Lincoln International Advises The Sterling Group and PowerGrid Services on Their Transaction with Apollo Hybrid Funds
PowerGrid Services
PowerGrid Services (PGS) keeps the lights on across America by delivering essential utility services—from routine maintenance and repair (blue-sky) to emergency response. With over 1,700 skilled in-house professionals and thousands more through its national vendor network, PGS brings scale and speed to utility customers nationwide. Its hybrid service model supports the entire power grid, including transmission and distribution infrastructure, substations and vegetation management. PGS’s safety-first culture and reliability have made it a go-to partner for grid modernization and resilience efforts in over 35 states.
The Deal
The Sterling Group, a private equity investment firm that targets investments in manufacturing, distribution and industrial services companies, with over $9 billion of assets under management currently, first invested in PGS in 2021. During their partnership, PGS achieved significant growth across its blue-sky and event response service offerings. The company completed three add-on acquisitions and launched a new event response brand in the Northeast U.S., enabling geographic expansion, bolstering the company’s service offerings and driving growth. PGS also invested heavily in integrating its business units and centralizing its equipment base. These efforts transformed PGS into a premier provider of mission-critical services to electrical utilities, municipalities and cooperatives across the country.
Having successfully achieved its growth objectives, Sterling and PGS partnered with Lincoln International to identify the company’s next partner. Lincoln’s targeted outreach leveraged its market perspectives and strong relationships to target investors with the cultural alignment, relevant experience and resources necessary to support PGS through its next chapter of growth. An agreement for funds and affiliates associated with Apollo’s hybrid strategies to acquire a majority stake in PGS was announced in May 2025.
Our Perspective
Saurin Mehta, Managing Director and global head of the Business Services Group at Lincoln International, who led the transaction, commented, “PowerGrid Services has emerged as a true disruptor in the utility services sector, with remarkable growth over the past several years. It was a privilege to partner with the PowerGrid and Sterling teams, and we’re proud to have helped deliver an exceptional outcome for the company’s shareholders. Apollo is a great partner for PGS, and we’re excited to see the company continue to leverage its differentiated value proposition to capitalize on powerful megatrends—including aging infrastructure, grid hardening and accelerating load growth driven by AI, data centers and the electrification of everything.”
Lincoln served as our trusted advisor in identifying the right partner for PowerGrid's next chapter of growth. Lincoln's strategic guidance, industry expertise and strong execution capabilities were invaluable throughout the process.
Meet our Senior Team
As a trusted advisor, my role is to listen, create options and pursue the path that best achieves a client’s total objectives.
Saurin Mehta
Managing Director & Global Head of Business Services
Chicago
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