Romanchuk & Co. Advises Key Line Construction & Palouse Power on their recapitalizations with Gemspring Capital
THE WOODLANDS, TX -- Romanchuk & Co., a leading boutique investment banking firm focused on the power, infrastructure and energy transition sectors, is pleased to announce that it served as the exclusive financial advisor to both Key Line Construction, Inc. ("Key Line") and Palouse Power, LLC ("Palouse") in separate recapitalization transactions with an affiliate of Gemspring Capital Management, LP ("Gemspring") to create a scaled utility infrastructure services platform serving the Pacific Northwest.
Key Line and Palouse provide construction and maintenance services across electric distribution, transmission, substation, and communications infrastructure, supporting utilities as they modernize and expand the grid. The combined business employs more than 250 people and is one of the few regional contractors capable of self-performing both electrical and civil utility projects at scale, serving a diversified base of utility customers across Oregon, Washington, Idaho, California, and Utah. The company is well positioned to benefit from long-term investment in the electric grid as utilities modernize their networks, replace aging assets, and meet rising power demand from electrification and data center growth. Tank Parrish and Jeff Zimmer will lead the combined company.
“Utilities are investing to modernize and expand the grid, and they need contractors who can execute safely, reliably and at scale,” said Tank Parrish, CEO of Key Line. “Partnering with Gemspring and joining forces with Palouse gives us additional resources, geographic reach, and depth of talent to continue serving our customers, while carrying forward the culture and values that have always defined Key Line.”
“Key Line and Palouse are a natural fit,” said Jeff Zimmer, President of Palouse Power. “Together, we can broaden the services and geographies we offer utility customers and create new opportunities for our people. We are excited to bring our teams together and continue building on the strong momentum both businesses have created.”
“The critical utility infrastructure services market is large, fragmented, and supported by multi-decade secular tailwinds,” said Alex Shakibnia, Managing Director at Gemspring. “Tank, Jeff, and their teams have built two outstanding businesses with a shared commitment to safety, quality, and their people. We’re proud to partner with them, and we look forward to supporting the combined team as they grow the platform and continue delivering for the utility customers and communities they serve.”
About Key Line Construction
Key Line is a Pacific Northwest provider of utility infrastructure services. The company delivers construction and maintenance services across transmission, distribution, substation, and communication infrastructure for investor-owned utilities, federal power agencies, and electric cooperatives. Key Line is one of the few regional contractors able to self-perform both electrical and civil work, with the operational flexibility and specialized equipment to serve demanding projects in remote terrain. For more information visit www.keylineconstruction.net.
About Palouse Power
Palouse Power is a utility services contractor serving investor-owned utilities and public utility districts across the Pacific Northwest. The company specializes in distribution, transmission, and substation construction and maintenance. Palouse supports its utility customers on both planned capital programs and emergency restoration work, helping keep power flowing to the communities that depend on it. For more information, visit www.palousepower.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $5.1 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $2.0 billion in revenue and are in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. For more information visit www.gemspring.com.
About Romanchuk & Co.
Romanchuk & Co. is a leading boutique investment bank serving the Power, Infrastructure and Energy Transition sector. We provide strategic advisory services to founder-owned and private equity-backed businesses across power, utility and critical infrastructure services on M&A and capital raises - delivering outcomes in complex, asset-intensive sectors where specialization matters. Learn more about our extensive utility and infrastructure services experience at www.romanchukco.com.
Mr. Romanchuk is a Registered Representative of, and Securities Products offered through BA Securities, LLC, Member FINRA (www.finra.org) and SIPC (www.sipc.org). Romanchuk & Company, PLLC and BA Securities, LLC are separate and independent entities. Any testimonial or endorsement may not be representative of the experience of other customers and is no guarantee of future performance or success.
