, CEO, OWL Services. “We are equipped to take on the growing demands of electrification safely, efficiently, and sustainably, just as our partner companies have done for decades with petroleum equipment and services.”
OWL Services is supported by an investor group that includes Trive Capital, Sidekick Operators, Monroe Capital, FS Investments, and Bain Capital Credit. Additionally, Goldman Sachs served as the financial advisor in connection with the company’s latest capital raise and Houlihan Lokey served as the placement agent. OWL Services also retained Gibson Dunn to advise on legal matters.
“With OWL Services, we see a differentiated facility maintenance platform that addresses the unprecedented challenges faced by customers in managing electrification while also maintaining existing infrastructure,” said Blake Bonner, Partner at Trive Capital. “We believe the company’s turnkey sales, service and maintenance platform is uniquely positioned to accelerate North America’s energy transformation and the electrification of its transportation sector.”
ABOUT TRIVE CAPITAL
Trive Capital is a Dallas, Texas-based private equity firm with more than $4 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside growth through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas. The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing more than $6 billion in revenue across Trive’s targeted industry sectors and situations.
About OWL Services
Headquartered in the Metro Detroit area with over 21 offices and 1,300 field service professionals, OWL Services is the premier sales, installation, program management, compliance and service provider to petroleum, industrial, commercial fleet, and electrical vehicle charging companies across North America.
OWL Services was created by combining the long-standing industry expertise of Oscar W. Larson Company, WildcoPES, CBE, Crompco, e-Structure Solutions, Great Dane Petroleum, and JBI Electrical Systems.
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