Benzinga | Oct 5, 2021 03:46PM EDT

Apollo Global's Takkion TP&L Holdings Reports Purchase Of Airway Services, No Terms Disclosed

Takkion TP&L Holdings LLC ("Takkion" or the "Company"), a portfolio company of funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") today announced that it has acquired San Angelo, TX-based Airway Services, LLC ("Airway Services", or "Airway"), from family office-backed private investment firms Northaven Capital Partners and Concentric Equity Partners. Airway is a leading provider of operations and maintenance ("O&M") solutions to the renewable energy industry.

Dallas-based Takkion is a premier multimodal logistics and O&M services provider for the energy transition. The acquisition of Airway represents a significant expansion of Takkion's capabilities in long-term O&M solutions for both wind energy and battery storage markets.

Takkion has acquired Airway Services to expand its solutions for the renewable energy services market.

Founded in 2009, Airway Services has become one of the nation's top independent service providers ("ISP") for both leading OEMs and asset owners throughout the U.S. Over the last 12 years, the Airway team has provided on-demand technical staffing, project management, maintenance, and operations solutions for utility-scale renewable energy projects. Airway has grown rapidly by maintaining its focus on integrity, safety, quality, and customer service. Now part of Takkion, Airway Services' brand will remain intact, and its management team, led by Chase Hord, will continue to deliver best-in-class performance to its customers. Airway will benefit from the strength of Takkion's platform to accelerate growth and expand service offerings for customers.

Airway Services will complement Takkion's leading multimodal logistics and O&M services companies: Transportation Partners and Logistics ("TP&L"), Global Specialized Services ("GSS") and Renew Energy ("RENEW"). The addition of Airway will meaningfully grow Takkion's O&M presence in North America, significantly enhancing Takkion's ability to provide comprehensive solutions for the evolving needs of the renewable energy supply chain.

"Airway joining Takkion strengthens our position as the 'Premier Full-Service Solution' for all of our customers. As an organization, we are excited that the Airway team brings their expertise and leadership, which will allow our combined teams to provide our customers with greater bandwidth and a larger set of solutions," said Justin Orr and Travis Harkins, who are Takkion's Co-Chief Operating Officers for TP&L / GSS and RENEW, respectively. Chase Hord will join Takkion as a third CoChief Operating Officer of the Company, responsible for Airway's operations.

"We are ecstatic to join forces with the Takkion team," said Chase Hord, CEO of Airway. "The foundation of our success continues to be from the results of having and developing a strong team with best-in-class technicians. We continue to take an 'old school' approach to the service business by exemplifying high integrity, accountability, and transparency with our customers and stakeholders. The combination of our organizations will bring a history of strong customer relationships, unique service offerings, and the ability to leverage strategic solutions to the growing renewable services market. We look forward to working with the TP&L, GSS, and RENEW teams, leveraging Takkion's collective scale to better serve our customers and invest in growth."

Jim Orr, President and Chief Executive Officer of Takkion, added, "We are excited to add Airway Services to the Takkion platform of companies. Airway has an excellent, safety-minded culture throughout its ranks that complements TP&L, GSS and RENEW very well. Together, we are well positioned to be the market leading ISP in the renewable energy industry. As the premier provider of both logistics and O&M solutions for the industry, the innovation and value our combined Company can now bring to customers is unmatched. We will continue to offer a broadening set of services, built on our strong foundation predicated on safety, supported by the best team in the industry."

Scott Browning and Orme Thompson of Apollo's Natural Resources Private Equity business added, "We are thrilled to welcome Airway to the Takkion platform. The Airway team has built an outstanding business, and we look forward to seeing its continued growth, as it leverages the deep resources and capabilities of Takkion. We are pleased to support Takkion as it builds out increasingly diversified capabilities for stakeholders across the renewable energy industry. We believe that as the energy transition accelerates, Takkion's scale and breadth of services will prove critical in supporting this growing industry."

Vinson & Elkins LLP acted as legal counsel to Takkion in this transaction. Cascadia Capital LLC acted as financial advisor and Foley & Lardner LLP acted as legal counsel to Airway Services, LLC.